Hot Air Being Let Out Of Lorillard

Lorillard Inc. LO is getting crushed today, down nearly 7% on nearly three times the average volume as maker of menthol cigarettes was downgraded twice today, mostly on valuation concerns. Morgan Stanley and Davenport both lowered their ratings on the stock. Morgan Stanley went to Equal-Weight from Overweight and Davenport lowered its rating to Neutral from Buy. Shares of Lorillard have risen 40% in the past few months, and there are concerns about the government advisory report on menthol cigarettes. At last check, shares of Lorillard were off $7.08 to $100.65, a loss of 6.6%.