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First, earnings multiple contraction (PM currently trades at 22.9 times earnings, below the stock market average but above historical averages for this stock)

Cigarette Lighter Output Cable (0.3M)

Meanwhile, the Trump administration is readying a federal ban on flavored e-cigarettes, while cities and states are pursuing similar measures

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The other big question is how these products will be taxed, both by conventional tax authorities and the quasi-tax policy of the MSA that the attorneys general negotiated with dominant tobacco companies