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Philip Morris Smoked After Q3 Miss

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Philip Morris International Inc. (NYSE: PM) shares are trading lower by $4.00 (3.6 percent) at $108.51 in Thursday's session.

Before the open, the company reported a Q3 EPS miss of 11 cents along with a sales miss of $23 million. That marks the fourth consecutive EPS miss. On the sales front, the company has missed Wall Street estimates in seven of its last eight quarters.

After a much lower open, Philip Morris managed a slight bounce to $109.64 before continuing its move lower. The ensuing decline took the stock to $107.62 and has rebounded back into the mid-$108.00 handle. That low coincides with its Feb. 27 low of $107.23.

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