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Kellogg Announces Soggy Outlook

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Snap! Crackle! Ouch! Restructuring charges!

Rice Krispies maker


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this morning announced it will be taking a restructuring charge of $50 to $70 million in the current quarter due to its planned acquisition of



. And it made some not-so-positive comments about the first half of 2001.

Kellogg said its fourth-quarter earnings per share will only "increase modestly" because of bigger investments in its American businesses, increased competition and that dastardly and devalued euro. For these reasons, plus costs related to Kellogg's acquisition of those cute li'l cookie elves, the company said that side-by-side comparisons between the first half of 2001 and the first half 2000 would be "particularly challenging."