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Tobacco Stock Tumble is Felt in Wide Number of Funds -- Market Talk
DOW JONES & COMPANY, INC. 10:00 AM ET 7/31/2017
Symbol Last Price Change
MO 65.34 -1.6 (-2.39%)
QUOTES AS OF 10:00:44 AM ET 07/31/2017
10:00 ET - When tobacco companies cough, a wide array of fund investors feel it. Shares of Marlboro maker Altria(MO) are widely owned by an array of mutual funds and passive, index-tracking exchange-traded funds, including those that promise low volatility, quality earnings and recurring dividend payments. Passive indexers own 85% Altria's(MO) shares outstanding, according to Macro Risk Advisors. MO fell nearly 10% Friday after the FDA said it wants tobacco companies to make all cigarettes with such low levels of nicotine that they are no longer addictive. The stock dropped another 2.4% on Monday. ([e-mail]; @chrisdieterich)


(END) Dow Jones Newswires
07-31-171000ET
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