When you add a web page to your Favorites, the title of that page is used as the name. You can change the title of individual pages by clicking the Page button in the left toolbar then clicking the Title button in the top toolbar. If the site was built using one of the framed styles (Centered on Full Screen or Split With Last Page as Frame), the package name of the site as set on the Build Web Site screen will be used for the title.

This can also be accessed through the Inspector Window > Current Page > Properties > WebPage > Title