Photographer: Kiyoshi Ota/Bloomberg
Philip Morris Results Stoke Global Tobacco Stock Sell-OffBy
Philip Morris International Inc. led a sell-off in tobacco companies in the U.S. and London after its first-quarter revenue trailed analysts’ estimates. The stock plunged the most on record, pushing shares of competitors including Imperial Brands Plc, Altria Group Inc. and British American Tobacco Plc deeper into negative territory for 2018. The latest results from the maker of Marlboro and other top cigarette brands underscored the struggle the industry has had shifting to new products as global smoking rates decline.