Created from the international operations of Altria in 2008, Philip Morris International sells cigarettes and reduced-risk products, including heatsticks, vapes, and oral nicotine offerings primarily outside of the US. With the 2023 acquisition of Swedish Match, a leading manufacturer of traditional oral tobacco products and nicotine pouches primarily in the US and Scandinavia, PMI has not only diversified away from smokeable products but also gained a toehold into the US to sell its iQOS heated tobacco product.

Philip Morris International manufactures and sells cigarettes, other nicotine-containing products, smoke-free products, and related electronic devices and accessories. PMI has invested more than $10 billion to develop and commercialize smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. PM's smoke-free products are available for sale in more than 90 markets. Philip Morris International was spun off from Altria in 2008. The company has approximately 83,000 employees. The shares are a component of the S&P 500.

U.S. stocks fell on Thursday on tariff concerns, recent inflation data and the risk of a U.S. government shutdown. Intel (INTC) shares rallied on news that Lip-Bu Tan had been named CEO. The S&P 500 fell 1.4%, the Dow was down 1.3% and the Nasdaq lost nearly 2%. Gold closed just above $3000 per ounce.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.