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Omar Venerio
Omar Venerio
Articles (1456) 

Wall Street Falls Thursday

Phillip Morris beats on earnings

U.S. stocks were in negative territory on Thursday on renewed concerns regarding the trade conflict between the U.S. and China. The Dow Jones Industrial Average declined 0.87% to 25,170, the S&P 500 index fell 0.94% to 2,707 and the Nasdaq Composite Index slid 1.18% to 7,288.

Shares of Philip Morris International Inc. (NYSE:PM) jumped more than 1.5% on Thursday after the company announced fourth-quarter and full-year 2018 results. It reported quarterly revenue of $7.5 billion, reflecting a 9.5% year-over-year decline but beating expectations by $110 million. Earnings were $1.25 per share, beating estimates by 8 cents.

For full-year 2018, the cigarette shipment volume decreased 2.8% to 740.3 billion units. On the other hand, heated tobacco unit shipment volumes were up 14.2% to 41.4 billion units. The International market share rose 0.5 points to 28.4%, excluding China and the United States. Further, operating income of $11.4 billion declined 1.8%.

During the quarter, the cigarette shipment volume of 190.2 billion units declined 3.1%. The heated tobacco unit shipment volume decreased 22.6% to 12.2 billion unit. The operating income of $2.7 billion fell 19.1%

Looking ahead to full fiscal 2019, the company expects diluted earnings per share to be $5.37 or more.


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Global narkets

The main European stock markets traded lower. The U.K.'s FTSE 100 lost 1.11%, France's CAC 40 dipped 1.84%, Germany's Dax tumbled 2.67% and Spain's IBEX 35 slid 1.79%.

In Asia, Japan's Nikkei 225 fell 0.59%, India’s BSE Sensex slipped 0.01%, Hong Kong's Hang Seng gained 0.21% and China's Shanghai Composite climbed 1.30%.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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