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Shares in tobacco companies fall



By AP
29 September 2008 @ 02:47 pm EST

NEW YORK - Shares in many tobacco companies fell Monday amid a general market decline as investors feared that Congress won't approve a financial bailout package.

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Quotes
MO 15.49 1.04
RAI 41.25 1.49
UST 68.87 0.82
PM 38.26 1.63

SYMBOL LOOKUP

In a major setback, the House defeated a $700 billion emergency rescue package on Monday, 228-205, despite urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry.

Many stocks, already down before the vote was announced, tumbled further.

Shares in Altria Group Inc. fell $1.18, or 5.7 percent, to $19.71 in mid-afternoon trading Monday.

Reynolds American Inc. was down $2.12, or 4.1 percent, to $49.17.

UST Inc. fell $1.29, or 2 percent, to $65.71. Altria said earlier this month it would buy smokeless maker UST.

Meanwhile, Philip Morris International fell $1.72, or 3.4 percent, to $49.18.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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