Smoked out of billions... Altria. The tobacco giant that makes Marlboro cigs lost an extra $4.1B on its investment in Juul — that's a total loss of $8.6B in just over a year. As smokers traded tobacco-filled paper for a vape juice-filled metal device, Altria saw Juul as the future of smoking, so it invested $12B in the startup. That "strategic" investment turned into a major fail (and massive liability). Regulators cracked on down on vaping for hooking kids with mango-tastic flavors and colorful marketing. Now Altria's paying the price.
Not so gassed up... Oil companies. Shares of oil icons Exxon and Chevron fell 4% Friday on disappointing earnings. Meanwhile, Shell hit a 3-year low on slow growth. But the real worry is coronavirus — travel demand continues to tank as it hits global health emergency status. And with reduced demand for travel, oil and gas prices have fallen. Airlines like Delta, American, and United have all suspended China flights — plus, China is big oil's major source of demand/growth.