The FDA yesterday issued an advance notice of proposed rulemaking to explore the costs and benefits of flavors in tobacco products, and requested public input on the topic, Piper Jaffray analyst Michael Lavery tells investors in a research note. The analyst, however, does not expect any impact to the industry's operating framework for 8-12 years or more. He believes that in addition to the "already lengthy process," a large, viable market for alternatives, such as electronic nicotine delivery systems, is a prerequisite for any changes to combustible product standards, to mitigate unintended consequences such as illicit trade. Philip Morris (PM) and Altria Group (MO) are best positioned to benefit from strength in electronic nicotine delivery systems, Lavery contends.

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Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here

Unusual total active option classes on open include: ImmunityBio (IBRX), Halliburton (HAL), Redfin (RDFN), Nokia (NOK), Matterport (MTTR), General Motors (GM), UPS (UPS), Philip Morris (PM), PepsiCo (PEP), and General Electric (GE).

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Reports Q1 revenue $8.8B, consensus $8.47B. "The strength of our first-quarter results with excellent top-line growth and significant margin expansion gives us the confidence to raise our 2024 currency-neutral guidance. Strong smoke-free momentum continues with rapid underlying volume progression and accelerating organic net revenue and gross profit growth, fueled by the operating leverage of IQOS and the best-in-class economics of ZYN. We are executing efficiently and effectively in a dynamic operating environment of geopolitical and economic tensions that accentuate currency volatility. We are doing our utmost to mitigate these challenges and deliver robust growth and value creation," said Jacek Olczak, Chief Executive Officer.