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• Kraft Foods reported that its first quarter net revenue rose 21 percent to $10.37 billion, though its Q1 net profit was down 13 percent to $608 million, which the company blamed in the surging cost of raw materials.

• Kellogg Co. announced Q1 net income of $315 million, down 1.9 percent compared with $321 million a year earlier. Net sales were up 10 percent to $3.26 billion.

• Starbucks this morning reports that its Q2 profit was down 28 percent to $108.7 million, from $150.8 million in the same period last year. Total sales were up 12 percent to $2.53 billion.

The company said that it would curtail its US store opening plans in response to the disappointing numbers.

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