Word: tobacco
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Dates: during 2000-2009
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...TOBACCO Supreme Court overturns ban on billboard ads near schools. Free speech is king over kids...
...that Big Tobacco needed the generosity. Consider the fortunes of global leader Philip Morris. The firm was the Dow's best performer last year, rising 91% in a turgid market. Tobacco profits, buoyed by strong domestic growth, reached a record $10.6 billion. No. 2 R.J. Reynolds Tobacco and No. 3 British American Tobacco also saw their sales and profits reach new heights...
...appreciate the industry's alluring economics, consider that 90 small, privately held companies have started up to exploit the low-price market; a few years ago, only 10 such firms existed. "The stars are aligned for tobacco stocks," says Bonnie Herzog, a tobacco analyst with Credit Suisse First Boston. "Everything is working in their favor...
...wasn't supposed to be this way. Starting in the mid-'90s, tobacco makers suffered a string of setbacks, culminating in 1998 when the four largest firms settled with 46 states for $206 billion (over 25 years) to help pay for smoking-related illnesses. Big Tobacco agreed to curb advertising, stop marketing to minors (no more Joe Camel) and fund a national antismoking group to police their practices. In 1999 the Clinton Administration filed its suit. More recently, Philip Morris was assessed $3 billion in damages to a single smoker in California. Throw in price increases of more than...
Today it is clear that none of these threats are terminal. "We put out well-crafted p.r.," says Edward Sweda, a senior attorney with the Tobacco Control Resource Center at Northeastern University. "But the companies are engaged in business as usual...