Category: Companies / November 4, 2013 10:55 AM EST
BlackBerry Limited (NASDAQ: BBRY) announced on Monday it is replacing Chief Executive Officer (CEO) Thorsten Heins and is abandoning a plan to sell itself. Meanwhile, Fairfax Holdings, BlackBerry's largest shareholder, will not buy the struggling smartphone maker in a $4.7 billion takeover, as originally thought; however, Fairfax is investing another $1 billion in BlackBerry as part of a revised investment proposal.
Shares of the smartphone maker were temporarily halted in pre-market trading after dropping more than 18 percent.
On Monday, shares of BlackBerry plunged 13.13 percent to $6.75 in morning trading.
Kellogg Company (NYSE: K) reported fiscal third-quarter earnings of $326 million, or 90 cents per share, compared with earnings of $318 million, or 89 cents per share, a year earlier. Although the food manufacturer reported a gain in quarterly profit, revenue fell just short of Wall Street expectations to $3.72 billion. In addition, Kellogg said it plans to cut its global workforce by 7 percent by 2017.
Shares of Kellogg rose 3.64 percent to $64.56 in morning trading.