Anti-smoking campaigns are taking off in the U.S., and are driving down youth tobacco consumption. Some retailers are even pledging to keep butts and dip off their shelves and behind their counters. So why is it that so many tobacco stocks are tracking all time highs? According to media reports, Reynolds American and Lorillard are weighing a mega merger that would mean pairing off $55 billion worth of tobacco brands, like Camel and Newport. There are regulatory hurdles to climb, and a combined entity would surely have to spin off some assets. However, if British American Tobacco â¿¿ which holds a sizable stake in Reynolds â¿¿ is in fact willing to sign off on the deal, it could pave the way for yet another mega-merger in what has already been a huge year for banking league tables. Jon Marino has Thursday’s Chart of the Day from Wall Street.
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