Reynolds American updates on industry volume and buyback activity

|By:, SA News Editor

Reynolds American (NYSE:RAI) is down 2.84% after missing Q3 estimates.

During the company's earnings call, management lowered guidance for 2016 industry cigarette volume to -2.5%, from -2.0% prior. They also updated on the new $2.0B repurchase program, saying $75M of the allowance was tapped during the quarter.

Notable decliners off the weak sector read include Altria Group (MO -1.3%), Philip Morris (PM -0.6%), and Japan Tobacco (OTCPK:JAPAY -0.9%).

Reynolds earnings call transcript

Previously: Reynolds American names Crew as new CEO; Cameron to become chairman (Oct. 19)