Kellogg (K) is now down 6.6% following its Q3 EPS miss, which it attributes to higher supply-chain investments. The company now expects 2011 EPS of $3.35-$3.41, below a consensus of $3.48. Moreover, while Kellogg sees internal net sales growing 4%-5% in 2012, it expects EPS to grow only 2%-4%, a range that would put it below a $3.78 consensus.
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