British American Tobacco's Capital Markets Day And A Nicotine Industry Update

One of the (many) things I’ve learned from Bill Ackman is that companies only hold investor days when they have something good to report. This made me happy to see British America Tobacco’s Capital Markets Day on the calendar.

There were no major surprises, good or bad, but the company reiterated its previous guidance and provided some industry color. When a stock trades at seven times earnings, merely holding the line is enough.

Philip Morris weighed in days later with an earnings report that sent the stock soaring 10%. I figured that a tobacco industry update is in order.