The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday.Marketsread more
Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.Marketsread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
A Food and Drug Administration crackdown on e-cigarettes could be a boost for big tobacco, Piper Jaffray's Michael Lavery told CNBC on Thursday.
There is "directionally, no question" these companies would benefit, Lavery said in a "Closing Bell" interview.
"If a crackdown reduces the number of smokers switching to e-cigs, it would likely be bad for public health but financially a benefit for public tobacco companies," he later wrote in an email.
The FDA on Wednesday ordered five brands — Juul, British American Tobacco's Vuse, Altria's MarkTen, Imperial Brands' Blu E-cigs and Japan Tobacco's Logic — to submit plans, within 60 days, to discourage teen use of their products. It is considering restricting e-cigarette manufacturers from selling flavored nicotine liquid or making the products undergo an agency review.
"E-cigarette use among youth has hit epidemic proportions," the FDA said in a press release that also detailed "a large-scale, undercover nationwide blitz to crack down on the sale of e-cigarettes to minors at both brick-and-mortar and online retailers."
The coming crackdown could spell trouble for companies such as Juul. Their products, available in sweet flavors, are popular with young people, who can hide the sleek devices from parents and teachers.
Big tobacco, on the other hand, could benefit in a couple of ways.
There is no industry-wide data to show how many customers vaping companies steal from tobacco, but a survey of 19,000 Juul users, conducted by the company and detailed in a Piper Jaffray note, said that about 62 percent were smokers when starting to use Juul. About two-thirds of them quit after beginning to use Juul.
In the context of huge tobacco companies, that impact is rather modest, Lavery said, but any move to slow or stop the migration of smokers to vaping products would benefit big tobacco.
Beyond that, vaping research and development is actually costing tobacco companies as they attempt to gain market share in the burgeoning industry, Lavery said. A crackdown could mean less emphasis on those investments.
"The cigarette companies make all their money in cigarettes — that's the high-margin business where they have scale. And they all have smaller vape or e-cigarette businesses, but they are still in investment mode. They make little or no money there and, in some cases, lose money," Lavery said.
— CNBC's Angelica LaVito contributed to this report.