Word: tobacco
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Even before this latest attack, tobacco was in a droop. After years in which the industry beat back lawsuits from health-impaired smokers, it lost a worrisome one earlier this month. Following the disclosure of documents showing that industry executives sought to hide their knowledge that their product was addictive, a Florida jury awarded $750,000 to a longtime smoker who developed lung cancer. Though an Indianapolis, Indiana, jury handed the tobacco industry a break late last week by finding it not guilty in a similar case, more than 200 individual lawsuits nationwide await, plus 14 by states that...
...children's reach forever," said Clinton--hopefully. The changes, first previewed last summer, are likely to be tied up in the courts for years. If they take effect, cigarette sales would require a photo I.D. offering proof of age. In magazines read by a significant number of teens, tobacco ads would be limited to a black-and-white, all-text format--no photographs, no cartoon camels with phallic snouts. The same rules would apply to billboards, which would be banned entirely within 1,000 ft. of schools or playgrounds. Sponsorship at sporting events would be forbidden. Likewise tobacco-brand-name...
...Wall Street is wondering. Could tobacco really become the next asbestos? "It's certainly not an area where an investor can jump in," says Alan Ackerman, a market strategist at Fahnestock & Co. While stock prices of the big tobacco firms used to rebound quickly after bad news, August has been the long goodbye. Philip Morris plunged from $104.66 a share to $88, and RJR Nabisco from $30.75 to $25.50. Loews Corp., parent of Lorillard Tobacco, slipped from $80.66 to $74.75. "This has all the makings of a tobacco Chernobyl," says Ackerman. Not if you ask the accountants. Overall, profits...
...Tobacco is not a potted plant--it doesn't take attacks quietly. No sooner were the FDA regulations previewed last summer than the industry filed suit in a North Carolina federal court to stop them, arguing that the agency has no authority to oversee cigarettes...
...Tobacco firms have also become heavy donors to the Republican Party, an investment that already has paid off in the G.O.P.-controlled Congress, with its hostility toward government regulation in general and the FDA in particular. Thanks to a bill approved earlier this year, Congress has 60 "legislative days" to overturn any agency regulation...