A tobacco industry in turmoil

“For decades, it seems nothing has been able to hold back the tobacco industry,” says Tara Lachapelle on Bloomberg Gadfly. “That was until Friday,” when more than $50bn of market value in three American tobacco companies briefly went up in smoke following news that the US Food and Drug Administration (FDA) is seeking to lower nicotine in cigarettes to non-addictive levels. The shares of Altria Group, maker of Marlboro, fell 9.5%, while British American Tobacco’s fell 6.8%. For both companies, it was the biggest one-day drop since 2008. Philip Morris International shares also dipped [...]