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MO

Altria Group

$62.52

0.24 (0.39%)

, BTI

British American Tobacco

$64.33

1.34 (2.13%)

12:46
09/15/17
09/15
12:46
09/15/17
12:46

FDA revises guidance on tobacco product listing requirements

The Food and Drug Administration revised its guidance for the tobacco product industry, in particular regarding registration and product listing for owners and operators of domestic tobacco product establishments. Cigarettes, cigarette tobacco, roll-your-own tobacco, and smokeless tobacco were immediately covered by FDA's tobacco product authorities in chapter IX of the Act, including section 905, when the Tobacco Control Act went into effect. The FDA said that, after review and consideration of comments on a proposed rule to deem all other products that meet the statutory definition of tobacco product, the final rule published on May 10, 2016 with the effective date of August 8, 2016. As a result, owners and operators of domestic establishments engaged in the manufacture, preparation, compounding, or processing of tobacco products subject to the deeming rule are now required to comply with chapter IX of the FD&C Act, including the establishment registration and product listing requirements in section 905. Section 905b requires that "every person who owns or operates any establishment in any State engaged in the manufacture, preparation, compounding, or processing of a tobacco product or tobacco products" register with FDA the name, places of business, and all establishments engaged in these activities owned or operated by that person. Following the initial registration, every person must register annually by December 31 of each year. "Therefore, at this time, with respect to persons who owned or operated domestic manufacturing establishments engaged in the manufacture of newly deemed tobacco products prior to August 8, 2016, and continued to own or operate such establishments(s) on or after August 8, 2016, FDA does not intend to enforce the requirement to register and submit product listing information under section 905 of the FD&C Act by December 31, 2016, provided that the submissions are received by FDA on or before September 30, 2017," the FDA said. "FDA believes that this additional time for manufacturers of such newly deemed tobacco products will allow for submission of higher quality information." Publicly traded companies in the space include Altria Group (MO), British American Tobacco (BTI) and Philip Morris (PM). Reference Link

MO

Altria Group

$62.52

0.24 (0.39%)

BTI

British American Tobacco

$64.33

1.34 (2.13%)

PM

Philip Morris

$116.43

-0.2985 (-0.26%)

MO Altria Group
$62.52

0.24 (0.39%)

07/31/17
WELS
07/31/17
NO CHANGE
WELS
Altria Group still likely to be acquired after FDA news,says Wells Fargo
After the FDA announced a new approach towards nicotine Friday, Wells Fargo expects Altria (MO) to be "a big beneficiary" of the approach, since it will spur much higher purchases of reduced-risk products and smokeless cigarettes, leading to share gains for Altria, according to the firm. Wells believes that the FDA's announcement may increase the value of Altria to "close to $90 per share" from $80 per share previously, and it continues to expect the company to be acquired by Philip Morris (PM). Wells thinks that tobacco stocks could experience an "overhang in the near-term," but it says the news "could be positive" for the sector over the longer term, as it thinks the large tobacco companies will ultimately benefit from the change in consumption trends. British American Tobacco (BTI) is another publicly traded company in the sector.
07/31/17
07/31/17
UPGRADE
Target $62

Sector Perform
Altria Group upgraded to Sector Perform at RBC Capital
As previously reported, RBC Capital analyst Nik Modi upgraded Altria Group to Sector Perform from Underperform, as he believes the FDA's tobacco announcement on Friday was "very much in line" with industry expectations despite the surprise to investors. Modi, who still thinks tobacco stocks can perform despite major overhangs, keeps a $62 price target on Altria.
07/31/17
07/31/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Altria Group (MO) upgraded to Sector Perform from Underperform at RBC Capital with analyst Nik Modi saying he believes the FDA's tobacco announcement on Friday was "very much in line" with industry expectations despite the surprise to investors. 2. American Airlines (AAL) upgraded to Outperform from Market Perform at Cowen. 3. Baidu (BIDU) upgraded to Buy from Neutral at Nomura Instinet with analyst Jialong Shi-NIHK citing accelerating revenue momentum driven by news feed ads and an undervalued video business. 4. Wells Fargo (WFC) upgraded to Market Perform from Underperform at BMO Capital with analyst James Fotheringham citing valuation. The firm also ended its pair trade call of going long Citi (C) and short Wells Fargo. 5. GoPro (GPRO) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Yuuji Anderson saying valuation better reflects efforts to driver better product cycles through software improvements. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/30/17
MSCO
08/30/17
NO CHANGE
MSCO
Overweight
British American Tobacco recent weakness appears overdone, says Morgan Stanley
Morgan Stanley analyst Matthew Grainger said he views some degree of weakness in U.S. and European tobacco stocks since "FDA Friday" - when the agency announced plan to pursue reduced nicotine content in cigarettes - as warranted, but he views the impact on British American Tobacco (BTI) as being overstated by the stock's 11% pullback. For Altria Group (MO), which is down 14% since that day, he sees the move as having returned the stock to appropriate valuation levels, he added. Grainger lowered his price target for Altria to $65 from $68, kept his Philip Morris (PM) price target of $120 unchanged and maintains his British American target at GBP60.
BTI British American Tobacco
$64.33

1.34 (2.13%)

07/31/17
PIPR
07/31/17
NO CHANGE
PIPR
Overweight
British American Tobacco recent selloff overdone, says Piper Jaffray
Piper Jaffray analyst Michael Lavery views the recent pullback in shares of British American Tobacco as overdone. Regulatory risks in the U.S. seem to be manageable while glo provides potential longer-term incremental upside to earnings, Lavery tells investors in a research note. The FDA has begun to emphasize moving current smokers toward non-combustible forms of nicotine delivery, such as glo, the analyst points out. Further, he does not expect the FDA's change in tone to impact U.S. cigarette earnings. The analyst keeps an Overweight rating on British American Tobacco.
08/11/17
GSCO
08/11/17
INITIATION
GSCO
Neutral
British American Tobacco reinstated with a Neutral at Goldman Sachs
PM Philip Morris
$116.43

-0.2985 (-0.26%)

07/28/17
PIPR
07/28/17
NO CHANGE
Target $134
PIPR
Overweight
Philip Morris selloff a buying opportunity, says Piper Jaffray
Piper Jaffray analyst Michael Lavery views the selloff in shares of Philip Morris on the FDA's comments as a buying opportunity. Philip Morris, with no cigarette sales "whatsoever" in the U.S., is trading off in sympathy with the group, though today's news is likely net positive for the company, Lavery tells investors in a research note after the FDA announced intentions to reduce nicotine levels in cigarettes. He reiterates an Overweight rating on Philip Morris with a $134 price target
09/06/17
PIPR
09/06/17
NO CHANGE
Target $135
PIPR
Overweight
Piper positive on Philip Morris after iQOS checks in Europe
Piper Jaffray analyst Michael Lavery says his European channel checks show strong momentum on iQOS, Philip Morris' heated tobacco product. Visits to Serbia, Russia, and Poland indicated iQOS has a better than expected presence, Lavery tells investors in a research note. The analyst is more bullish on the company's potential for incremental earnings from iQOS and continues to believe his earnings estimates for Philip Morris are likely to be conservative. Lavery raised his price target for the shares to $135 from $134 and keeps an Overweight rating on the name.

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AGN

Allergan

$204.65

1.99 (0.98%)

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WBC

Wabco

$150.14

0.95 (0.64%)

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FNV

Franco-Nevada

$79.32

0.4 (0.51%)

07:35
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PTN

Palatin

$0.66

0.06 (10.00%)

07:35
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Palatin reports Q4 EPS 7c, may not compare to consensus (2c) »

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AAPL

Apple

$151.89

-1.5 (-0.98%)

, GE

General Electric

$24.87

0.12 (0.48%)

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Options
Unusual call flow in option market yesterday »

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AAPL

Apple

$151.89

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GE

General Electric

$24.87

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ORCL

Oracle

$48.16

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M

Macy's

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COP

ConocoPhillips

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FCAU

Fiat Chrysler

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WisdomTree

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KBH

KB Home

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ONCE

Spark Therapeutics

$85.15

-1.95 (-2.24%)

07:33
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Spark Therapeutics appoints Dr. Federico Mingozzi as Chief Scientific Officer »

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AGN

Allergan

$204.65

1.99 (0.98%)

07:32
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Hot Stocks
Allergan announces new $2B share repurchase plan, affirms guidance »

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ECA

Encana

$11.25

-0.05 (-0.44%)

07:31
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AGN

Allergan

$204.65

1.99 (0.98%)

07:30
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Hot Stocks
Breaking Hot Stocks news story on Allergan »

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  • 25

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EXAS

Exact Sciences

$45.96

0.96 (2.13%)

, ROK

Rockwell Automation

$177.55

0.22 (0.12%)

07:30
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Options
Unusual put flow in option market yesterday »

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EXAS

Exact Sciences

$45.96

0.96 (2.13%)

ROK

Rockwell Automation

$177.55

0.22 (0.12%)

DVA

DaVita

$57.49

-3.77 (-6.15%)

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  • 30

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NTDOY

Nintendo

$45.62

-0.98 (-2.10%)

, GOOG

Alphabet

$928.53

-3.92 (-0.42%)

07:29
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Periodicals
Nintendo adds two-factor authentication for accounts, the Verge says »

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NTDOY

Nintendo

$45.62

-0.98 (-2.10%)

GOOG

Alphabet

$928.53

-3.92 (-0.42%)

GOOGL

Alphabet Class A

$943.26

-4.29 (-0.45%)

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EGO

Eldorado Gold

$2.26

0.02 (0.89%)

07:29
09/25/17
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  • 02

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APRN

Blue Apron

$5.19

-0.04 (-0.76%)

07:28
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TMO

Thermo Fisher

$188.30

0.39 (0.21%)

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CUB

Cubic

$51.60

4.8 (10.26%)

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GLW

Corning

$30.05

-0.05 (-0.17%)

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General news
Futures pointing to slightly lower open »

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ALSSF

Alsea

$3.53

-0.1382 (-3.77%)

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STAA

STAAR Surgical

$10.90

0.05 (0.46%)

07:24
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RIG

Transocean

$9.32

0.24 (2.64%)

07:24
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ZG

Zillow

$38.93

-0.93 (-2.33%)

07:23
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  • 03

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AMAT

Applied Materials

07:23
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  • 27

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AEM

Agnico Eagle

$46.74

0.6 (1.30%)

07:23
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DK

Delek US

$25.70

0.25 (0.98%)

07:22
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Conference/Events
Delek US management to meet with Deutsche Bank »

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APOP

Cellect Biotechnology

$8.28

0.19 (2.35%)

07:22
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