Philip Morris
Apf 08/26 1815 Tobacco Stocks
Fields
- Type
- COMP, COMPUTER PRINTOUT
- NEWS, NEWS ARTICLE
- Master ID
- 2077409565/9739
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- Site
- N922
- Litigation
- Mile/Produced
- Author (Organization)
- Associated Press
- Named Person
- Black, G.
- Goldman, E.
- Rogers, R.
- Goldman, E.
- Area
- PURCELL,CLARE/CARLSTADT
- Named Organization
- American Stock Exchange
- Associated Press
- Bat Industries
- Bernstein Research
- Brooke Group
- Loews
- Ny Stock Exchange
- Painewebber
- Philip Morris Cos Inc
- RJR Nabisco Holdings
- Associated Press
- Date Loaded
- 18 Feb 2003
- UCSF Legacy ID
- hox60c00
Document Images
APf 08/26 1815 Tobacco Stocks
Copyright. 1996. The Associated Press. All rights reserved.
The information contained in this news report may not be published,
broadcast or otherwise distributed without the prior written authority of
The Associated Press.
NEW YORK (AP) - Most tobacco stocks rose Monday as traders got their
first chance to react to a tobacco industry victory in a lawsuit seeking
damages for an Indiana smoker's cancer death.
The verdict was viewed as a key guidepost among Investors who were
wondering whether the tide of opinion in America's courtrooms had turned
against the tobacco industry.
Philip Morrls Cos. Inc., a co-defendant in the lawsuit, was up $2.37 1/2
at $90.37 1/2 a share in on the New York Stock Exchange.
Among the other defendants, RJR Nabisco Holdings Co., was up $1.12 1/2
at $26.62 1/2 and Brooke Group PLC was down 37 1/2 cents at $5.50 on the
NYSE while the American depository receipts of B.A.T Industries PLC were
up 43 3/4 cents at $13.68 3/4 on the American Stock Exchange. ADRs
represent shares of foreign companies that are traded In the United States.
The stock of tobacco companies not involved in the suit also moved
higher. Loews Corp. was up $1.25 at $76 and UST Inc. was up 37 1/2 cents at
$31 on the NYSE. - .
An Indianapolis jury late Friday rejected six-figure claims against
tobacco companies from the widow of Richard Rogers. The suit alleged
tobacco makers were to blame for Rogers' smoking addiction that began at
age 5 and ended with his death in 1987 at the age of 52.
The Indiana case received wide attention from Investors ofter a Florida
jury earlier this month awarded $750,000 to a man who got lung cancer after
44 years of smoking. That was only the second time a jury had ruled against
the Industry. The first verdict was overturned on appeal.
Emanuel Goldman, a Palnewebber analyst in New York, said he wasn't
surprised tobacco stocks rose Monday. .
"I think the Rogers ruling acts as a reminder to investors that when
push comes to shove, juries more often than not are not likely to have a
lot of sympathy with tobacco plaintiffs," he said. "After all, they've had
30 years of label warnings."
Gary Black, an analyst with Bernstein Research in New York, also said
the rise in tobacco stocks was expected after the ruling.
"Now the big Issue is could there be a setflement at some point and do
people think the Industry finally is ready to cough up some money," he
said.
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