The S&P 500 dropped 11.59 points, or 0.84%, to 1,366.94 on Monday.
Shares of Kellogg fell 6.09% to $50.70. The food products company lowered its full-year 2012 earnings guidance based on a worse-than-expected first quarter.
The company expects internal net sales to rise between 2-3% in 2012; previously Kellogg was looking for 4-5% growth.Kellogg shares trade at an estimated price-to-earnings ratio for next year of 13.42X; the average for food products companies is 16.81X. For comparison, General Mills (GIS) has a higher forward P/E of 14X. Fourteen of the 22 analysts who cover Kellogg rate it at hold. Seven analysts give the stock a buy rating and one rates it at sell. TheStreet Ratings gives Kellogg an A- grade with a buy rating and $62.14 price target. The stock has risen 13 cents, or 0.26%, year to date.