Adaptation of Alcohol and Tobacco Industries in Changing Markets

P.M. Edition for Aug. 8. In an exclusive, we’re reporting that the Trump administration is preparing an IPO for mortgage giants Fannie Mae and Freddie Mac later this year, which it estimates could raise $30 billion. But WSJ capital markets reporter Corrie Driebusch says that key questions remain—including whether the companies will remain under government conservatorship. Plus, gold futures briefly surpassed a 45-year record before paring gains after the White House said it would clarify tariffs on gold. And nicotine is in, beer is out: What Americans’ changing vices mean for the companies behind the goods, and their stock prices. WSJ reporter Laura Cooper discusses how the companies are responding. Alex Ossola hosts.

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