Wells Fargo analyst Bonnie Herzog questions whether $56.40 per share is enough of a premium to get Reynolds American (RAI) to accept British American Tobacco's (BTI) offer to purchase the 58% of RAI common stock it does not already own and thinks Reynolds may negotiate for a higher price. She also believes such a deal, if completed, would increase the likelihood that Altria (MO) and Philip Morris (PM) would seek to combine. The firm has an Outperform rating on Reynolds American and an Overweight rating on the tobacco sector.

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).

Check out this morning's top movers from around Wall Street, compiled by The Fly. UP AFTER EARNINGS... To see the rest of the story go to thefly.com. See Story Here

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.