Market Chatter: FDA Proposes Cuts in Nicotine Content in Cigarettes -- Tobacco Stocks Decline

MT Newswires Live12-12

Tobacco stocks were trending downwards as The New York Times reported Wednesday the US Food and Drug Administration was proposing a drastic reduction in the amount of nicotine in cigarettes.

Philip Morris International (PM) was down 1.3%, while Altria Group (MO) fell 0.8%.

According to the NYT, the FDA's proposal to the Office of Management and Budget the day prior is symbolic rather than realistic.

Even if the Biden administration were to approve the proposal, there's no guarantee it would remain once President-elect Donald Trump takes office in January, the report said. A review by the Budget Office could also take months.

The FDA did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 127.30, Change: -1.68, Percent Change: -1.31

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