Altria Slides on Slew of Bad News
Updated from 10:17 a.m. EST
Investors sent shares of Altria(MO Quote) sharply lower Monday amid news of more woes for the company.
The first blow came when Standard & Poor's warned Friday that it could cut the firm's debt rating to junk status if the company has to shell out for a $12 billion bond to appeal the verdict in a recent trial in Illinois. Then, Moody's Investors Service on Monday cut its rating on Altria by two notches. Also, Monday marked the second day of New York's smoking ban in restaurants and bars, adding to investor nervousness.
The company's shares ended down almost 7% at $29.96 amid the barrage of bad news. R.J. Reynolds, meanwhile, shed 5% to $32.26, and Loews' (LTR Quote) Lorillard Tobacco, which trades as the tracking stock Carolina Group(CG Quote), lost 3% to $18.50. ...
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