updated 5/10/2010 10:10:34 AM ET 2010-05-10T14:10:34

Dean Foods Co. says its net income fell 43 percent in the first quarter and is suspendeding its full-year earnings forecast.

The food and beverage company is also cutting 350 to 400 jobs from its Fresh Dairy Direct-Morningstar unit in an attempt to lower costs.

Its shares careened almost 23 percent lower in morning trading.

The company says its private label milk business was hurt by lower-priced competitors appealing to budget-conscious shoppers.

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.71%
$30K home equity loan FICO 5.26%
$75K home equity loan FICO 4.70%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.42%
13.42%
Cash Back Cards 17.94%
17.94%
Rewards Cards 17.14%
17.14%
Source: Bankrate.com