Tobacco Company Stocks Fall After Altria Reports Disappointing 2nd Quarter Results
Tobacco Company Stocks Fall After Altria Reports Disappointing 2nd Quarter Results
NEW YORK (AP) -- Shares of tobacco products companies fell Wednesday, after Altria Group Inc. reported disappointing second-quarter results.
Altria Group, owner of the Philip Morris cigarette companies, said second-quarter income fell 18 percent to miss analyst estimates.
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Separately, Senate delayed a vote on legislation that would give the Food and Drug Administration the same authority over cigarettes and other tobacco products that it now has over drugs, food and medical devices.
Overseas, Altadis SA said investors should accept a $17.4 billion takeover offer from British Imperial Tobacco Group PLC. Altadis makes Gauloises, Gitanes and Ducados cigarettes, and Montecristo and Don Diego cigars. Altdatis shares trade on the pink sheets.
Here's how some stocks in the sector fared:
Altria Group, down 98 cents to $70.30
Carolina Group, down 25 cents to $78.25
Reynolds American Inc., down 38 cents to $64.95
British American Tobacco plc, down 55 cents to $67.56
Vector Group Ltd., up 10 cents to $22.25
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