U.S. stocks were poised for a flat open Thursday, following disappointment in the Federal Reserve's limited action and more signs of a global economic slowdown hitting both China and Europe.
There is a cliché on Wall Street that says, "Reaction to news is more important that the news itself."
The tobacco industry was once a well-funded behemoth in American politics, and while Big Tobacco's power is slowly eroding, its influence is far from gone.
updated: Wed Apr 01 2009 12:45:00
Smokers across the country weigh in on the tobacco tax.
The Supreme Court dismissed an appeal by Altria Group Inc.'s Philip Morris USA over $79.5 million in punitive damages awarded to the widow of a longtime Oregon smoker.
Philip Morris USA, the nation's No. 1 tobacco company, said Monday it has ended test markets of Marlboro-branded cigarettes that use a high-technology filter
Philip Morris USA, the nation's No. 1 tobacco company, said Monday it has ended test markets of Marlboro-branded cigarettes that use a high-technology filter.
updated: Wed Jan 30 2008 12:38:00
New research suggests moderate drinking and exercise may benefit your heart, but there are several caveats.
Philip Morris USA filed suit against 105 New Jersey and New York retailers Wednesday, alleging they sold counterfeit versions of Marlboro brand cigarettes.
Altria Group Inc is widely expected to announce plans for the spinoff of its Philip Morris International unit this week, but some analysts see limited gains for a stock that already looks more expensive than its peers.
In a 5-4 ruling, the U.S. Supreme Court on Tuesday threw out a nearly $80 million punitive damages ruling against Philip Morris.
A puzzled Supreme Court wrestled Tuesday over how to treat an Oregon jury's $79.5 million punitive damage award against tobacco giant Philip Morris USA, with company lawyers arguing the family of a longtime smoker deserves only compensation based on individual harm, not harm to the public at large.
Juries can punish a tobacco company by awarding damages to a smoker's widow but not to other smokers, a lawyer for Philip Morris USA argued Tuesday before the Supreme Court.
Tobacco giant Philip Morris will get a chance this fall to convince the Supreme Court that an $80 million judgment against the company was excessive in an important product liability case testing the power of juries to impose large punitive awards against well-heeled corporations.
Tobacco giant Philip Morris will get a chance this fall to convince the Supreme Court that an $80 million judgment against the company was excessive.
An anti-smoking organization is accusing WebMD of betraying its patrons by couching an advertisement bankrolled by Philip Morris as an "information resource" for people who want to quit smoking.
Marlboro smokers from New York State have sued Philip Morris on Thursday, demanding that the tobacco giant pay for CT-Scans to detect early-stage lung cancer, said the law firm that filed the federal suit.
The Illinois Supreme Court handed Altria's Philip Morris USA unit a major victory Thursday in a statewide class-action case over "Marlboro Lights" and "Cambridge Lights" cigarettes.
The Illinois Supreme Court on Thursday tossed out a $10.1 billion verdict against Philip Morris USA in which the company was accused of fooling customers into thinking "light" cigarettes are safer than regular cigarettes.
A failed attempt by Philip Morris to create a safer cigarette has resulted in a device that may help the company get into the pharmaceutical business, according to a report published Thursday.
In 1962--less than a lifetime ago--Harvey C. Russell did what no other black man had done before. He became a vice president of a FORTUNE 500 company.
A New York jury Monday awarded punitive damages of $17.1 million against Philip Morris USA in a case in which a 72-year-old woman said her lung cancer and neurological disorder were caused by smoking.
Shares of major tobacco companies rose sharply on Monday following a favorable court decision.
It's the season for New Year's resolutions. That means that, once again, many of us have pledged to cut the beer out of our daily diet or stop wasting so much money on cigarettes. And just as inevi...
Fifteen years ago this fall, the barbarians of Wall Street stormed the gates of RJR Nabisco, vying to buy the world's No. 2 cigarette maker. The company was also a cookie maker, of course, but it w...
When Illinois state judge Nicholas Byron issued his March ruling on a class action against Philip Morris, Louis Camilleri was 945 miles away in New York City, bracing for bad news. The chairman and...
As we close out the third consecutive down year for the stock market, conventional wisdom has never been more worthless -- which is why a conventional recovery seems so unlikely.
How do large companies stack up in their own industries? That's what the list inside reveals. Among the notable movers: Gateway and Disney jumped from No. 6 to No. 2 in computers and in entertainme...
As bear markets go, this one is rewriting the rule book. Large-cap stocks have been mauled worse than small-caps, and corporations are running scared while consumers keep the economy afloat--both t...
Now is when the pros were supposed to strut their stuff. For all their boasts during the 1990s boom, active money managers couldn't even keep pace with their soaring benchmarks--those market indexe...
How to choose among 100 funds? We've sorted them into the broad asset-allocation groups you'd use to assemble a portfolio: large-cap, midcap, small-cap and global, plus specialty areas such as tech...
This year marks a milestone: It's the fifth edition of the MONEY 100, our hand-picked list of the best mutual funds in the business. We published our first list in 1998--and what a time to have cre...
Philip Morris has a new name. You've probably heard it already. Pop quiz: Can you remember it? Too late. It's Altria. The company says the word derives from the Latin altus, meaning "high," and is ...
If you're like most people, you probably didn't know that May 31 was World No Smoking Day. But that Thursday, as you sat at your desk and stared at your computer, anti-smoking activists all over th...
Sleep trainer Michael Krugman (soundersleep.com) has treated workers at Saatchi & Saatchi, Equitable Life Assurance, the NYPD, and Philip Morris (gee, wonder what keeps them up at night). "Most of ...
These things gotta happen every five years or so--ten years. Helps to get rid of the bad blood. Been ten years since the last one. --The Godfather
Philip Morris says in a position paper that it wants to give the Food and Drug Administration "meaningful, tough, and effective regulatory authority over tobacco products." But a lot of bigwigs in ...
Who on earth would want Geoff Bible's job? The man is marked--as the most powerful CEO in the most censured industry. He is bound--to hand over at least $4.5 billion of his company's annual cash fl...
An addictive stock
Stock-option fever continues to sizzle, but this year it's not only the dotcoms that are making headlines. Dramatically more Old Economy companies are sharing the wealth with employees up and down ...
MO-mentum play
It's never pretty when a blue-chip stock falls apart--especially when the rest of the market is surging. But that's exactly what's been happening to shares of tobacco giant Philip Morris, which jus...
With November's $206 billion settlement with 47 states removing much of the liability risk facing tobacco companies, investors may be taking a fresh look at the two industry leaders. No. 1, Philip ...
If you wanted to see just how mercurial a place Wall Street can be, check out the recent trajectory of Philip Morris. Six months ago Philip Morris was the stock the big boys loved to hate. Money ma...
No one gives a hoot about income during a go-go growth market. Ah, but when that market comes tumbling down--as it did in the waning days of summer--investors suddenly get misty-eyed about their ol...
STOCKS Dell, Centex, Travelers, Chase Manhattan, McDonald's, Kroger, Philip Morris, Texas Instruments, Lehman Bros., QEP Co.
Even after she'd seen the numbers, Elizabeth Mackay had no inkling of the tidal wave that was about to hit. To Mackay, the chief investment strategist for brokerage giant Bear Stearns, the producer...
Okay, so Philip Morris's stock is a captive of litigation. Good legal news sends shares up; bad news leads to losses. Investors seem unconcerned about the company's actual business. Instead they're...
Russians rarely let work get in the way of a good party--especially Russian journalists partying on someone else's tab. Philip Morris International has grasped this faster than most foreign compani...
Four months ago, we reported that tobacco stocks faced some nasty problems. Those included an attempt by President Clinton to have tobacco declared a drug and restrict access to it by minors, and t...
Renowned fund manager Ken Heebner is back where he likes to be-- at the top of the performance charts. Last year his flagship growth fund, $570 million CGM Capital Development, racked up a hefty 41...
Ask just about any broker or financial planner, and you'll be told that doctors are not always the savviest investors. Even so, the American Medical Association has some investing advice for you. I...
When Philip Morris announced on April 15 price cuts of about 20% on its Post and Nabisco ready-to-eat cereals, consumer advocates--not to mention parents who buy truckloads of the stuff every week-...
It's been a long time since smoking was as romantic as Paul Henreid made it in Now, Voyager. But even to an industry that's been fighting liability suits since 1954, the current wave of tobacco bas...
EVERY SO OFTEN you've got to say the heck with all those brokerage reports, newsletters, and other materials that entire forests died for. Let's face it, there are only three sure ways to beat the ...
The U.S. economy in the mid-1950s was colossal in size and the envy of the world. Yet American businessmen were weary of decades of turbulence--of the "underconsumption" of the Great Depression and...
Last year's heartless stock market did not spare the most prestigious U.S. corporations. Though the Dow Jones industrial average managed to squeeze out a 2% gain overall, 13 of the 30 blue-chip com...
Long tamped down by legions of legal and political threats, shares in cigarette companies are on the rise now that menaces such as increased federal taxes and an FDA crackdown seem to be fading. Th...
NOTHING LAYS WASTE to a business landscape like a price war. Engaging your competitors in a pricing battle will likely savage your company and scar your industry for years to come. The casualty lis...
The Marlboro cowboy is becoming an increasingly appropriate symbol for the U.S. tobacco industry, given that the great outdoors is about the only place left where you can smoke. Laws banning smokin...
1 JOSEPHINE CAMELS RJR has added female characters to its cigarette ads. Will Philip Morris strike back with the Marlboro Madam?
It took nearly a century for the Dow Jones industrial average to climb to the 1000 mark, another 15 years to get to 2000, but then only four more to hit 3000 in 1991. And if the pattern continues, ...
Q. My father died recently, leaving my healthy, active 72-year-old mother with homes in New York and Florida, 10,000 shares of Philip Morris stock worth about $472,500, and $1.3 million in tax-free...
Snuffed out. That's what happened to the returns of some top growth funds when one of their biggest holdings, Philip Morris, with more than $42 billion of shares outstanding, fizzled by 23% on Apri...
Allow us a note of self-puffery: Security analysts blame -- or credit -- FORTUNE for the $6 billion drop in the value of Philip Morris stock in two days in October. Investors were spooked by the co...
So you got your dividend check. Nice, but now what? Stick it in a CD and let it wither? No way. Some companies are betting that dividend-happy shareholders will come back for more of the same. To e...
The smoking world lost a friend in June when Philip Morris Magazine took its last gasp. It was seven. At its circulation peak, when the glossy giveaway came out six times a year, it claimed some 13...
I AM A WORRIER,'' says Philip Morris CEO Michael Miles. ''I worry whether tomorrow will be Wednesday. I worry instead of exercising.'' Last year, when Miles won the four-man horse race to become he...
Want some tips from an investing heavyweight? Pull up a chair next to Fayez Sarofim, the Houston investor whose firm manages $26 billion and is the largest shareholder in such major-league stocks a...
Fund manager Ken Heebner doesn't like being compared with former rival Peter Lynch, the phenom who retired from Fidelity Magellan at age 46 in 1990. ''I'm not really in Peter's league,'' says Heebn...
With interest rates falling, income-hungry investors are scouring the stock market for good yields. The temptation is to go for slow-growing companies that pay plump dividends, like utilities. But ...
TOUGHER CONSUMERS at home and millions of potential customers abroad make a good reputation more valuable than ever to U.S. companies. What does that reputation consist of? Every year more than 80%...
DEALMAKERS will remember 1990 as the year they made it home in time to kiss their children good night. But after toting up how much those kisses represent in lost business, they may long for the be...
The U.S. stock market has been one of the early casualties in the Mideast war of nerves. Surging oil prices, fear of inflation and the cold breath of recession have inflicted damage on all stocks, ...
What's a manager to do? The CEO is in his corner office playing a hand-held Nintendo video game, listening to multi-ethnic music recorded by the Gipsy Kings, popping herbal energizer pills, and rea...
''If the '80s was the decade of deal stocks, the '90s will be the decade of quality stocks,'' predicts Bob Chesek, manager of Phoenix Growth Fund. Nowhere do such stocks stand out more clearly than...
This year's king-sized buyout of RJR/Nabisco leaves Philip Morris looking tougher than ever in tobacco. While RJR's shareholders got rich on the deal, the record-setting LBO by Kohlberg Kravis Robe...
THWARTED IN EVERY attempt to diversify successfully, Philip Morris, the , world's largest and most stunningly profitable cigarette company, is finally beginning to conquer its addiction to tobacco....
The law does not apply to companies that make their living off tobacco. We're talking about New York City's Local Law No. 2, Title 17, Chapter 5, which bans smoking in hallways, open work areas, an...
However enviable his situation otherwise, Hamish Maxwell, chief executive of Philip Morris Cos., faces one of the biggest challenges in corporate America today. The enviable part: He sits atop a co...
IT WAS A BRAWLING food fight of a year. Wall Street's dealmakers, only briefly unsettled by the October 1987 stock market crash, plunged back into the arena with all the zest and decorum of frat ho...
WHEN HAMISH MAXWELL does deals he gets intent, so intent that in 1985 he failed to notice that Hurricane Gloria had struck New York City. That was when the Philip Morris CEO was taking over General...
'Tis the season to be bearish? In mid-December the stock market, as measured by the Dow Jones industrials, was up a modest 11% since January, while Standard & Poor's 500-stock index had risen a sli...
THE TOBACCO industry. What a strange place for corporate America to fight out the nature of its future. Who could imagine such a clear, almost ideological clash of strategies? Such strikingly diver...
Just two weeks after the tobacco industry lost its first case in court -- a New Jersey federal jury awarded the widower of a cancer victim $400,000 in damages -- Philip Morris took the offensive. T...
-- Our August Stock of the Month, Philip Morris, was then deeply depressed because of lawsuits against cigarette manufacturers by people who blamed them for the deaths of relatives who smoked. Late...
DOES THE U.S. cigarette industry have a future? Could any industry with so many enemies have a future? How bullish can you get about a business whose customers are starting to look like pariahs? Th...
Tobacco shares are about as popular as a cigar smoker in a crowded elevator. As a result, analysts say, the stocks are bargains -- especially Philip Morris, a cigarette manufacturer and food compan...
The top tobacco companies, long known as sagging money trees, have a good chance to win a showdown in the courts over the hazards of smoking. The stocks look irresistible to most Wall Streeters who...
Tukman Capital Management of Larkspur, California, a quiet suburb north of San Francisco, has successfully flouted the rule that investors should put their eggs in many baskets. The small, five-yea...
''If New York City, with its long tradition of permissive, easy- going government and its notorious lack of discipline, can embrace austerity and succeed, why can't this Congress?'' WILLIAM PROXMIR...
Takeovers were once straightforward confrontations between two companies: a buyer and a target. But nowadays one bidder attracts another and the action turns into an auction. When the British-Dutch...
While dreams of capital gains are uppermost in the minds of investors, many also rely on dividends for income, or plan to one day. Yet with stock market indexes setting new records, it's getting to...
After being offered cigarettes that are longer, slimmer, and lighter, smokers may soon have the novel option of dialing their preferred taste. Philip Morris has launched a four-city test of Concord...
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