Is Phillip Morris' Weak Volumes A Concern For Tobacco Firms?
Zacks Investment Research | Apr 19, 2018 09:37PM ET
Philip Morris International Inc.’s (NYSE:PM) not-so-impressive first-quarter 2018 results gave investors cold feet, yesterday. Well, Philip Morris’ results were mainly dampened by declining shipment volumes across some of the key market regions, thanks to lower cigarette sales.
The hurdles and their persistence were evident from investors’ bearish stance on the stock that fell 15.6% yesterday, slipping to a 52-week low of $83.50 and closing at $85.64. Per sources, this single day plunge counts amongst its biggest in almost 10 years. Apart from giving a jolt to Phillip Morris’ investors, softness in the cigarettes category also sent ripples of fear in the industry, dragging shares of other major players as well.
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