Wall St. Seen Up; Altria Under Pressure
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Wall St. Seen Up; Altria Under Pressure
LONDON (Reuters) - Wall Street stocks are expected to nose higher on Tuesday ahead of a rush of corporate earnings from big names such as Intel <INTC.O>, but shares in Altria <MO.N> fell in pre-market trade after an adverse legal ruling.
By 5:25 a.m. EDT shares in Altria, parent of Philip Morris, fell seven percent to $39 via Instinet from a close of $41.96 after the Illinois appeal court ruling on its "light cigarette" case.
In a decision that may cost the tobacco company billions of dollars, the court ruled on Monday that a judge did not have the authority to slash the bond Philip Morris USA must post while appealing a $10.1 billion verdict.
Shares in chipmaker Intel <INTC.O> rose 0.5 percent to $24.15 against a close of $24.02 ahead of its second-quarter results, due after the close of trade.
Migrant Corp. <MIR.N> shares fell to $1.24 via Instinet from a close of $2.01. The power producer and trader filed for Chapter 11 bankruptcy late on Monday after failing to reach agreements with bondholders and banks to restructure its debt.
Early indications were that New York trading would open between 0.3 and 0.5 percent higher
By 5:25 a.m. EDT shares in Altria, parent of Philip Morris, fell seven percent to $39 via Instinet from a close of $41.96 after the Illinois appeal court ruling on its "light cigarette" case.
In a decision that may cost the tobacco company billions of dollars, the court ruled on Monday that a judge did not have the authority to slash the bond Philip Morris USA must post while appealing a $10.1 billion verdict.
Shares in chipmaker Intel <INTC.O> rose 0.5 percent to $24.15 against a close of $24.02 ahead of its second-quarter results, due after the close of trade.
Migrant Corp. <MIR.N> shares fell to $1.24 via Instinet from a close of $2.01. The power producer and trader filed for Chapter 11 bankruptcy late on Monday after failing to reach agreements with bondholders and banks to restructure its debt.
Early indications were that New York trading would open between 0.3 and 0.5 percent higher
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