No smoke without fire
The tobacco sector has gone from being a defensive play to one that investors would need to approach with caution. Litigation is again the watchword, and it is not just Philip Morris that is under pressure. Hardeep Dhillon looks at what court proceedings may mean for the sector
Sentiment towards the tobacco giants was summed up last month when New York mayor Michael Bloomberg decided to blanket the city’s bars and restaurants with a ‘No Smoking!’ sign. Cutting back on smokers in public places is a disappointment to the cigarette manufacturers, but back in Marlboro country a greater threat is rearing its ugly head again – litigation.
The fortunes of Philip Morris
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