Word: witters
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...tobacco executives have the upper hand. Odds are they could go on winning in court for years. But they are just plain wrong to ignore the wisdom of the market. For starters, the $10 billion-a-year figure is a red herring. David Adelman, tobacco analyst at Dean Witter Discover, believes the industry could get the figure down to $3 billion or less. But even at the higher figure, "it's not a lot of money" under certain scenarios, notes Roy Burry, an analyst at Oppenheimer & Co. No industry has greater pricing flexibility, and every nickel-a-pack increase generates...
...shiny they might have been minted that morning--and not so Fisher and Mack could go on a shopping spree at Sears. No. They had already been shopping in a much bigger store: the stock market. The cards were part of their quarry, a $10 billion merger with Dean Witter Discover that signals an interest in common folks unprecedented at Morgan Stanley since it split from the J.P. Morgan bank...
...Dean Witter, once owned by Sears, has long been the little guy's friend on Wall Street. It has shunned such fancy fads as junk bonds and bankrolling corporate takeovers in favor of the mundane. Morgan Stanley has always considered such "retail" brokerage a pauper's enterprise. It has stuck with raising capital for the world's largest companies and advising them on what to do with same. Individual investors? Phew. Morgan bankers wouldn't soil their wing tips in that mire...
...much fun it would be if we could tell the blue bloods to stuff it. The elite banks have long cut us out of things like hot, new stock offerings and timely access to news, research and trading. Too bad Dean Witter, in such a strong position that CEO Philip Purcell emerges as the top executive at the combined firm, didn't adopt the stuff-it 'tude for us. Maybe Purcell figures that the price was right and that with commercial banks becoming big players in the brokerage business, he had to act. Or maybe he's hedging his bets...
Even if the teen smoking regulations were to go into effect, most would merely shore up existing, if unenforced, laws. And just as smoking wafts in and out of vogue, reports of tobacco's demise may be greatly exaggerated. David Adelman, a tobacco-industry analyst for Dean Witter Reynolds, points out that the industry has a remarkable ability to shift gears. "Ninety-five different things have come out in the past, and you have the anti-tobacco people saying this is it, this is going to be the case that brings victory," he says. "But it's a pretty high...