The Business Roundtable, led by Jamie Dimon, gives a new definition of the "purpose of a corporation."Marketsread more
Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recessionUS Marketsread more
Powell will have the opportunity if not to walk back the "midcycle" assessment then to at least provide some further explanation about what it means.Economyread more
J.P. Morgan estimates the average annual tariff cost per household will be $1,000 with the new round of Trump's tariffs.Marketsread more
Twitter and Facebook have suspended numerous accounts that are believed to be tied to a state-backed information campaign originating from inside China.Technologyread more
Leaked documents from Google give fresh ammo to conservative lawmakers who have already accused Google and other tech companies of political bias.Technologyread more
Sequoia's Michael Moritz says that direct listings worked for Spotify and Slack and will become more common for companies with "courage and intelligence."Technologyread more
Shares of embattled utility PG&E plummeted after a judge ruled that a jury can decided whether it should pay up to $18 billion in damages.Marketsread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
Since its IPO 15 years ago, Google has become more and more powerful. Today, that power is being highly scrutinized.Technologyread more
In a statement Monday, Barr named Kathleen Hawk Sawyer the new director of the Federal Bureau of Prisons.Politicsread more
Shares of Kellogg are on pace for their worst day in two decades after the company slashed its full-year profit and earnings outlook Wednesday.
The company's stock was down as much as 9.6 percent in morning trading, its biggest daily drop since Oct. 16, 1998, when it plummeted 9.47 percent. The shares rebounded somewhat in afternoon trading, but were still down by about 7 percent
Kellogg has been spending more on advertising and promotions in order to drive sales of its cereals, a difficult feat as consumers seek out healthier, low-sugar options including protein bars and yogurt.
The company cut its earnings outlook and said it now expects full-year adjusted earnings per share to rise 7 to 8 percent, down from its prior outlook of 11 to 13 percent. In addition, Kellogg also sharply cut its outlook for operating profit from a 5 to 7 percent increase to flat.
Sales for Kellogg's U.S. morning foods unit declined 1.3 percent in its fiscal third quarter, partially due to its recall of 1.3 million cases of Honey Smacks cereal, which were potentially tainted with salmonella. The company did receive a slight boost in this category from higher sales of Pop Tarts during the period.
Sales for its snacks business, which is its biggest unit, fell 3.5 percent in the three-month period ended Sept. 29, the company said. While Kellogg switched its snacks delivery model last year to reduce expenses, transportation costs due to a shortage of truck drivers in the U.S. took a toll on Kellogg.
Net income in the quarter rose to $380 million, or $1.09 per share, up from $288 million, or 83 cents, in the year prior. Excluding certain one-time items, the company earned $1.06 per share, on par with Wall Street estimates, according to data compiled by Refinitiv.
Kellogg reported revenue of $3.47 billion for the quarter, up from $3.25 billion the prior year and beating forecasts of $3.42 billion.
"The single hardest thing to do in consumer packaged goods is return to top-line growth," Steve Cahillane, CEO of Kellogg, said on an earnings call Wednesday.
"Could we have pulled back on some investment in Q3 and delivered more profit?" he said. "Yes, of course. But we are leaning into investment right now."