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June 24, 2014
06:54 EDTRAI, MO, BTI, PM, LOE-cigarettes growth could pose risk to tobacco bonds sooner, Reuters says
The escalating growth of electronic cigarette sales poses an increased but under-appreciated risk to holders of as much as $96B of bonds linked to payments that tobacco companies make to U.S. states from a sweeping legal settlement sixteen years ago, reported Reuters. As smokers switch out traditional cigarettes for tobacco-free e-cigarettes, the smoking rate is falling even quicker and analysts now foresee some bonds could go into default before the end of 2020. Publicly traded companies in tobacco industry include Altria Group (MO), British American Tobacco (BTI), Lorillard (LO), Philip Morris (PM) and Reynolds American (RAI).
News For RAI;MO;BTI;PM;LO From The Last 14 Days
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August 29, 2014
08:05 EDTRAI, LOReynolds, Lorillard receive additional information requests from FTC
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August 27, 2014
07:28 EDTRAI, MO, BTI, LO, PMTobacco giants grab C-store e-cig share as sales shift to 'vape shops,' WSJ says
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August 26, 2014
13:17 EDTRAI, PM, MO, LO, BTIWHO calls on countries to restrict e-cigarette use, NY Times says
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12:16 EDTMOCourt rules Philip Morris must protect itself against suit, Bloomberg says
An appeals court ruled that Philip Morris USA, a unit of Altria Group, needs to protect itself against a whistle-blower case regarding military cigarette pricing, according to Bloomberg, citing comments that U.S. Circuit Judge Cornelia wrote for a three-panel judge. The ruling rejects the company's allegation that the case didn't cite new data. Reference Link
August 21, 2014
12:00 EDTMOAltria Group raises quarterly dividend by 8.3% to 52c from 48c
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