Philip Morris Hikes Cigarette Prices
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Philip Morris USA cut wholesale discounts on its best-selling Marlboro cigarettes and three other brands, a spokeswoman said on Friday, effectively raising prices for the first time in more than two-and-a-half years.
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US inflation rose more quickly than expected in May, as higher petrol costs hit consumer prices.
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U.S. blue chips rose on Thursday, led  by tobacco stocks, while technology share were under pressure  by a warning from Applied Materials Inc. AMAT.O, the world's  biggest semiconductor-equipment maker.
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Consumer prices rose by a mild 0.2 percent in November as costs for gasoline and food products calmed down after posting sharp increases the month before.
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British American Tobacco announced Thursday that net profits climbed 7.3 percent last year as the company was bolstered by rising sales in emerging markets.
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British American Tobacco, the firm behind the Lucky Strike and Dunhill brands, sold 6% more cigarettes in the first nine months of the year and saw profits rise 20% to Â£1.
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Cigarette making giant British American Tobacco PLC, owner of Canada&#39;s largest tobacco producer, reported a 60 per cent jump in third quarter net profit Tuesday, thanks partly to lower taxation charges.
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The Gallaher Group, maker of Benson & Hedges and Silk Cut cigarettes, confirmed that it had received a takeover approach from a bidder it did not identify, setting off a 22 percent gain in its share price. Gallaher confirmed the bid in a statement to the London Stock Exchange after the market closed Wednesday. The bid reinforced recent speculation that the tobacco industry is due for consolidation and shares rose across the sector. ÂWe see the tobacco sector broadly benefiting from the Gallaher approach,Â said a Goldman Sachs analyst, Mark Lynch. ÂExpectations of industry consolidation have been widespread for many years.Â Analysts said one potential bidder for Gallaher would be Japan Tobacco. Gallaher has long been linked to Japan Tobacco, as it holds the right to market and sell Japan TobaccoÂs Camel cigarettes in parts of Europe. Credit Suisse said a tie-up between the two would be a Âparticularly good strategic fit.Â It would address Japan TobaccoÂs subscale position in Western Europe and strengthen its competitive position in Eastern Europe, the brokerage firm said.
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Gallaher Group, which makes Silk Cut and Benson &amp; Hedges cigarettes, yesterday announced a small rise in profits for the first half of the year but said it was facing tough trading outside Britain, especially in Germany and Ireland.
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CHICAGO (CBS.MW) -- In a move that should effectively add a dime a pack to the cost of some top cigarette brands, Philip Morris USA is about to cut its promotional allowances.
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RICHMOND - With waning cigarette sales due to concerns about health, smoking bans, and price increases, Philip Morris USA is staking its future in a new research center meant to develop products to reduce the risk of tobacco use.
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BOSTON -- Smokers would pay an extra 50 cents a pack for cigarettes under a plan being pushed by a health care advocacy group. The plan is designed to dramatically reduce the number of uninsured people in Massachusetts.
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A chain of debts within the government supply system has caused a cigarette shortage in Cuba's second-largest city, driving up the black market price of smokes, Cuban news media reported Saturday.
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NEW YORK, August 25 (New Ratings) - Altria Group Inc (MO.NYS), the parent group of the tobacco company, Philip Morris, raised its regular quarterly dividend today from $0.
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Consumer prices &#151; stoked by more expensive gasoline as well as pricier fruits and vegetables &#151; heated up in October, rising by 0.6 percent, the biggest gain in five months.
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Kraft Foods Inc  said on Friday it raised list prices on its roast and ground Maxwell House and Yuban coffees, citing higher green-coffee prices.
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The cigarette and food producer raised its quarterly dividend by 6 cents to 86 cents a share, less than some analysts had expected.