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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.

Stock-index futures followed European markets deep into the red on Monday as traders fretted about political developments that threaten to derail progress on fighting Europe's debt crisis and weak economic data