In today's Consumer Countdown, analysts Michael Finarelli and Sean O'Reilly join Mark Reeth to discuss the big earnings news in their sector. First, Mike takes a look at Phillip Morris (NYSE:PM), which saw strong sales numbers thanks to an increase in prices, but an overall decline in the number of cigarettes sold this quarter. Mike will have to decide if he thinks the good outweighs the bad here, or if there's just too much of a decline for investors to handle.

Then, Sean analyzes Penn National Gaming (NASDAQ:PENN), which missed EPS estimates by $0.06 due to "soft regional gaming revenue trends." Does Sean think this will put a damper on investor enthusiasm over Penn's upcoming split? Watch the video below to find out!

Mark Reeth has no position in any stocks mentioned. Michael Finarelli has no position in any stocks mentioned. Sean O'Reilly has no position in any stocks mentioned. The Motley Fool owns shares of Philip Morris International. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.