UPDATE 1-Marlboro price raised, some smokeless prices cut
* Philip Morris cigarette prices rise 71-81 cts per pack
* Altria's high-end smokeless tobacco prices to be cut
* Reynolds has no pricing changes for now
* Altria shares up 4.5 pct; Reynolds down 3 pct (Adds comments from Reynolds, stock activity)
By Jessica Wohl
CHICAGO, March 5 (Reuters) - Altria Group Inc (MO.N: Quote, Profile, Research) is raising the price of Marlboro and other cigarettes by more than 70 cents per pack and cutting the cost of the high-end smokeless tobacco brands it recently acquired, while its major rival stayed silent on whether it would also change prices.
The cigarette price increases from Altria's Philip Morris USA go into effect on March 9 and are related primarily to the upcoming increase in federal excise tax, a spokesman said.
Rival Reynolds American Inc (RAI.N: Quote, Profile, Research), best known for its Camel brand, is not changing its prices for now. Reynolds also did not match a smaller price increase of about 9 cents per pack Philip Morris took in February.
Altria shares rose about 4.5 percent in midday trading, while Reynolds shares fell nearly 3 percent. Continued...
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