Unfortunately for Kellogg's, cereal is not as popular of a breakfast option as it once was. Kellogg's reported second quarter earnings of 82 cents a share, which is down 15% from the same period last year. Sales of $3.7 billion were on target with estimates and only fractionally below last year's sales. Although North American sales did drop in the quarter, European and Latin American were up. Kellogg's lowered its expectations for fiscal 2014 and is now expecting earnings to come in between $3.81 and $3.89 a share. On the cost-cutting front, Kellogg's CEO, John Bryant, said the process would take time but he is confident it will drive future revenue growth. Whalen MacHale reports for TheStreet from New York.