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Philip Morris (PM) Plunged To A New Low After Q1 Sales Miss

Philip Morris (PM) reported first quarter EPS of $1.00 Thursday morning, down from $1.02 a year ago. Revenues rose 13.9% to $6.90 billion from $6.06 billion last year. The consensus estimates were for EPS of $0.90 and revenues of $7.04 billion.

Philip Morris gapped open lower Thursday and steadily declined during the first 2 hours of trade. The stock closed down by 15.80 at $85.64 on the highest volume of the year. Philip Morris plunged to a new low for the year.

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