Make Up Your Mind!

I bought PM over the weekend as I attempt to de-risk my portfolio. It was pretty funny as PM offered new guidance this morning,,, check out the variety of headlines:

• Philip Morris lowers outlook on weak euro
• Taking A Drag On Philip Morris International
• Philip Morris International Cuts Forecast
• The Buzz: Earnings estimates may still be too high
• Philip Morris cuts year share view on weak euro
• InPlay: Philip Morris International revises FY10 EPS guidance; sees growth of ~14-17% vs 10-13% projected in April 2010
• Philip Morris Revises 2010 Profit Outlook

So what was it? I read it as "better", here is a quote:

PMI revised its forecast for 2010 full-year reported diluted earnings per share to a range of $3.70 to $3.80, based on prevailing exchange rates. Reported diluted earnings per share are projected to increase by approximately 14% to 17%, compared to $3.24 in 2009, up from the 10% to 13% range projected in April 2010. This higher projection, compared to the April 2010 guidance, reflects an improved business outlook, in particular with regards to Japan, and the positive impact of the reversal of certain tax provisions, offset by adverse currency of $0.20 per share.

And I would say the proof is in the price, the stocks was up 3% today.