Word: tobacco
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...price of Marlboro cigarettes, reducing the average cost of a pack to $1.80. Admitting that this aggressive pricing could reduce earnings 40% this year, the company said it had to meet the challenge of discount and generic brands. Fears of a price war prompted Wall Street to dump tobacco stocks. Philip Morris shares plunged $14.75, to $49.38, and since the company is among the 30 firms whose stocks are in the Dow Jones Industrial Average, that bellwether index plummeted. A weak bond market and news that the unemployment rate remained at 7% in March helped intensify the rout...
According to the Antitrust and Trade Regulation Report, Areeda's client accused Brown & Williamson Tobacco Corp. of violating anti-trust laws by offering volume discounts to force Liggett to raise prices on generic cigarettes...
...memories, let's recall that the whole RJR fiasco got started when a hard-drinking, cigar-smoking, foul-mouthed Canadian expatriate named F. Ross Johnson, who for some inexplicable reason found himself running the 19th largest industrial company in the U.S., decided to take the food and tobacco colossus private in a leveraged buyout...
...stickiest questions turn on costs. Bill Clinton has signaled that he will boost taxes on alcohol and tobacco to help meet the $50 billion-to-$70 billion price tag for providing insurance to America's 37 million uninsured. Sin taxes alone, however, won't be enough. Last week Magaziner privately asked representatives of large and small businesses how best to cap costs in the short term while phasing in benefits more slowly. That idea concerns some in the White House, who insist, as one put it, "We have to create winners before we create losers...
Strange tales filtered out of the 78-acre compound of the Branch Davidian cult near Waco, Texas, but reports of possible mass suicide spurred a surprise assault on Sunday by the Treasury Department's Bureau of Alcohol, Tobacco and Firearms. Prepared, cult members killed four feds and wounded 16. During the ensuing week of siege, leader David Koresh got radio time but reneged on his promise to surrender afterward. Of 140 in the compound, he allowed 23 to leave; they had reportedly seen 10 dead inside. ATF and FBI agents prepared for a long stakeout: the Davidians are said...