Kellogg, judging by the earnings release, is intent on running its operations as smoothly as possible. It has no choice, really. Every company on the planet has been expressing the cost-cutting mantra in one form or another. And if you're a business with international exposure based in America, then you have to do what you can to counteract currency effects.

I didn't see much about advertising plans in the release, save for noting an increase in the line dedicated to accrued advertising and promotion on the balance sheet. That gives some information, but I went over to the earnings transcript from Seeking Alpha to see if there were any other comments. Indeed, there were. I always want to hear management strike at least something of a serious tone when it comes to promoting brand equity. In fact, I mentioned this very thing earlier today in a piece about another consumer-products company. Looks like Kellogg does have plans to ensure that marketing activities are kept an appropriate level.

My other reactions to the earnings release: cash flow for the year-to-date period was mostly flat, but acceptable enough, and guidance was nothing to complain it, as it was raised, indicating confidence on management's part.

Of course, I suppose if management were truly confident, it would be repurchasing stock. Alas, there were no repurchase activities according to the cash-flow statement. Oh well, maybe next time. One must remember that the dividend is covered, which is very important. Long-term shareholders can continue to hold this one, in my opinion. Those thinking about initiating a new position wouldn't be getting in at a bad yield right now, but waiting for an even higher yield might be a worthwhile exercise.

Disclosure: I don't own any company mentioned; positions can change without notice.