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BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services | August 12, 1992
The United States is exporting more than capitalism to Eastern Europe and Russia: It's exporting cigarettes. Tons of them.American tobacco products are a booming business in more and more parts of the world, thereby blunting the financial effects of declining U.S. smoking habits. The tobacco industry contributed $5 billion to the U.S. balance of trade last year.But despite growth and broad diversification, tobacco stocks remain controversial. Anti-smoking sentiment has never been stronger.
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BUSINESS
By Russ Kinnel and Russ Kinnel,MORNINGSTAR.COM | January 2, 2000
Buying stocks simply because they have fallen is no better a strategy than buying simply because they've gone up. The same is true for funds. Still, there are a few good reasons to look for turnaround candidates among mutual funds. First, if you've left your portfolio untouched, you've probably got greater weighting in the hotter sectors and funds than you did at the beginning of the year. If you want to rebalance, then these funds are good choices. Second, the media are full of stories about this year's tech heroes, but there are plenty of good funds you could miss amid the hype.
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BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services | April 21, 1993
The investment allure of tobacco stocks, damaged by fears of increased federal excise taxes and all-out pricing competition, seemed to have gone up in smoke.The decline began early this year on speculation about how much higher cigarette "sin" taxes will go to help pay for health-care reform sought by Hillary Rodham Clinton.It accelerated when Philip Morris Cos., acknowledging the inroads of discount cigarette brands, revealed plans to cut the price of its Marlboro brand as much as 20 percent and halt increases on other major brands.
BUSINESS
By Sean Somerville | January 24, 1999
WITH THE JUSTICE Department preparing a federal lawsuit to recover the costs of treating smoking-related illnesses paid by federal programs, the tobacco industry faces the possibility of paying billions more in damages -- in addition to the $246 billion it has agreed to pay over 25 years to settle claims by all 50 states. The lawsuit, which President Clinton announced in his State of the Union address Tuesday, also could force further restrictions on advertising and federal regulation of nicotine.
NEWS
By Marina Sarris and Marina Sarris,SUN STAFF | April 17, 1996
Worried about the tobacco industry's future financial health, Maryland has emptied its $20 billion employee pension fund of all tobacco stocks -- a possible first such action by a state.Trustees of the Maryland Retirement and Pension System announced yesterday that they had quietly sold $75.5 million worth of tobacco holdings in late March at a substantial profit.The sale was triggered by financial considerations, not the morality of smoking, several trustees said. The board was concerned that bad publicity and a growing number of lawsuits against cigarette manufacturers could make tobacco stocks less profitable in the future.
BUSINESS
By Bloomberg Business News | November 18, 1993
NEW YORK -- U.S. stocks declined yesterday as a slump in tobacco and airline issues offset optimism that lawmakers would approve the North American Free Trade Agreement."
BUSINESS
By Bloomberg Business News | March 2, 1993
NEW YORK -- Stock prices closed lower yesterday after tumbling late in the day, as computer-guided sell orders compounded disappointment over a report on manufacturing activity.The market's retreat was paced by tobacco stocks, which resumed their decline after Leon Panetta, director of the Office of Management and Budget, indicated the Clinton administration might be in favor of limiting tax deductions for cigarette advertising.The Dow Jones industrial average fell 15.40, to 3,355.41, led by declines in Philip Morris Cos. and Eastman Kodak Co. The decline erased about one-third of last week's gain of48.
NEWS
By Joel Obermayer and Marina Sarris and Joel Obermayer and Marina Sarris,Sun Staff Writers | August 1, 1994
While Maryland and Baltimore have been battling smoking -- with measures ranging from a state ban on smoking in workplaces to a city restriction on billboard ads -- their employee pension funds have been holding tens of millions of dollars in tobacco company investments.The state fund has $112 million in stocks and bonds in tobacco companies such as Philip Morris Cos., the maker of Marlboro cigarettes, and RJR Nabisco Holdings Corp., which produces Camels. Baltimore's pension fund holds more than $23 million in similar investments.
BUSINESS
By Russ Kinnel and Russ Kinnel,MORNINGSTAR.COM | January 2, 2000
Buying stocks simply because they have fallen is no better a strategy than buying simply because they've gone up. The same is true for funds. Still, there are a few good reasons to look for turnaround candidates among mutual funds. First, if you've left your portfolio untouched, you've probably got greater weighting in the hotter sectors and funds than you did at the beginning of the year. If you want to rebalance, then these funds are good choices. Second, the media are full of stories about this year's tech heroes, but there are plenty of good funds you could miss amid the hype.
BUSINESS
By Bloomberg Business News | April 27, 1994
NEW YORK -- U.S. stocks were mixed yesterday as lingering concern that the Federal Reserve will raise interest rates offset a rally in shares of tobacco companies sparked by B.A.T Industries' takeover of American Brands Inc."This is exactly what you want to see happen after yesterday," said Todd Clark, senior block trader at Mabon Securities. "The fact that we pulled back nicely suggests that there isn't much selling left."The Dow Jones industrial average fell 6.24, to 3,699.54, after soaring 57.10 Monday, to 3,705.
BUSINESS
By BLOOMBERG NEWS | June 20, 1997
NEW YORK -- U.S. stocks surged to records yesterday, as drug shares rallied and tobacco companies gained on optimism that the cigarette industry will settle health-related lawsuits linked to smoking.Investors said rising stock prices reflect hopes for better-than-expected corporate profits, while inflation remains in check. Less than six months into the year, U.S. stocks have matched last year's returns of 22 percent.The Dow Jones industrial average rose 58.35 to 7,777.06, slipping from an intra-day record of 7,810.
BUSINESS
By BLOOMBERG NEWS | June 3, 1997
NEW YORK -- U.S. stocks were mixed yesterday as prospects for a quick settlement of smoking-related lawsuits receded, sending shares of cigarette makers such as Philip Morris Cos. lower.Computer shares gained, led by Hewlett-Packard Co. and International Business Machines Corp. But after the market closed, disk-drive maker Seagate Technology Inc. said sales are unexpectedly weak this quarter, echoing a similar announcement by Intel Corp. that unsettled the market Friday.Stocks could have done better yesterday if not for a report showing an unexpected rise in manufacturing in May. Traders fretted that the report could be used by Federal Reserve policy-makers to justify higher interest rates when they meet early next month.
BUSINESS
By BLOOMBERG BUSINESS NEWS | November 28, 1996
NEW YORK -- U.S. stocks were mixed yesterday as investors sought value in smaller companies and computer-related shares. Stocks in the Dow Jones industrial average were the big losers.The Nasdaq composite index, filled with computer-industry and small companies, rose 6.12 to 1,287.32, its second straight record, led by Intel Corp.Walt Disney Co., Texaco Inc. and Philip Morris Cos. sent the Dow industrials down 29.07 to 6,499.34.Philip Morris sent stocks into a late-afternoon slide after it and other tobacco companies lost an appeal to the Minnesota Supreme Court, forcing them to disclose unedited cigarette formulas as part of a pending lawsuit.
BUSINESS
By BLOOMBERG BUSINESS NEWS | May 24, 1996
NEW YORK -- U.S. stocks fell yesterday as rising interest rates hurt financial shares, overshadowing a surge in tobacco stocks. But the Nasdaq composite index closed at a record, led by Microsoft Corp. and Intel Corp.The Dow Jones industrial average fell 15.88 to 5,762.12, slipping from Wednesday's all-time high. Only six of the 30 stocks in the benchmark average gained. Philip Morris Co. soared $6.25 to $103.875 after an appeals court dismissed the largest class-action case against cigarette makers.
NEWS
By Marina Sarris and Marina Sarris,SUN STAFF | April 17, 1996
Worried about the tobacco industry's future financial health, Maryland has emptied its $20 billion employee pension fund of all tobacco stocks -- a possible first such action by a state.Trustees of the Maryland Retirement and Pension System announced yesterday that they had quietly sold $75.5 million worth of tobacco holdings in late March at a substantial profit.The sale was triggered by financial considerations, not the morality of smoking, several trustees said. The board was concerned that bad publicity and a growing number of lawsuits against cigarette manufacturers could make tobacco stocks less profitable in the future.
BUSINESS
By Bloomberg Business News | November 1, 1994
NEW YORK -- Stocks in the largest tobacco companies plunged yesterday after a Florida court became the first to let cigarette-smoking plaintiffs sue as a class.Dade County Circuit Judge Harold Solomon late Friday certified a class of "all the individuals living and dead who could not quit smoking because of their addiction to nicotine and who have suffered from other diseases and illnesses allegedly caused by cigarette smoking."Judge Solomon didn't issue a written ruling and didn't explain his reasoning.
NEWS
August 15, 1994
Job OpportunityHow does a 28-year-old (Joshua Steiner) whose only experience has been as assistant to the president of the New York Public Library and as an editorial intern at Teenage magazine qualify for a $97,000 job as chief of staff to the secretary of the treasury?William T. S. BrickerTowsonEvil WeedThe time for divestment from tobacco stocks has arrived. Already Johns Hopkins University, Harvard and many others have divested.Maryland Blue Cross/Blue Shield and the Medical and Chirurgical Faculty of Maryland, the state medical society, own no tobacco stocks whatsoever.
BUSINESS
By BLOOMBERG BUSINESS NEWS | May 24, 1996
NEW YORK -- U.S. stocks fell yesterday as rising interest rates hurt financial shares, overshadowing a surge in tobacco stocks. But the Nasdaq composite index closed at a record, led by Microsoft Corp. and Intel Corp.The Dow Jones industrial average fell 15.88 to 5,762.12, slipping from Wednesday's all-time high. Only six of the 30 stocks in the benchmark average gained. Philip Morris Co. soared $6.25 to $103.875 after an appeals court dismissed the largest class-action case against cigarette makers.
NEWS
August 15, 1994
Job OpportunityHow does a 28-year-old (Joshua Steiner) whose only experience has been as assistant to the president of the New York Public Library and as an editorial intern at Teenage magazine qualify for a $97,000 job as chief of staff to the secretary of the treasury?William T. S. BrickerTowsonEvil WeedThe time for divestment from tobacco stocks has arrived. Already Johns Hopkins University, Harvard and many others have divested.Maryland Blue Cross/Blue Shield and the Medical and Chirurgical Faculty of Maryland, the state medical society, own no tobacco stocks whatsoever.
NEWS
By RAY JENKINS | August 2, 1994
In a world in which evasion, dissembling and question-begging are the coin of the realm, it's refreshing to hear politicians like Joe Curran, who this week denounced as ''hypocritical'' the investment of state-employee pension funds in tobacco companies while the state energetically seeks to curtail the use of tobacco products.The attorney general could have gone much further. After all, Congress enacts generous subsidies for growing the tobacco which the surgeon general deems so hazardous.
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