Sold my PM shares today around the peak at $39.30. Technicals show that PM cannot break through the 100 day moving average for now and the trend lines showed that it cannot break through the previous support. Will reconsider once it has been broken.
Showing posts with label PM. Show all posts
Showing posts with label PM. Show all posts
Phillips Morris (PM) Looks to new products for Growth
- At its shareholder meeting, PM said new products in its key brands like Marlboro will help grow cigarette sales overseas.
- CEO Louis Camilleri said that the company is seeing growing consumer interests for new and innovative products.
- Their focus has now been on lighter-tasting, smoother and slimmer cigarettes. There is also an increasing demand for menthol cigarettes in some markets.
- Marlboro Filter Plus cigarettes held 2.5% of the market in Romania.
- The cigarette contains tobacco inside their filters to add flavor and are sold in a new style of slide-open package.
- PM improved profitability by raising prices.
- 1Q revenue was at its highest ever now.
- They are also pursing sales of smokeless tobacco to replace the revenue they are loosing as cigarette demand falls.
- Thus, they have now joint ventured with Swedish Match.
- PM controls about 16% of the market for cigarettes outside the US and the pricing power puts it in a better position than others.
- In 2008, Annual net income rose 14% from $6.04 billion in 2007.
- Dividend yield is at a juicy 6% for now.
Technicals
Long term down trend line since August 2008 has been broken. Key support level is at $36.16 with overhead resistance currently at $39.12. Looking for a break out above those levels.
Entered at $36.98 last Friday. With a stop loss at $35.07
Source: SeattleTimes
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