As previously reported, BofA/Merrill downgraded Philip Morris to Underperform from Neutral and cut its price target to $88 from $113. Analyst Lisa Lewandowski is more cautious on IQOS and when it can be a meaningful contributor to sales and profits following the unexpected Q1 slowdown in Japanese demand. The analyst expects IQOS costs in Japan to rise as Philip Morris pushes for increased adoption and competition intensifies, suggesting a flatter ramp and increased costs in other markets as well.

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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.