Cigarette-maker Philip Morris has cut its 2014 earnings forecast, citing what it calls a "complex and truly atypical" year. It attributed significant currency headwinds, an improving but weak macro-economic environment in the European Union and challenges in Asia to the reduced forecast. The company also must take a pretax charge of $495 million, or 24 cents a share, in the second quarter, tied to its decision to stop cigarette production in the Netherlands by September. As more consumers seek less harmful alternatives to cigarettes, Philip Morris also announced that it acquired British e-cigarette maker Nicocig for an undisclosed price.

More from Video

Maybe Trump Should Create a One-Day Super Bowl for Corporate Earnings Releases

Maybe Trump Should Create a One-Day Super Bowl for Corporate Earnings Releases

11 Investing Lessons Jim Cramer Has Learned This Year

11 Investing Lessons Jim Cramer Has Learned This Year

Stocks Destined for a Plunge so Don't Let Thursday's Epic Dow Rally Fool You

Stocks Destined for a Plunge so Don't Let Thursday's Epic Dow Rally Fool You

Former U.S. Education Secretary: Voters Are to Blame for Struggling Schools

Former U.S. Education Secretary: Voters Are to Blame for Struggling Schools

5 Things You Should Know About Tech Giant Nvidia

5 Things You Should Know About Tech Giant Nvidia