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Wells Fargo takes stock of the unusual decline in shares of Philip Morris International (PM) -4%) a day when Altria (NYSE: MO) shows a freshness 1.45% gain.
Bonnie Herzog, Analyst: "Although we have not had any specific news to explain these changes, we think this could be due to new speculation about a PM / MO combo – a call we've made for the first time in December 2016 and we still believe very much in the light of MO's participation in JUUL and iQOS, and we find it curious that PM has recently announced that they will no longer present any presentations at the next Consumer Conference of Barclays next week. "
Neither company commented on today's actions and gossip despite media coverage.
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