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StumbleConglomerate’s stock hurt
Wednesday, Nov. 13, 2002 | 9:39 a.m.
NEW YORK -- Philip Morris Cos. Inc.'s share price fell nearly 14 percent Tuesday after the company backed away from its earnings target for next year, saying cheap imports and counterfeit cigarettes were hurting its U.S. business.
The New York-based food and tobacco giant -- holder of the trademark for Marlboro, the best-selling U.S. cigarette brand -- said it could not confirm its growth estimates for 2003, previously pegged at 8 percent to 10 percent.
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