131.23
0.64%
0.84
After Hours:
131.10
-0.13
-0.10%
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Why is Philip Morris International Inc (PM) Stock down?
We've noticed a 5.20% decline in Philip Morris International Inc (PM) stock during the 2024-11-06 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
06 Dec, 2023:
Shares of Philip Morris International Inc (PM) dropped by 1.56% from $92.54 to $91.10 in the trading on Wednesday, December 6, 2023. The reason why PM is down today is due to the significant write-down announced by British American Tobacco (BTI)
- Impact of British American Tobacco Write-Down: British American Tobacco (BAT) announced a substantial write-down in the value of its US cigarette brands, including Camel, Pall Mall, and others. The write-down amounts to approximately $31.5 billion and reflects BAT's acknowledgment that its traditional market, particularly in the United States, has no long-term future. This decision is indicative of the evolving challenges and shifting dynamics in the tobacco industry.
- Indirect Impact on Philip Morris International Inc: Philip Morris International is closely related to the tobacco industry, and developments in major tobacco companies, such as BAT, can have a spillover effect. The significant write-down by BAT likely raised concerns among investors about the long-term prospects of the tobacco industry as a whole. This uncertainty and the acknowledgment of challenges in the traditional tobacco market may have contributed to the decline in PM's stock price.
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