Philip Morris International's new “reduced risk product” is a hybrid, a black, cigarette-shaped tube with a battery and electronics. On one end is a miniature cigarette, a couple of inches long, paper filled with real tobacco. If it's successful, they'll be available in test markets later this year, reports the Wall Street Journal. These bets are worth watching in the tobacco industry, whose core product is in long-term decline.
- Consumer Discretionary
- Philip Morris International