THE NEWS: Procter & Gamble, the world's largest consumer product company, said Friday its third-quarter net income slipped 16 percent, hurt by charges related to a cost-cutting plan and high commodity costs.

THE BACKDROP: Consumer product makers have been raising prices to offset higher costs for commodities like pulp, fuel and packaging. But Procter & Gamble said it would reverse some increases in categories where it was losing market share due to tough competition.

WHAT'S NEXT: P&G, based in Cincinnati, lowered its earnings forecast for the year because of lower-than-expected sales volume in some markets.