Altria (NYSE: MO) and Philip Morris International (NYSE: PM) said they are no longer in talks for an all-stock merger, which would have reunited the two cigarette makers after more than a decade apart.
Why it matters: It reflects tobacco industry tumult over the Trump administration's proposal to ban flavored vaping products, although the two companies still plan to launch a joint, FDA-approved, "heat-not-burn" vaping product called IQOS.