This one headline says it all, and all of us holding shares in big tobacco companies are sharing in the pain...
Federal judge certifies tobacco suit as class action
Altria Group (MO) is down over 3% at the moment. It's tough for the portfolio to have a nice showing when the largest holding gets the smackdown.
*** Edit #1 ***
Altria is now hosting a conference call on the decision to certify the class action. I haven't got the time to listen right now, but what is being said must not be too good. Shares of MO have fallen even more after the start of the call. MO is now down over 7% on the day.
MO has announced that it will appeal this decision, and it will likely get overturned. But, perhaps a delay of the intended break-up of the company is now imminent.
Luckily, the rest of the market is up nicely.
No comments:
Post a Comment