Monday's Winners & Losers

Cereal and food maker General Mills (GIS) said Steve Sanger is stepping down as chief executive, a post he has held since May 1995. Kendall Powell, 53, was named the new CEO. Powell joined the company in 1979 and was most recently president and chief operating officer.

Sanger will continue as chairman through the end of the current fiscal year in May 2008. Shares of General Mills were down 0.2% at $58.35.

Bristol-Myers Squibb (BMY) agreed to acquire privately held Adnexus Therapeutics, the developer of a new therapeutic class of biologics called Adnectins. The all-cash transaction has a gross value of $430 million.

Additionally, there's an earn-out provision that could result in Bristol-Myers paying up to an additional $75 million if development and regulatory milestones are met. Shares of Bristol-Myers were slipping 0.1% to $28.97.

Audio equipment maker Harman International (HAR) guided its first-quarter lower, saying it now expects to miss Wall Street's estimates due to higher research costs.

Harman's forecast change comes after private-equity giant Kohlberg Kravis Roberts and Goldman Sachs (GS) pulled out of a deal to buy the company, citing a "material adverse change." Shares of Harman were down $4.62, or 5.4%, to $80.38.

Homebuilder Standard Pacific (SPF) was also trading lower after the company's board eliminated its quarterly cash dividend. The company hopes the move will save $10 million, which will be used to reduce outstanding debt.