Philip Morris Drops 6% in Short Week on Zyn, FDA, CEO Webcast
Philip Morris International shares fell 0.67% Friday to $177.38, down 6.14% for the week and well below the May 19 high of $193.05. The broader market rose, with the S&P 500 up 0.2% and the Dow gaining 0.7%. CEO Jacek Olczak will speak at Deutsche Bank’s consumer conference June 2. Investors are focused on Zyn nicotine pouches and IQOS devices as smoke-free products made up 43% of first-quarter net revenue.