One Smokin’ Update!

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March 30 will be the day Altria finally rids itself of the dead weight that is Kraft Foods Inc, Bloomberg reports. For every share of Altria, investors will get 0.7 share of Kraft. As we noted earlier this morning, this spin-off will allow the units to focus on separate interests, Oreos/Tang vs. cigarettes, while remaining committed to the mutual goal of screwing the youth of tomorrow, by whatever poison possible (trans fats versus tobacco). (Here at the DB HQs, we’re content to merely do it through poor attitudes and ineffectual discourse).
Fourth quarter profits at Altria increased 29% to $2.96 billion ($1.40/share), due to higher Marlboro prices and overseas sales. Revenue swelled 3.7% to $25.4 billion. 4Q profits at Kraft declined for the first time in four and half years. Net income dropped to $624 millino (38 cents/share); sales dropped 3% to $9.37 billion.

Altria to Spin Off Kraft Unit in March to Spur Growth
[Bloomberg]

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