Frosted Flakes maker Kellogg (K: 53.99, +0.19, +0.35%) slashed its 2012 earnings guidance on Monday as the world's largest cereal maker was struck by weak U.S. volumes and trouble in Europe that fueled a weaker-than-expected first quarter.
Shares of Kellogg, which also makes Rice Krispies and Pop Tarts, retreated more than 6% in the wake of the gloomy preliminary results.