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    MARKET EDGES

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Philip Morris (PM) put up a solid quarter for the fourth quarter of 2012, exceeding expectations for many. PM had constant currency organic revenue growth accelerating to 6.8% versus the tough comp of +8.2% a year ago. EPS exceeded expectations by $0.02 but guided below consensus (range of $5.68 to $5.78) versus consensus of $5.79 - our guidance estimate is $5.71. PM’s results in the quarter shame a number of other large cap staples names whose multiples exceed that of PM.