updated 5/10/2010 1:26:25 PM ET 2010-05-10T17:26:25

THE RESULTS: Dean Foods Co. reported a 43 percent drop in its first quarter net income as its private-label milk business was hurt by price competition. It plans to cut up to 400 jobs from the unit that makes private-label brands, Fresh Dairy Direct-Morningstar.

THE STOCK: Shares tumbled more than 25 percent and hit a new 52-week low.

THE YEAR: The company suspended its full-year guidance and provided an adjusted earnings outlook of 23 cents to 28 cents per share for the second quarter. That's below the 41 cents-per-share estimate of analysts.

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