Philip Morris Forecast Goes Up In Smoke

Source from:  MarketNewsVideo.com 06/24/2010

Tobacco company cuts 2010 guidance due to euro exchange rate. Philip Morris International cut is forecast for its full-year 2010 earnings to a range of $3.70 to $3.80 per share, down from its previous forecast by $0.05 on each end. The company said that the cut represents an adverse currency impact of $0.20 per share due to euro exchange rates, offset by an improved business outlook. The company said its outlook has improved for Japan in particular. Philip Morris International shares are trading up just under three percent on Wednesday. A check of its competitors: British American Tobacco is trading up over 0.6 percent, while Altria trades lower by more than 0.6 percent, and Reynolds American trades up just under 0.1 percent. Enditem