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

To: Geoff who wrote (2429)	9/30/1998 4:41:00 PM
From: Geoff	Read Replies (1) \| Respond to of 6439

From MO's 10Q dated 8/14/98: Volume advanced strongly in a number of important markets, including Germany, Italy, France, the Benelux countries, Spain, Greece, Austria, Poland, Hungary, Turkey, Eastern Europe, Japan, Mexico and Argentina. However, volume growth in the Eastern Europe region slowed during the second quarter as a result of adverse economic developments in Russia. PMI recorded market share gains in virtually all major markets. Overall volume growth was driven by aggregate gains for PMI's portfolio of major international brands, including MARLBORO, which grew strongly over the second quarter of 1997. I don't recall ever reading that MO's exposure in Russia is that substantial, however, I do recall people having made a big deal about RJR's laying siege to the Russian market for a long time. I think MO has a large enough international base, that the "adverse conditions" in Russia will not hurt earnings in any major way. And after reading that encouraging article about MO's coup in Turkey, I remain highly confident that MO will escape, at least on the tobacco side, relatively unscathed -- and after all tobacco is by far the most profitable division. I would think that MO will make some sort of earnings pre-announcement of its own to set itself apart from RJR. Today's move is worthless, volume barely over 5 MM shares. We will continue to bounce off 48 until the settlement is announced. choo choo, geoff