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Philip Morris Plunges the Most in a Decade on Slump in Cigarettes

Jennifer Kaplan
Philip Morris Plunges the Most in a Decade on Slump in Cigarettes

Big tobacco is still looking for a savior, if Philip Morris International Inc. is any guide. Shares in the cigarette giant plunged as much as 18 percent after its latest earnings report showed that $4.5 billion spent on four new products are failing to win over new customers. Sales growth of the iQos, a device that heats a tobacco plug without setting it on fire, has been slowing after initial success in Japan.