Why Philip Morris Got Smoked
Lehman gave Tyco
(
TYC |
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PowerRating) a “clean bill of health” after
internal accounting reviews said the company committed no “systematic or
significant” fraud. The company itself reaffirmed .30-.33, which is
more than First Call’s .32 estimate. After gapping up today, the stock has been
trading up in Slim Jim like fashion, and is now trading near its 200-day moving
average. This level could prove to be a resistance level, so look for this
possible pullback.
After Morgan Stanley cut estimates at Philip
Morris
(
MO |
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PowerRating), the stock gapped down and then traded down another dollar
before bouncing. The only real rally on the stock so far today has been met by
further selling. Consider selling rallies in MO later this afternoon.
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Happy New Year!
Brice