ZYN FTW: Philip Morris hits record high on blowout earnings report

Shares of Philip Morris were up as much as 10% on Tuesday, making it one of the top S&P 500 gainers of the day.

The Marlboro maker reported an upbeat third quarter result after transitioning into making more, ironically, smoke-free products. Demand for ZYN, Philip Morris’ popular nicotine pouches that are believed to be safer alternatives to cigarettes, grew significantly, as shipments in the US market climbed 41.4% compared to a year earlier. IQOS, its signature heated tobacco device, also saw accelerated growth in Japan and Europe.

Earnings per share were $1.91, more than Wall Street’s expectation of $1.82. Sales hit $9.9 billion, which beat estimates of $9.7 billion, according to FactSet. The stock price hit record high.

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Archer Aviation sinks after reporting better-than-expected Q3 loss, announces it will acquire LA’s Hawthorne Airport

Air taxi maker Archer Aviation reported its Q3 results on Thursday, and its shares climbed more than 6% before turning negative.

The company posted a loss per share of $0.20, better than the $0.30 loss analysts polled by FactSet expected.

Archer announced it would acquire Los Angeles’ Hawthorne Airport for $126 million as a strategic hub for its planned LA air taxi network.

Cash is vital for Archer, which is without revenue as it seeks FAA certification. The company ended its third quarter with $1.64 billion in cash (and equivalents), down from last quarter’s $1.72 billion but more than 3x the amount from the same period a year ago.

Archer’s rival Joby Aviation, which reported its third-quarter results on Wednesday, has a cash pile of $978.1 million.

Archer reported adjusted operating expenses of $121.2 million. Looking ahead, Archer said it expects adjusted earnings before interest and taxes to be a loss of between $110 million and $140 million for the fourth quarter. Wall Street expected a $120 million loss.

Earlier this week, Archer shares fell amid the IPO of its electric aircraft rival Beta Technologies. Archer shares are down about 9% this year as of Thursday’s close, far underperforming Joby’s growth of 76%.

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DraftKings tumbles after Q3 sales miss, guidance snip

Shares of DraftKings, and rival Flutter Entertainment, were hammered in Q3 over the potential for prediction markets to eat into the traditional sports betting business.

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Take-Two plunges as “Grand Theft Auto 6” gets delayed again, to November 2026

“Grand Theft Auto” maker Take-Two posted its fiscal second-quarter earnings on Thursday.

Two screen display gameplay in Grand Theft Auto

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