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Non-Tech : Philip Morris - A Stock For Wealth Or Poverty (MO) -- Ignore unavailable to you. Want to Upgrade?

To: Ian@SI who wrote (2074)	8/14/1998 2:00:00 PM
From: Ian@SI	Respond to of 6439

Oops, what I'm missing is 100 cents to the $.... Sorry about that. On nearly 2.5B shares outstanding,the 63M does round up to 3 cents. Somewhat embarrassed and definitely mathematically challenged. But I still think the $63M to MO is no big deal. Ian.

To: Ian@SI who wrote (2074)	8/14/1998 2:25:00 PM
From: Ian@SI	Respond to of 6439

I should have stuck to talking about operating earnings and ignoring 1-time special charges... MAJOR COMPANY/INDUSTRY NEWS: (All prices as of 1:05 p.m. ET) ** PHILIP MORRIS (MO: 41-1/16, - 5/16) said it would take a $103 million pre-tax charge to settle litigation with the state of Texas, a move that would force it to revise downward its second quarter earnings. The world's largest cigarette maker and producer of packaged consumer goods said its domestic tobacco division would record the charge. It will decrease reported net earnings by $63 million to $1.736 billion or 71 cents a diluted share, from $1.799 billion, or 74 cents a diluted share. Philip Morris, however, views the charge as an unusual item that does not affect underlying second-quarter net earnings, saying those figures remain unchanged at $2 billion, or 82 cents per diluted share.