Tobacco shares nosedive on FDA regulation warning

Altria 2Q profit rises on higher cigarette prices beer

Tobacco stocks went up in smoke on Friday after the FDA said it wants to slash the level of nicotine in cigarettes to make them less addictive and easier to quit.

Major tobacco producers saw their share prices tumble on Friday after U.S. health officials said they would explore ways to cut nicotine levels in cigarettes.

Tobacco stocks are under pressure on the heels of an announcement by the FDA that it plans to implement a major initiative aimed at making tobacco products safer.

For e-cigarettes, the agency extended the deadline by up to four years, and up to three years for cigar companies, to comply with a 2016 rule that gave the FDA oversight over the products, giving them more time on the market without regulation.

"We believe future success will require transformative, innovative products and changing the conversation about tobacco harm reduction", Joanne Walia told the BBC, adding that their American subsidiary Reynolds American Inc, will continue "the transformation of the tobacco industry".

What about e-cigarettes? "It's taken a little while, but it seems the FDA is beginning to realize something the scientific community woke up to years ago: policies aimed at destroying the e-cigarette market actually would result in the unintended outcome of more smokers sticking with traditional combustible cigarettes".

Cigarette smoking is the leading cause of preventable disease and death in the United States, accounting for more than 480,000 deaths every year, according to the CDC.

U.S. Food and Drug Administration chief Scott Gottlieb on Friday directed the agency's staff to develop new regulations on nicotine. The agency also highlighted "substantial costs to society", namely almost $300 billion in direct health care costs and lost productivity each year.

Nicotine isn't the only cause of the diseases that come from smoking, but it is the chemical that hooks users because of the effects that it has on the brain.

"It was an enormous mistake to continue to allow flavored e-cigarettes and flavored cigars to remain on the market", says the organization's president Matthew Myers.

Related:

  • Los Angeles Times: US should stop the games with Iran nuclear agreement

    Los Angeles Times: US should stop the games with Iran nuclear agreement

    Iranian Deputy Foreign Minister Abbas Araqchi said on Wednesday that Tehran will respond "firmly" to the U.S. President Donald Trump to become law. "Iran will definitely respond to the USA hostile move", he noted.
    Secretary of State Tillerson says he is 'not going anywhere'

    Secretary of State Tillerson says he is 'not going anywhere'

    Tillerson has reportedly had an icy relationship with Trump and the White House since he became secretary of state. . Pressed about Mr Tillerson's light schedule in recent days, Ms Nauert said he was "just taking a little time off".
    Channels activated to trace 39 Indians in Iraq: minister

    Channels activated to trace 39 Indians in Iraq: minister

    Sushma Swaraj was allowed to speak after Speaker Sumitra Mahajan's repeated requests to maintain the order of the House. Masih claimed all the 39 men, barring him, were executed by the terrorists shortly after they were captured.
  • Foxconn to build plant in Wisconsin, invest $10B

    Foxconn to build plant in Wisconsin, invest $10B

    The Trump administration said there is also the potential for future facilities in other states like Illinois, Indiana, and MI . In fact, he has even spoken specifically about getting Apple to manufacture its products in the United States.
    3-year-old twins drown in backyard pool

    3-year-old twins drown in backyard pool

    The house changed hands late a year ago to a corporate owner, and officials said some work was done on the pool area this spring. She asked her five-year-old son where they were before she looked out the window and saw Nicholas floating in the murky pool.
    USB 3.2 Specification Promises

    USB 3.2 Specification Promises "Double Speed" Using The Same Type-C Connector

    The only small inconvenience is that to use these new speeds you'll need brand new devices at each end of the cable. In many implementations, this connector, or port, is also used to deliver Thunderbolt 3 capabilities.
  • Dragon Quest XI Coming to the West

    Dragon Quest XI Coming to the West

    Dragon Quest XI will continue in the tradition of using beloved character artist Akira Toriyama and composer Koichi Sugiyama. A Switch version is also in the works and will release in Japan, too, but it has no official date set yet.
    HTC's new standalone Vive headset is exactly what VR needs

    HTC's new standalone Vive headset is exactly what VR needs

    The bad news is that The Vive Standalone has only been announced as exclusive to the Chinese market later this year. What we do know is that it will not require a PC or a phone.
    Nokia's First Android Phone launching in August

    Nokia's First Android Phone launching in August

    According to the recent leaked price of Nokia 8 also leaked and it was with a price tag of Euro 589 (approximately Rs.43,400). Its standout features include a smart audio amplifier, dual speakers powered by Dolby and a Qualcomm Snapdragon chipset.
  • Ben Stokes describes Oval century as the hardest of his England career

    Ben Stokes describes Oval century as the hardest of his England career

    If the batsman can take any crumb of comfort, it is that ball would have got pretty much everyone out. The plan almost paid off but after taking a catch at long-on, Du Plessis fell into the boundary rope.
    Trump Administration Says Gays Aren't Protected By Federal Civil Rights Act

    Trump Administration Says Gays Aren't Protected By Federal Civil Rights Act

    The plaintiff in that case had successfully argued that a school had violated Title VII when it denied her employment. Understandably, it sparked outrage among LGBT organizations and advocates .
    Venezuela's Maduro lashes out at 'insolent' USA  sanctions

    Venezuela's Maduro lashes out at 'insolent' USA sanctions

    The existing Supreme Court has consistently backed Maduro and shot down all measures by the opposition-led National Assembly. The sanctions were announced as a two-day national strike began in the country, organized by opposition groups.

Comments

Latest news

Blustery winds, rain and sunny spells set to continue next week
SATURDAY: Mostly sunny to partly cloudy skies develop, with a slight chance for a few rain showers across Southeast Kentucky. Met Eireann have said that Thursday will be a wet and blustery day with some sunny spells.

Grab free lipstick from MAC Cosmetics this Saturday only
There are still plenty of ways to celebrate National Lipstick Day, even if that means not getting a free lip color. Don't be surprised if it looks like a zoo outside your favorite MAC Cosmetics store on Saturday morning.

US Economy Expanded at 2.6% Rate in Q-2
Friday's GDP data is the first of three measurements the Commerce Department will take of the economy in the second quarter. The gross domestic product data, published Friday, says consumer and business spending helped boost growth.

US Hits Iran With Sanctions After 'Provocative' Space Launch
The "Simorgh" rocket is capable of carrying a satellite weighing 550 pounds (250 kilograms), Iran state television said. Strategic Command, which monitors launches worldwide, confirmed that no satellite was deployed from the rocket.

Trump won't let Assad get away with ''horrible'' actions
Ending the operation has been seen as a net gain for the Kremlin by several officials privy to the decision. "Putin won in Syria". Trump chose to nix the aid nearly a month ago after meeting CIA Director Mike Pompeo and National Security Adviser H.R.

Amazon Founder Jeff Bezos Beats Bill Gates
At the start of 2017, Bezos was ranked fourth in the list behind Bill Gates, Warren Buffett, and Amancio Ortega. That would put him past Gates, expecting the valuations of their non-stock property haven't changed.

Saakashvili sends tearful message to Ukrainian president after losing citizenship
In November 2016, Saakashvili quit his post and formed an opposition party and was seen heavily criticizing Ukrainian authorities. The move was widely seen as political retribution against Saakashvili, who was getting increasingly popular.

Javier Hernandez could prove a vital asset to West Ham
West Ham are now on a pre-season tour of Germany where Hernandez is expected to join the rest of the squad this week. And that optimism is a far cry from this time last season, when most of their signings sank without trace.

'Apple CEO promised to build three big plants in US'
Trump claims that Apple CEO Tim Cook called him and committed to construct " three big plants , attractive plants" domestically. Apple, on its part, had been making disclosures to highlight how it had been contributing to job creation in the US.

Gunaratne in doubt for rest of India Test series
India began their dream run in Tests under Virat Kohli by winning the Test series against Sri Lanka two years ago. He had scored at an awe- inspiring strike rate of 91.81 until then, and accelerated once he crossed this landmark.

United Kingdom to ban petrol and diesel cars from 2040 - here's why
The UK will ban the sale of all petrol and diesel cars and vans from 2040 onwards as part of a move to tackle air pollution. But despite a draft air quality plan being released by the Government in May, there was no mention of the scheme.

Release Date Out of 'Wonder Woman 2' in 13 December 2019
It's notable too that she broke records with Wonder Woman , as it was the highest-grossing live-action film directed by a woman. Jenkins' " Wonder Woman " is still chugging along at the box office, with over $389.7 million from North American theaters.

Chinese foreign minister accuses India of sparking border stand-off
He reiterated that the India's trespassing "seriously damaged China's sovereignty and violated the basic norms of global law". The Tibetan Buddhist spiritual leader has kept his headquarters in northern India since fleeing Chinese-ruled Tibet.

Bayern Beat Chelsea On Morata's Debut
They scored three good goals but that is something we need to work on at the training ground, to make sure we correct that. He added: "After being champions two years ago, we had a bad season".

UK GDP grows 0.3% in second quarter, first half lacklustre
Meanwhile inflation began to recede, which if it continues in the coming months could end the squeeze on real incomes. Construction output also paid back much of the 1.1 percent gain seen in the first quarter, declining some 0.9 percent.

Other news