Market Currents

• Wednesday, December 16, 2009

• 09:08 AM Philip Morris (PM), Japan Tobacco and British American Tobacco (BTI), which have long looked to Japan as a cigarette tax haven, could soon get burned. As soon as Friday, the government may unveil a tax that could add ¥40-60 in taxes to every pack of cigarettes. Japan Tobacco has a 65% share of the Japanese market; Philip Morris has 25%; and BAT the remaining 10%. Comment!

• Wednesday, November 18, 2009

• 09:53 AM JPMorgan is "cautiously optimistic" about the U.S. cigarette market, lifting Reynolds American (RAI) to Neutral after "impressive" Q3 results in October. Firm says recent price hikes will benefit most major brands in 2010. Firm also boosts Philip Morris' (PM) price target to $56 from $50. Comment!

• Thursday, October 22, 2009

• 08:18 AM Philip Morris (PM): Q3 EPS of $0.93 beats by $0.02. Revenue of $6.59B (-5.3%) vs. $6.71B. "While we experienced lower organic volume in the quarter, this was largely anticipated given our pricing actions and the on-going impact of the economic crisis on total consumption levels." Shares +0.75% premarket. (PR) Comment!
• 00:05 AM Notable pre-market earnings: AUO, BDK, BG, BMY, CBE, CELG, CHKP, CIT, CNX, DAL, DHR, DO, DOW, EMC, ERIC, ESV, ETR, FITB, GR, HBAN, HOT, HSY, JBLU, JNS, KMB, LCC, LH, LM, MCD, MJN, MMM, MRK, NCR, NIHD, NUE, NVS, NYT, ORI, OXY, PDS, PLD, PM, PNC, POT, R, RAI, RGC, RS, RTN, RX, SGP, STI, SY, T, TASR, TIN, TMO, TRA, TRV, UNP, UPS, XRX, ZMH Comment!

• Thursday, July 23, 2009

• 09:30 AM Philip Morris International (PM): Q2 EPS of $0.83 beats by $0.06. Revenue of $6.1B (-8.6%) vs. $6.2B. Issues upside EPS guidance for FY '09 of $3.10-3.20 vs. $2.85-3.00 prior. Shares +1.4%. (PR) Comment!
• 00:05 AM Notable earnings before Thursday's open: ALXN, BG, BLL, BMY, CBE, CELG, CLS, CME, DHR, DO, ECA, EMC, ESI, ESV, F, FITB, FLIR, GR, HBAN, HOT, HSY, IGT, JBLU, KMB, LCC, LLL, MMM, NCR, NEM, NIHD, NOC, NUE, NYT, OMC, ORI, OXY, PLD, PM, PNC, POT, R, RAI, RS, RTN, RX, SIAL, SPNC, T, TIN, TMO, TRA, UNP, UPS, WYE, XRX, ZMH Comment!

• Thursday, April 23, 2009

• 07:31 AM Philip Morris (PM): Q1 EPS of $0.74 beats by $0.05. Revenue of $5.6B (-5.5%) vs. $5.48B. Reaffirms full-year guidance of $2.85-3.00 vs. consensus of $3.02. (PR) Comment!
• 00:05 AM Notable earnings before Thursday's open: ABC, ALXN, AN, AVT, BDK, BG, BLL, CBE, CIT, CLS, CME, CNX, COP, CP, DHR, DO, EMC, ESI, ESV, EXC, FITB, GMT, GR, HSY, IGT, IVZ, JNS, LCC, LLL, MAR, MI, NCR, NCX, NIHD, NOV, NUE, OMTR, OXY, PENN, PM, PNC, POT, RCL, RS, RSH, RTN, RX, SCG, SEIC, SIAL, STI, SU, SVU, TCB, TMO, UNP, UPS, ZMH 1 Comment

• Friday, April 3, 2009

• 14:56 PM Not surprisingly, CEO pay declined in 2008 - a modest 3.4% to a median of... $7.65M. Top five earners: Sanjay Jha (MOT) $104M. Ray Irani (OXY) $49,9M. Robert Iger (DIS) $49.7M. Vikram Pandit (C) $38.2M. Lousi Camilleri (PM) $36.4M. 2 Comments

• Thursday, February 19, 2009

• 15:53 PM In the first solo tobacco trial, Philip Morris (PM) is ordered to pay $8M in damages to the widow of a smoker who died of lung cancer. The verdict could set a precedent for roughly 8,000 similar lawsuits in Florida. 2 Comments

• Wednesday, February 4, 2009

• 10:20 AM Philip Morris (PM): Q4 EPS of $0.71 beats by $0.09. Revenue of $6.12B (+3.6%) vs. $5.54B. Sees 2009 EPS of $2.85-3.00 vs. $3.43. "The global economic crisis obviously results in uncertainty, particularly on the currency front, and at current exchange rates we face a steep hurdle." Shares -4.5%. (PR) Comment!
• 00:05 AM Notable earnings before Wednesday's open: AGN, ALU, ARM, CLX, DVN, FNF, GR, ITT, KFT, NI, NOV, PM, PPL, R, RL, SLE, TMO, TWC, TWX, WIN Comment!

• Tuesday, January 13, 2009

• 12:43 PM Cramer: "It is so obvious ConEd (ED) has bottomed here." "Philip Morris (PM) at $41 is a knock down drag out buy right here." Comment!

• Tuesday, January 6, 2009

• 15:49 PM NY Times' Coming Down on Tobacco may have temporarily re-ignited tobacco-related investor concerns, but it raises no new issues or threats, Morgan Stanley says, adding FDA legislation of tobacco under Obama is far from a done deal. Rough day for the group: PM -3%. RAI -6.7%. LO -2.5%. MO -1.8%. Comment!

• Monday, December 15, 2008

• 10:40 AM The lawsuits against tobacco companies for deceptive marketing of 'light' cigarettes are valid and may proceed, the Supreme Court rules. MO -1.6%. RAI -1.75%. PM -1.7%. LO -4.2%. Comment!

• Wednesday, October 22, 2008

• 07:20 AM Philip Morris (PM): Q3 EPS of $0.93 beats by $0.03. Revenue of $7.0B (+17.5%) vs. $6.6B. [PR] Comment!