Why did PM move on Jun 30, 2026?

Philip Morris shares spiked into positive territory following reports that the FDA will allow its ZYN nicotine pouch brand to be marketed on its health benefits as a lower-risk alternative to cigarettes [1], [2], [5]. The rally was triggered by an Axios scoop [1], [2] and subsequently confirmed when the FDA issued modified risk tobacco product (MRTP) orders for 20 varieties of ZYN [7], [9], [10]. Although the stock initially jumped on the regulatory milestone [4], [5], the gains were short-lived as the price quickly turned back negative later in the session [8].