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Non-Tech : Philip Morris - A Stock For Wealth Or Poverty (MO)
MO 58.69+0.6%Nov 26 3:59 PM EST
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To: RWilson who wrote (1371)4/13/1998 12:23:00 PM
From: Rarebird  Read Replies (2) of 6439
 
Merill Lynch and Goldman Sachs do not put their clients into stocks that are risky, in this case, under the risk of litigation. I find them to be followers in their upgrades and downgrades, not front-runners. That is to say, they play the momentum game and initiate their coverage after the trend has changed. Personally, I don't respect most analysts, notwithstanding their short term influence. I can understand your feelings about the tobacco industry allowing themselves to get sucked into a settlement to begin with. But again the situation here was a Catch 22. Their mistake, as Goldstone pointed out, was to underestimate the tactics and goals of the enemy. I think the effect of the settlement payout on earnings will be more than offset by a great expansion in the PE ratio. By the way, I don't think that being an analyst for 10 years gives one a better insight into the resolution of the tobacco controversy here and its ramnifications on the stocks. There are many things that can happen here, such as, a possible tobacco victory in Minnesotta, and then guess who looks to desperately settle like a little lamb. It's the uncertainty that can make one pessimistic.
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