Updated from 12:45 p.m. EDT with new stock prices
were among Wall Street's losers Monday, falling 2.4% after the cereal maker posted solid third-quarter earnings but offered a soft outlook for 2008.
Kellogg's third-quarter profit rose 9% to $305 million, or 76 cents a share, beating Wall Street's forecast of 73 cents. The company posted revenue of $3 billion, compared with analysts' average estimate of $2.99 billion.
For 2007, Kellogg lifted its earnings forecast by a penny to $2.72 to $2.75 a share. But for 2008, the company projected earnings of $2.92 to $2.97 a share, below analysts' target of $3.04. Shares were trading down $1.33 to $53.11.
Taking a bigger hit was
, which tumbed 15.4% after the metals recycler posted fourth-quarter earnings that missed expectations. For the quarter ended Aug. 31, Schnitzer's profit fell 24% to $38 million, or $1.28 a share. That fell short of analysts' forecast of $1.35 a share, according to Thomson Financial. Shares were down $12.01 to $65.76.
dropped 3.7% on news that its CEO is departing to join
. Christopher Nassetta will leave Host at the end of November to become president and CEO of Hilton Hotels, which was acquired last week by Blackstone.
Host named W. Edward Walter, currently chief financial officer, as Nassetta's replacement. Shares of the hotel real estate investment trust were down 82 cents to $21.55.
was among the NYSE's winners. Shares of the electronics retailer were gaining 4.1% after the company reported third-quarter earnings of $46.3 million, or 34 cents a share. That reversed a year-earlier loss and topped analysts' forecast for a profit of 26 cents a share. The stock was gaining 80 cents to $20.42.
Meanwhile, shares of
jumped 11.9% after the banana and salad-mix seller announced a restructuring. The company said the plan should generate annual cost savings of $60 million to $80 million a year beginning in 2008.
Among the moves are cutting 160 management positions, closing certain distribution centers, exiting the "fruit bowl" business in the U.S. and exploring the sale of its Atlanta AG unit. Chiquita expects to record a $25 million fourth-quarter charge on the moves. Shares were climbing $2.03 to $19.04.