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Altria Group Inc (NYSE: MO) and Philip Morris International Inc (NYSE: PM) are trading lower on Thursday after the U.S. International Trade Commission ruled that companies must halt sales and imports of the IQOS heated tobacco device due to patent infringement against Reynolds American.
The decision of the United States International Trade Commission found that the IQOS device infringed two of Reynolds American’s patents.
The decision is set for an administrative review which requires the signature of President Joe Biden. The import and sale ban will come into effect two months after the conclusion of the review.
Philip Morris has announced his intention to appeal the decision of the US International Trade Commission.
MO, PM Price action: Altria traded at $ 52.59 and $ 35.83 over a 52 week period. Philip Morris traded at $ 106.51 and $ 68.93 over a 52 week period.
Altria was down 5.72% to $ 45.95 and Philip Morris was down 3.76% to $ 95.75 at the time of publication.
Photo: Vaping360 from Flickr.
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