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Non-Tech : Philip Morris - A Stock For Wealth Or Poverty (MO) -- Ignore unavailable to you. Want to Upgrade?

To: AgAuUSA who wrote (1789)	6/12/1998 11:36:00 AM
From: Diamondcutter	Respond to of 6439

With all due respect, the losses in the individual cases and for that matter the recent Medicaid settlements, are not aberrations. Fortunately a $1m payment is peanuts. The recent document disclosures offer a roadmap of the industry's immoral (IMO) methods over the past decades. Trial lawyers are eating this stuff up and this allows the conspiracy and defective product theories to have some credibility in some jurist's minds. Thus, the past win rate of the industry should not be extrapolated to future results. That being said, I am optimistic over at least near-term movement for the tobacco stocks, especially MO. The media has beaten the industry over the head in recent months and frightened investors. As the Senate bill either dies or is watered down in the House, money will find its way back to the group. MO's stock repurchase program will hopefully be restarted after the bills run their course. They were buying back at over $2b annually before the 7/97 AG agreement. Diamondcutter