Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action,

news, and analysis. Good afternoon. Today is Tuesday, July 22nd, and I'm your host, Kim

Khan. Our top story so far. Smoke them if you got them, everybody else is. Philip Morris

reported a bounceback in tobacco where you still need a match or a lighter.

The combustibles business saw Q2 net revenue increased by 2.1 percent, fueled by strong pricing, partly offset by negative mixed dynamics.

Marlborough continued to gain global market share, achieving its highest quarterly market share since the 2008 spin-off.

The overall cigarette category share was noted to be broadly stable, even though a return

to negative growth is still anticipated.

Philip Morris's smoke-free business accounted for 41% of total net revenue in the quarter

and 42% of total gross profit.

The company's smoke-free products are now available in 97 markets,

nearly half of which have at least two or three of the flagship brands, Icos Zinn or Veeve,

including 20 markets with all three. But the stock is under pressure after the company missed

top-line expectations for Q2, even though Philip Morris boosted guidance. Looking ahead, the

tobacco giants, he's fully adjusted EPS,

of 743 to 756, midpoint 7.49, versus prior expectations of 736 to 749 and 749 consensus.

Philip Morris also declared a regular quarterly dividend of $1.35 per share.

On the economic front, Fed Chairman Jay Powell sidestepped any mention

of Fed independence, pressure from President Donald Trump, or monetary policy in general in his

remarks this morning. Prediction market Kalshi still puts the odds of Powell being out before his term is

over below one and four. But economist and strategist Mohamed El Arian has an out-of-the-box suggestion for Powell's future. He says the Fed chief should resign in order to ensure that the

Fed remains independent. I recognize this isn't the consensus view which favors him

...