Philip Morris hits record high after cigarette demand fueled quarterly results beat

Shares of Marlboro cigarette maker Philip Morris International PM.N rose about 4% to a record high of $195.51 after the company beat second-quarter sales and profit estimates on higher cigarette demand.

The core of the strength is the cigarette business - lest we forget, still the heart of this company, and the majority of revenue and profits, Bernstein analysts said.

PM also aims to invest more in its Zyn nicotine pouches following recent regulatory approval allowing certain Zyn products to be marketed as less harmful than cigarettes.

However, the company cut its annual adjusted EPS forecast, hurt by negative currency swings.

As of the last close, PM was up 17% year to date.