Philip Morris says black-market cigarettes are a big deal, as sales miss and stock falls

Shares of Philip Morris, parent of Marlboro cigarettes and Zyn nicotine pouches, dropped after a rare revenue miss, as a growing illicit market for cigarettes has hurt business in Indonesia and Europe. Philip Morris International Inc.’s stock was taking a beating Tuesday, after the maker of Marlboro cigarettes and Zyn nicotine pouches reported a rare quarterly sales miss and issued a profit warning, and as the company expressed disappointment in the growth of the illicit cigarette market. The stock PM dropped 8.1% in afternoon trading, putting it on track for...