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Tobacco stocks rise on report that FDA won't cut nicotine levels in cigarettes as planned

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Tobacco stocks rose Wednesday after Bloomberg reported that the Food and Drug Administration has shelved its plan to cut nicotine levels in cigarettes to minimally or non-addictive levels.

Former FDA Commissioner Scott Gottlieb announced the plan in July 2017 as part of a sweeping tobacco policy framework that included delaying e-cigarette oversight. The FDA did not immediately respond to CNBC's request for comment.

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