Why British American Tobacco Stock Tumbled 19% in July

Rich Duprey, The Motley Fool
·2-min read
Why British American Tobacco Stock Tumbled 19% in July

Shares of British American Tobacco (NYSE: BTI) tumbled 18.7% in July, according to data provided by S&P Global Market Intelligence, after the company cut full-year earnings guidance in June due to the global pandemic's impact on international travel. The market ignored several catalysts for growth that are open to the tobacco giant, preferring instead to focus on the near-term impact that the coronavirus will have on its business. British American said instead of seeing growth in the 3% to 5% range it previously forecast, its full-year outlook now calls for just 1% to 3% growth.