Phillip Morris climbs higher in mid-day trade after buying s

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Philip Morris International (PM) has reversed an opening bell loss and is up over 1% at mid-day after announcing that it bought a $9 million stake in Medicago. Philip Morris now holds just over 17 million shares, or a 9.9% stake, in Medicago, which uses tobacco leaves to make influenza vaccines for pandemic and seasonal flus. Philip Morris opened down 16 cents at $64.76 and hit a low of $64.65 before reversing direction and breaking into positive territory in the first hour of trading. It's currently trading at $65.76, up 84 cents, or 1.29%