Philip Morris Int'l  (PM) announced plans Monday to build a $320 million facility in Germany focused on manufacturing smoke-free products.

The Dresden facility will employ 500 workers to manufacture HEETS, the tobacco units that are used with electronic tobacco heating devices. Construction will begin later this year and the facility will become operational in early 2019.

Tobacco heating devices, called IQOS, have been available in Germany since last summer. Philip Morris CEO Andre Calantzopoulos said the company is dedicated to meeting demand for "potentially less harmful alternatives to cigarettes."

Philip Morris stock traded up almost 1% at the market close.

What's Hot On the TheStreet

All eyes on Apple this week: Apple's (AAPL) stock will be on the minds of Wall Street bit more than the norm this week. Shares of the tech giant have fallen 6.9% since the Nasdaq's peak on June 8 amid a broader selloff in tech. Not helping near-term sentiment on the company are two rare analyst downgrades that have questioned how big a seller the iPhone 8 will be.

But investors shouldn't be ready to throw in the towel on Apple by any stretch of the imagination.

"When you have these sellers come in, all you have to do is wait them out -- and one of the things I learned as a hedge fund manager is that patience is a true virtue," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on Apple's recent slide.

Not so fast, Amazon: Amazon's (AMZN) $13.7 billion bombshell bid for organic grocer Whole Foods (WFM) may not be a done deal, reports TheStreet's Lindsay Rittenhouse.

After the deal was announced on Friday, U.S. Rep. Ro Khanna (D-Calif.) urged the U.S. Department of Justice to conduct a review on the merger's legality and possible harm to the economy.

"I am concerned about what this deal means for suppliers and neighborhood grocery stores," Khanna said in a statement. "The Justice Department and FTC must undertake a review that considers not just the merger's impact on prices, but also the impact on jobs and wages. We need to reorient antitrust policy to factor in the harm that economic concentration causes for American workers."

Meanwhile, Whole Foods shares are trading above Amazon's offer price as to suggest a bidding war may ensue.

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio . Want to be alerted before Cramer buys or sells AAPL? Learn more now.

More from Stocks

Biotech Firm Sarepta Surges 40% on Positive Test Results

Biotech Firm Sarepta Surges 40% on Positive Test Results

Dow Dives Nearly 300 Points as Trump Ratchets Up China Trade Fight

Dow Dives Nearly 300 Points as Trump Ratchets Up China Trade Fight

18 Auto Stocks Trump Just Ran Over With His China Tariff Attack

18 Auto Stocks Trump Just Ran Over With His China Tariff Attack

3 Ways for Retirees to Protect Their Portfolios In Volatile Stock Markets

3 Ways for Retirees to Protect Their Portfolios In Volatile Stock Markets

Why Carvana - the Amazon of Cars - Isn't Worried About Trade Tariffs

Why Carvana - the Amazon of Cars - Isn't Worried About Trade Tariffs