Altria Group Inc (MO)

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Altria Stock Jumps After FDA Temporarily Suspends Ban on Juul
By: Barron's | July 6, 2022

Altria Group stock was rising in premarket trading Wednesday after the Food and Drug Administration temporarily held off from taking the vape products of Juul Labs off the shelf.

Altria stock (ticker: MO) has gained 3% to $42.84 at 7:22 a.m. on Wednesday.

“The agency has determined that there are scientific issues unique to the JUUL application that warrant additional review,” the FDA’s tobacco division wrote in a tweet late Tuesday. Its decision followed a Federal appeals court ruling that allowed Juul to stay on the shelves.

Altria had invested $12.8 billion in Juul at the end of 2018. The FDA’s tobacco division had issued marketing denial orders (MDOs) to Juul late last month, which meant all Juul products at the time in the U.S. market were asked to be removed.

Altria stock has dropped 22% over the past month.

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