Philip Morris (PM): ZYN's engine is idling

Philip Morris International is the world’s largest tobacco company and one of the stock market’s leading “smoke-free” success stories: its IQOS heated tobacco and ZYN nicotine pouches already account for a significant portion of its revenue. This summer, the stock traded at a higher price than ever before in its history, even though the main driver of the rally—ZYN—has nearly stopped growing in the U.S., and 10-year U.S. Treasury bonds are yielding more than the company’s dividend. Let’s break down what’s happening with ZYN, how much the market is paying for the company, and which levels on the chart are now key.