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Stock Market & Financial Investment News

News Breaks
April 30, 2014
08:37 EDTMOAltria to appeal reinstatement of Illinois “Lights” judgment of $10.1B
Philip Morris USA, a unit of Altria Group, said that it will seek immediate review by the Illinois Supreme Court of the appellate court decision to order reinstatement of the 2003 judgment in the Price “Lights” case. While that review is pending, the appellate court decision is stayed automatically. “The law does not allow the Fifth District to reopen a decision by the Illinois Supreme Court based on speculation about the possible impact of subsequent events on the higher court’s ruling. In addition, the Fifth District erred in ordering reinstatement despite the fact that the Illinois Supreme Court previously raised other problems with the judgment, including whether the case was properly certified as a class action,” said Murray Garnick, Altria Client Services senior vice president and associate general counsel, speaking on behalf of PM USA. The Illinois Supreme Court in 2005 overturned a $10.1B judgment against PM USA, which was imposed by former Madison County Circuit Judge Byron, sitting without a jury. “If the Illinois Supreme Court declines to review the case at this point, PM USA will pursue an appeal in the ordinary course, to which a $250M bond cap would apply,” Garnick added.
News For MO From The Last 14 Days
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July 22, 2014
07:04 EDTMOAltria revises FY14 adjusted EPS view to $2.54-$2.59 from $2.52-$2.59
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07:02 EDTMOAltria Group reports Q2 adjusted EPS 65c, consensus 66c
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07:01 EDTMOAltria Group announces new $1B share repurchase program
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July 21, 2014
15:30 EDTMONotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Verizon (VZ), consensus 90c; Coca-Cola (KO), consensus 63c; Comcast (CMCSA), consensus 72c; United Technologies (UTX), consensus $1.70; McDonald's (MCD), consensus $1.44; Altria Group (MO), consensus 66c; du Pont (DD), consensus $1.17; Lockheed Martin (LMT), consensus $2.66; Kimberly-Clark (KMB), consensus $1.50; Travelers (TRV), consensus $2.07; Ingersoll-Rand (IR), consensus $1.11; State Street (STT), consensus $1.26; TD Ameritrade (AMTD), consensus 34c; Harley-Davidson (HOG), consensus $1.46; Polaris Industries (PII), consensus $1.39; Crocs (CROX), consensus 31c.
09:10 EDTMOOn The Fly: Pre-market Movers
HIGHER: Allergan (AGN), up 0.5% after Q2 results, FY14 outlook beat expectations and the company announces plans to reduce workforce by about 1,500 employees as part of restructuring. Also, Valeant (VRX) announced it has contacted both the SEC and Canadian financial authorities regarding Allergan's "apparent attempt to mislead investors and manipulate the market for Valeant common shares by continuing to make false and misleading statements regarding Valeant's business"... Extreme Networks (EXTR), up 13% after raising Q4 EPS, revenue view... Gas Natural (EGAS), up 6% after confirming it rejected $13 per share unsolicited offer from Algonquin Power... EMC (EMC), up 4.5% after the WSJ says Elliot Management took a stake of over $1B in the firm and plans to push the company to break itself up... GoPro, (GPRO), up 2.8% after initiated at several firms including Citigroup, Barclays and JPMorgan... Kandi Technologies (KNDI), up 6% after China Daily said China will not to waive a sales tax on electric cars made by foreign companies. Tesla (TSLA) is down 1% following the report. UP AFTER EARNINGS: Halliburton (HAL), up 0.5%... LOWER: Reynolds American (RAI), down 2.3% after a Florida jury hit the company with $23.6B in punitive damages in a lawsuit filed by the widow of a longtime smoker. Shares of fellow tobacco companies also fell after the jury decision, as Lorillard (LO) fell 2% and Altria (MO) slid 1.6%... Yum! Brands (YUM), down 2% after AP reported that a Shanghai TV station said a food supplier sold expired beef and chicken to the company's KFC brand in China along with to McDonald's (MCD), which is down 0.7%. DOWN AFTER EARNINGS: PetMed Express (PETS), down 2.4%... Hasbro (HAS), down 1.3%.
July 16, 2014
08:20 EDTMOCigarette makers focus on heavy users, seek growth from e-cigs, WSJ says
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06:38 EDTMOE-cigarettes being sold in many flavors, NY Times says
Tobacco companies are offering e-cigarettes with hundreds of different flavors, such as banana cream pie and cotton candy, according to The New York Times. The FDA has banned most flavors in regular cigarettes, and the agency is studying the marketing and flavors of e-cigarettes, the newspaper noted. Publicly traded companies in the space include Altria Group (MO), British American Tobacco (BTI), Lorillard (LO), Philip Morris (PM) and Reynolds American (RAI). Reference Link

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