Followers | 689 |
Posts | 143817 |
Boards Moderated | 35 |
Alias Born | 03/10/2004 |
Thursday, September 26, 2019 7:17:06 AM
By: 24/7 Wall St. | September 25, 2019
Altria Group Inc. (NYSE: MO) and Philip Morris International Inc. (NYSE: PM) saw their shares moving in opposite directions after the companies announced that their merger discussions have ended and that they will no longer be pursuing a merger.
These cigarette giants believed that the creation of a combined company had the potential to create incremental revenue and cost synergies, but management on both sides noted that they could not reach agreement.
In a separate announcement, Juul appointed K.C. Crosthwaite as its chief executive officer, to replace Kevin Burns, who had previously filled the role. As part of this, Crosthwaite is stepping down from his position as senior vice president and chief strategy and growth officer of Altria in order to join JUUL.
Note that Altria had taken a 35% stake ($13 billion) in Juul, valuing it up to $35 billion at the time and making it one of the most valuable private companies in the world.
Also, this appointment comes after growing health concerns over vaping have surfaced related to a few vaping-related deaths. Some states have even banned e-cigarettes, and the Trump administration has hinted that there may be a federal ban in the future.
In response, Altria’s board chair and CEO, Howard Willard, commented:
K.C. is a proven industry leader who understands the importance of responsible business practices. This decision by JUUL recognizes that this is a critical time for the company. I believe K.C.’s experience, discipline and dedication to making harm reduction an industry-wide reality will help JUUL achieve its mission, while also urgently confronting and reversing underage use of vapor products.
Shares of Altria traded down about 1.5% to $40.12 on Wednesday. The 52-week range is $39.30 to $66.04, and the consensus price target is $54.71.
Phillip Morris traded up 6%, at $75.92 a share, in a 52-week range of $64.67 to $92.74.
Read Full Story »»»
• DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
Recent MO News
- Altria and NJOY Respond to ITC Initial Determination in Complaint Against NJOY • Business Wire • 08/27/2024 12:00:00 PM
- Cruise and Uber Join Forces for Robotaxis, Alibaba Shifts Primary Listing to Hong Kong, Altria Hikes Dividend 4.1% • IH Market News • 08/23/2024 12:20:26 PM
- Altria Increases Quarterly Dividend by 4.1% to $1.02 Per Share • Business Wire • 08/22/2024 05:15:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/31/2024 11:23:37 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/31/2024 11:02:01 AM
- Altria Reports 2024 Second-Quarter and First-Half Results; Narrows 2024 Full-Year Earnings Guidance • Business Wire • 07/31/2024 11:00:00 AM
- US Index Futures Up Ahead of Fed Decision; Oil Prices Surge Amid Middle East Tensions • IH Market News • 07/31/2024 10:01:30 AM
- Altria to Host Webcast of 2024 Second-Quarter and First-Half Results • Business Wire • 07/17/2024 02:00:00 PM
- Altria Announces PMTA Submission for on! PLUS™ Nicotine Pouches • Business Wire • 06/26/2024 08:52:00 PM
- UPS Divests Coyote Logistics in $1.025 Billion Deal with RXO, Under Armour Agrees to $434 million Settlement, and More News • IH Market News • 06/24/2024 11:00:20 AM
- NJOY Receives First FDA Authorizations for Menthol E-Vapor Products • Business Wire • 06/21/2024 10:17:00 PM
- Form 11-K - Annual report of employee stock purchase, savings and similar plans • Edgar (US Regulatory) • 06/07/2024 04:58:50 PM
- Form 11-K - Annual report of employee stock purchase, savings and similar plans • Edgar (US Regulatory) • 06/07/2024 04:57:12 PM
- Form 10-K/A - Annual report [Section 13 and 15(d), not S-K Item 405]: [Amend] • Edgar (US Regulatory) • 06/05/2024 05:23:49 PM
- NJOY Submits Premarket Tobacco Product Applications to the FDA for NJOY ACE 2.0 Featuring Bluetooth®-enabled Access Restriction Technology • Business Wire • 05/20/2024 08:15:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/20/2024 06:47:54 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/20/2024 06:47:27 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/20/2024 06:47:13 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/20/2024 06:46:55 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/20/2024 06:46:40 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/20/2024 06:46:27 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/20/2024 06:46:14 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/20/2024 06:46:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/20/2024 06:45:50 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/20/2024 06:45:36 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM