The company will open a manufacturing facility in Colorado
Philip Morris International Inc. (NYSE:PM) stock was last seen up 1.5% to trade at $107.66, ahead of the tobacco giant’s second-quarter earnings report, due out before the open on Tuesday, July 26. Plus, the company announced yesterday it will invest $600 million to open a manufacturing facility in Colorado to produce its Zyn nicotine pouches.
PM earlier surged to a two-year high of $108.07, after bouncing off support at the $101 region and the 40-day moving average earlier this month. Now on track for its fifth gain over the past six sessions, Philip Morris International stock has amassed a 14.6% lead so far in 2024.
The security finished five of its past eight post-earnings sessions lower, including a 4.7% drop in April 2023. The shares averaged a 2.6% swing regardless of direction in the last two years, but this time around the options pits are pricing in a larger move of 4.1%.
Options bulls are already placing their bets, with 5,567 calls traded so far today, which is double the volume typically seen at this point. The most popular contract is the January 2026 125-strike call.