Ever since the FDA announced its new plans for Big Tobacco on July 28 Altria's (MO) stock has been in a largely uninterrupted downward spiral. Neither solid earnings released just a day before that FDA announcement nor Altria's late August 8% dividend hike was sufficient to break that spell.

Altria the darling of dividend investors with magnificent total returns for decades is suddenly almost 20% from its 52-week high.

Where is the love? Did investors overreact to that FDA statement? Let's make a case for Altria and show why rumors of its death are largely exaggerated.

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