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Turning Point Brands named a new CEO and cut its full-year outlook on Monday. Altria Group shares dropped 1.4%, and Philip Morris International stock fell 1% on the news. London-traded British American Tobacco shares declined 0.5%.
MO's second-quarter earnings miss estimates as cigarette shipments fall, though higher pricing lifted smokeable products revenues and supported profit growth.
Altria Group Inc. (NYSE:MO) shares fell nearly 4% after the tobacco company reported second-quarter earnings that came in slightly below Wall Street expectations, despite revenue exceeding forecasts.
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