Why Altria Stock Sagged on Wednesday
Altria (NYSE: MO) stock couldn't quite make it over the hump of Hump Day. Investors traded out of tobacco titles generally on a media report that certain products in a regulator's fast-track approval program might not be approved quickly after all. While Altria wasn't as affected as other tobacco companies in the ensuing rout, it did suffer a share price decline of almost 1% on the day.
That fast-track program was devised by the U.S. Food and Drug Administration (FDA), which looks like it might be slow-walking the initiative. An article published Wednesday morning by Reuters, citing three unidentified sources, said that scientists at the regulator are hesitant to authorize the sale of nicotine pouch products currently under consideration.
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Source Fool.com
