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Non-Tech : Philip Morris - A Stock For Wealth Or Poverty (MO)
MO 58.07-0.5%Dec 19 9:30 AM EST
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To: Jim Oravetz who wrote (6383)10/20/2003 1:16:09 PM
From: Jim Oravetz   of 6439
 
Don't Mess With Philip Morris
By Scott Patterson
October 16, 2003

This is a great article.

smartmoney.com

...Discounters' share of the domestic cigarette market has grown from 2% in 1997 to as much as 16% today, according to the trade journal Tobacco Reporter. Granted, the market isn't as large today as it was in 1997; annual U.S. unit sales dwindled 17% to 398.3 billion cigarettes in 2001, the most recent year tallied by the Federal Trade Commission, from 478.6 billion in 1997. But with each percentage point of market share representing some $475 million in sales, that 16% marks a dramatic shift in revenues away from the majors. It's already taking a toll. R.J. Reynolds, which said it would lay off 40% of its work force on Sept. 17, cited brutal price wars against the discount brands that had eroded its bottom line....
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