Philip Morris Cos. will boost U.S. marketing spending to about $600 million to $650 million for the fourth quarter to stem share losses. The company last week announced that an increase in promotion spending and lower-than-expected volume will bring lower earnings than earlier expected. PM said in July it would spend $350 million to boost volume and share for its premium brands, per Reuters. Doubled spending will let Marlboro and other brands better compete with discount cigarettes. New York City-based PM bumped up retail promotions in late August and will keep activity high through year-end. Its U.S. market share fell to a low of 49 percent in July but inched up to 49.2 percent by mid-September, PM reports. Marlboro’s share hit 37.8 percent, up from 37.2 percent.
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