Altria stock gets boost following $1 billion buyback plan
Yahoo Finance Live anchors discuss the rise in stock for cigarette maker Altria.
BRIAN SOZZI: All right, Altria is getting a boost on the back of its earnings report, after announcing a $1 billion share buyback plan.
The cigarette maker also said inflation contributed to elevated volume declines in the quarter. I don't really have a lot of great feels or vibes on this quarter. Outlook kind of muted, as you would expect, as the entire world gets off these sticks.
JULIE HYMAN: Yeah, I mean, like what's good-- what's bad news for Altria is good news for humanity? I think we can safely say.
BRIAN SOZZI: Yes!
BRAD SMITH: For your health.
JULIE HYMAN: Cigarette shipments down 12%. Cigar shipments down 3.8%.
BRIAN SOZZI: Well, cigars are good.
JULIE HYMAN: Oil or oral tobacco products down 4.3%.
BRIAN SOZZI: [LAUGHS]
JULIE HYMAN: Oral tobacco, obviously, a really big problem in terms of cancers of the mouth, tongue, et cetera. So-- but, you know, if they're holding on to pricing, I guess that helps the company.
BRAD SMITH: Yeah, the company's net lower by about 7.4% over the past year. I think what's critical about this level-- as well as a few of the other companies that we're tracking, Peloton at one of those similar levels where if it breaks through-- and there you're taking a look at the chart. If it breaks through what would have been the, I think, beginning of December high--
--perhaps it could continue to, kind of, break through that on resistance. But anyway, we're out of time.