5 Notable Market Movers to Watch on Wednesday

2. Altria Group, Inc. (NYSE:MO)

Number of Hedge Fund Holders: 47

Shares of Altria Group, Inc. (NYSE:MO) turned green in the pre-market trading session on Wednesday, July 6, 2022, following the news that the FDA has suspended its ban on e-cigarettes by Juul Labs.

Juul is an electronic cigarette company partly owned by Altria Group, Inc. (NYSE:MO). The latest development will allow Juul to sell its e-cigarette products for now. Meanwhile, FDA will carry out another review of Juul’s marketing application.

Back in 2018, Altria Group, Inc. (NYSE:MO) acquired 35 percent stakes in Juul in a transaction valued at $12.8 billion. However, Juul’s valuation has sharply plummeted since then amid strict scrutiny from regulators over its nicotine products.