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Philip Morris‘ potential acquisition of Swedish Match could mean bad news for Altria Group and its ability to keep its spot among the largest U.S.-based tobacco companies, according to Bernstein.
Shares of Altria (ticker: MO) fell 8.6% on Tuesday, putting them on pace for their largest percent decrease since March 23, 2020, when they fell 8.46%. Altria stock has gained 7% so far this year, while the S&P 500 has fallen 15%.