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Kellogg Downgraded on Weakness in the Cereal Industry by Barclays

 (Image source: iheartpublix)

The cereal maker Kellogg Company (NYSE:K) was downgraded from equalweight to underweight by Barclays on lack of general growth in the cereal industry. In addition, Barclays believes that Kellogg’s new cost savings plan “Project K” is a further indication of the company’s troubles. For example, the third quarter earnings report released last week showed a decline in morning foods (cereals and pop-tarts) and snacks. For the last six months, shares have been down five percent.