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Philip Morris International Inc stock price
Philip Morris International Inc latest news:
Motor racing-Ferrari continue with tobacco sponsor
The Ferrari Formula One team and tobacco company Philip Morris International (PM) announced on Monday the renewal of one of the longest-running and least obvious sponsorships in sport. A Ferrari statement gave no details about the amount or time frame of the deal.
Exclusive: India threatens Philip Morris with 'punitive action' over alleged violations
The Indian government has threatened Philip Morris International Inc (PM) with "punitive action" over the tobacco giant's alleged violation of the country's anti-smoking laws, according to a letter sent to the company by the federal health ministry.
Wells Fargo: FDA plan to lower nicotine could be opportunity for Altria, Philip Morris
Wells Fargo Securities analyst Bonnie Herzog said Friday that a new Food and Drug Administration plan to lower nicotine levels in cigarettes could be a long-term opportunity for makers of reduced-risk products like Altria Group Inc. and Philip Morris International Inc. . Shares of cigarette producers plunged after the FDA announcement, with Altria plummeting 9.6%, Philip Morris declining 0.4% and British American Tobacco plunging 7.2% in extremely heavy midday trade. Altria and Philip Morris, however, have a "unique competitive advantage" with smokeless iQOS devices. Philip Morris said "iQOS heats the tobacco just enough to release the flavorful nicotine-containing vapor but without burning the tobacco." Even so, one medical journal study found that smoke from heat-not-burn cigarettes have 85% of the nicotine in conventional cigarettes. "We see this as an opportune entry point for long-term investors and would recommend building positions on today's broad weakness," Herzog said. "We also note that PM/MO's premarket tobacco product application with the FDA to commercialize iQOS in the U.S. remains under review." Altria shares have dropped 6.9% over the last three months and Philip Morris shares have risen 5.8%, compared with a 3.6% rise in the S&P 500 .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Japan Tobacco tries to catch up with rival in smokeless tobacco
TOKYO (Reuters) - Japan Tobacco Inc said on Wednesday it hoped to catch up with Philip Morris International Inc in smokeless tobacco by expanding the number of smoke-free restaurants and public places that allow its vaping product.
Philip Morris to create 600 jobs in Italy as it expands smoke-free product facility
Philip Morris International Inc. said Monday it will invest EUR500 million, or the equivalent of about $559.1 million, to expand a smoke-free product facility in Italy. The expansion is expected to create up to 600 jobs. The expansion is expected to be completed by the end of 2018. The facility currently employs over 600 people. Last week, the company announced it will spend $320 million to construct a new smoke-free product facility in Dresden, Germany that is expected to employ 500 people. The stock has run up 31% year to date through Friday, while the S&P 500 has gained 8.9%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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