Thursday night saw PM rally over +10% after beating earnings expectations, who would ever have thought a tobacco company would be soaring to all-time highs in todays world, arguably a read through that we should remain open-minded on how fossil fuels can trade over the coming years. The cigarette producer enjoyed its biggest one-day advance since October after the Marlboro owner reported better-than-expected results for the fourth quarter, boosted by sales of smoke-free products such as Zyn nicotine pouches.
- We would have to adopt a trading view of “long or out” towards PM
MM is bullish PM
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