Word: nabisco
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...especially bad time for smokers. They woke up on Monday morning to the news that tobacco companies plan to stick them with the bill for their multi-billion dollar lawsuit settlement, costing an extra 62 cents a pack. By Friday, CEOs from Philip Morris and RJR Nabisco were tentatively admitting that their cigarettes could have ? whisper it low ? actually killed people...
...general talked as though they had just cured cancer, in truth they may have done the next best thing. They forced the tobacco industry to concede, in so many grudging words and so many, many more dollars, that cigarettes are a deadly regimen. The companies--Philip Morris Companies, RJR Nabisco Holdings Corp., B.A.T. Industries PLC's Brown & Williamson and Loews Corp.'s Lorillard--reached a resolution with the attorneys general of nearly 40 states in which the industry will pay out $368.5 billion over the next quarter-century in compensation, drastically alter their marketing programs and submit to the regulatory...
...memo to employees only hours after the deal was sealed, Steven Goldstone, CEO of RJR Nabisco, wrote that the historic agreement "radically changes the way we do business." No kidding. The tobacco industry in the U.S. will have to adjust from being a cash-rich, freewheeling marketer to one of the most regulated businesses in the U.S.; from an industry that can't advertise enough to one that can barely show its face. And to pay for the agreement, tobacco executives are going to install one of the biggest price increases in the history of consumer products: possibly more than...
...Liggett Group, smallest of the U.S.'s Big Five cigarette makers, broke ranks in March and conceded not only that tobacco is addictive but also that the company has known it all along. While RJR Nabisco and the others continue to battle in the courts--insisting that smokers are not hooked, just exercising free choice--their denials ring increasingly hollow in the face of the growing weight of evidence. Over the past year, several scientific groups have made the case that in dopamine-rich areas of the brain, nicotine behaves remarkably like cocaine. And late last week a federal judge...
JACKSONVILLE, Florida: Tobacco stocks soared minutes after a Florida jury found R.J. Reynolds not responsible for the death of lifelong smoker Jean Connor. Just thirty minutes after the verdict was announced, giants Philip Morris and RJR Nabisco had gained a whopping ten percent in value. Nervous investors had shunned tobacco stocks until the decision was announced: RJR Nabisco was trading as low as $28.37 1/2 before finishing the day up $3.12 1/2 at $32.62 1/2, while Philip Morris bottomed out at $37.87 1/2 and then went up $4.25 at $44.12 1/2. Investors hope that the decision will strengthen the industry...