BATTLE CREEK, Mich. — Kellogg is betting big on snacks and single-serve foods to turn around its flagging business. But investors are skeptical.
The shares plunged the most since 2000 on an intraday basis Wednesday after the company trimmed its profit outlook because of higher investment to boost advertising and rebuild sluggish brands. The stock dropped as much as 9.6 percent to $64.95 in New York.
Chief Executive Officer Steve Cahillane said the company is aware of the challenge ahead.
“Returning brands to top-line growth that have not been growing is a very difficult thing to do,” Cahillane said.
