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    "ocrText": "Pro ts could\nset tobacco\nstocks on fire\nBy Tom Lowry\nip Morris, for example, will\nUSA TODAY\nsave about $175 million in pro-\nmotional costs a year because\nNEW YORK - Don't count\nof the ban on outdoor advertis-\ntobacco companies and their\ning, says Feldman.\nstocks out by any means.\nThe industry faces a stagger-\nMore bullish now: Big\ning 25-year payout of $368.5 bil-\ntobacco investors say tobacco\nReynolds\nlion from the landmark settle-\nstocks are even more attrac-\nment proposed Friday. But\ntive now. \"This clears the\n7.6%\n25.6%\nanalysts say profits for tobacco\nsmoke away,\" says Marvin\ncompanies, especially from\nRoffman of Roffman Miller,\noverseas, should more than off-\nwith nearly 10% of the $75 mil-\nset any future liabilities.\nlion he manages in tobacco\nWhile the looming settle-\nstocks. \"These stocks, which\nment has cooled investors' ar-\nare cheap now, should sell at a\ndor for tobacco stocks recently,\npremium to the market.\"\nthat should change as they re-\nDonald Yachtman, whose\nalize what the industry gains.\n$1.1 billion Yachtman Fund\n\"Why shouldn't investors be\nholds more than $100 million\n7.8%\nhappy? This is what they've\nin tobacco stocks, says \"the pol-\nwanted and that's why the (to-\niticians can wrap themselves in\nbacco) CEOs did it,\" says Mer-\nthe flag all they want.\" He says\nOther\nrill Lynch analyst Allan Ka-\nsales of cigarettes will slow ini-\n15%\nplan. \"The market has been\ntially, but the companies will\n6% Ligett\noverdiscounting these stocks\nremain highly profitable. \"The\nCigarette\nfor years with this litigation\nsettlement is a back-door tax\nhanging overhead.\"\nthat will get passed on to con-\nsumers,\" he says.\nEarly reaction: News of\n5.5.trillion\nFriday's proposed deal hurt\nLingering doubts:\nseveral stocks. Philip Morris\nSome large pension funds still\nlost 2 to $451/2; RJR Nabisco, ⁷/₈\nare considering their next\nto $35; and Loews, 3½ to\nmove. H. Carl McCall, New\n$1033/g. Still, \"a huge cloud has\nYork Comptroller who over-\narce: Emanuel Goldman, PaineWebber, Wheat First Butcher Singer\nBy Bob Laird, USA TODAY\nbeen lifted,\" says Martin Feld-\nsees the state's investments,\nman, a Smith Barney analyst.\nsays he'll study the deal. \"At\nCOVER STORY\n\"The unquantifiable liability\nthis point, I will continue my\nthe industry faces (from law-\npolicy of not purchasing addi-\nCritics say proposed deal\nsuits) will likely disappear.\"\ntional (tobacco) shares.\"\nFeldman predicts profit\nOthers find Wall Street's pos-\ngrowth at Philip Morris, which\nitive outlook on the settlement\ncontrols nearly half the U.S. to-\nrepugnant. \"The majority of in-\nleaves bad taste in mouth\nbacco market, will dip in 1998\nvestors are closing their eyes to\nto 6% to 7% from previous esti-\nthe moral issues,\" says Milwau-\nmates of 17%, due to an up-\nkee priest Michael Crosby, to-\nfront payout. But for 1999 and\nbacco coordinator for the In-\nDoug Levy\nthose who blame tobacco mak-\nbeyond, profit growth will re-\nterfaith Center on Corporate\nSA TODAY\nA step\ners for death and illness say\nbound to 15% a year, he says.\nResponsibility. \"It shows the\nbackward? 1A\nthey're satisfied.\nSome stipulations by the\nbusiness of doing business\nThe tobacco industry's land-\n\"I'm ecstatic,\" says Dianne Cas-\nstates actually could add to\nnothing to do with the conse-\nark $368.5 billion proposed set-\nAt stake: 3B\ntano of New Orleans, whose law-\ncompanies' bottom lines. Phil-\nquences, only the bottom line.\"\nwith state attorneys gen-\nRacy deal? 1C\nsuit against the tobacco industry\nalready is facing stiff\nin 1994 started a wave of 17 class-\npposition that could derail it in\naction lawsuits alleging fraud and\nTobacco losing spark?\nother misconduct. She calls the\nongress.\nBut for millions of Americans\nsettlement \"real bittersweet\" be-\nThe Standard & Poor's 500 index closed at a record\nho\ne tobacco companies for misleading\ncause it was her husband Peter's death from lung\n898.70 Friday, up 21% for the year. Here's how major to-\nabout the health risks of cigarettes and\ncancer in 1993 at age 47 that prompted her to\nbacco stocks have fared this year - and how far they are\nmokeless tobacco, Friday's settlement marks\ntake action.\noff their 1997 highs.\nThe coalition of 64 law firms that bankrolled\nFriday 1997\nChange from\nimportant turning point.\nthe class-action lawsuits agreed to settle in ex-\nclose\nchange\n1997 high\nFor the first time, all of the nation's tobacco\nompanies are prepared to admit what health\nchange for billions of dollars to fund smoking-ces-\nBrooke Group\n$43/4\n-5.0%\n-13.6%\nxperts have shouted since 1964: cigarettes\nsation programs and perhaps medical care for\nRJR Nabisco\n$35\n+2.9%\n-10.0%\na\nheart disease and lung cancer.\nlifelong smokers, as well as prescription medi-\nLoews Group\n$1033//8\n+9.7%\n-8.4%\nThe complex agreement signed Friday has no\ncine for people with smoking-related diseases.\nPhilip Morris\n$451/2 +20.8%\n-6.2%\neffect until passed into law by Congress and\nAlso part of the landmark deal:\nB.A.T Industries\n$1915/16 +20.8%\n-0.9%\nigned by the President, steps that could take at\nSource: USA TODAY research\neast three months and likely much longer. But\nPlease see COVER STORY next page"
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