"The company cut its profit guidance for the year because of recent changes in foreign exchange rates. It now expects $5.55 to $5.65 per share, excluding one-time items, rather than profit of between $5.68 and $5.78 per share. Analysts expect $5.72 per share.
During the quarter, Philip Morris International spent $1.5 billion to buy back 16.7 million shares of stock under a three-year share repurchase program of $18 billion that began in August."
Due to their share repurchase program it would be much better for the stock to trade down to the low 80s.
Each quarter they use $1.5 billion to buy back stock, if you could buy back shares at 80 you'd buy 18.75 million shares instead of only 16.7 million. The primary way their earning's will grow in the future is through fewer shares outstanding as was the case this quarter.