Excluding the state-controlled Chinese market, Philip Morris International is the world's largest cigarette producer, with a roughly 28 percent share of the 5.7 trillion-stick international cigarette market.
Since announcing an $18B share repurchase program, Philip Morris International (NYSE:PM) has appreciated by 2.7%, meaningfully, but not incredibly, outperforming the S&P 500 by more than 230 basis points.
Philip Morris International Inc. (NYSE:PM) again lowered its full-year earnings forecast, citing prevailing currency-exchange rates, while the tobacco company also warned of weaker volume trends in the European Union.
An investor usually sells a put option if his/her outlook on the underlying security is bullish. The buyer of the put option pays the seller a premium for the right to sell the shares at an agreed-upon price.