Tobacco Stock Could Take a Breather From Highs

The stock is entering a historically bearish month after last week's record highs

Laura McCandless

Deputy Editor

Nov 5, 2024 at 12:52 PM

As November gets underway, Schaeffer's Senior Quantitative Analyst Rocky White compiled a list of the 25 worst S&P 500 (SPX) stocks to own this month, with data going back 10 years. Notably, the catalogue is topped by three oil stocks, though there are plenty of other names worth mentioning.

Tobacco name Philip Morris International Inc (NYSE:PM) is sixth on the list, finishing the month lower six times in the last decade. The stock averaged a loss of 0.3% during this time, so those hoping for PM to break out of its recent consolidation above the $130 level could be out of luck.

At last look today, Philip Morris stock was up 1% to trade at $131.72. The stock is fresh off an Oct. 31 record high of $134.15, and nearing "oversold" territory, per its 14-day relative strength index (RSI) of 69.2. Year to date, the equity is up 40%.

The company's third-quarter earnings came and went (with strong results). But with that out of the way, it seems unlikely any real tailwinds will blow for PM in November.

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