Company: Kellogg Co

Procter & Gamble said Thursday that its Vicks cold and flu products and SK-II skincare line now count among the company's "billion-dollar brands," which includes those that bring the company at least $1 billion in annual revenue.

THE NEWS: Cereal and snack maker Kellogg Co.'s first-quarter net income fell 2 percent, hurt by weak European sales and higher raw material costs.

Food maker Kellogg Co. said Thursday that first-quarter net income fell 2 percent, hurt by declining demand in Europe and higher raw material costs.

Stocks trimmed their losses but still ended in the red Monday, with the S&P 500 down almost 4 percent from its 2012 highs, weighed by political and economic worries in the euro zone.

Kellogg cut its full-year outlook on Monday, citing a weaker-than-expected first-quarter performance, and its shares fell 6.3 percent.

U.S. stock index futures pointed to a sharply lower open Monday following the first round of presidential elections in France and as the Netherlands teetered on the brink of political and economic crisis over concerns about its national debt.

Troubled snack food maker Diamond Foods and Procter & Gamble have called off their $1.5 billion deal for Diamond to buy the Pringles brand. Cereal maker Kellogg is swooping in and made a $2.7 billion deal to purchase the brand.