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Victories in 2 States Give Cigarette Makers a Boost 

"It's going to give investors confidence that the industry can still win . . . when these trials are in jurisdictions that they perceive as fair," said Gary Black of Sanford C. Bernstein & Co.

On Monday, Philip Morris' shares rose $1 to close at $38, while shares in R.J. Reynolds' parent, RJR Nabisco, fell $1.31 to $89.44. Both trade on the New York Stock Exchange.

Others found less comfort in such reasoning.

"There's no shortage of plaintiffs, or plaintiffs' lawyers, in either California or Oregon," said Martin Feldman, a tobacco analyst with Salomon Smith Barney. "California simply on its own remains a major threat to the industry."

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There's no shortage of plaintiffs, or plaintiffs' lawyers, in either California or Oregon. . . California simply on its own remains a major threat to the industry.
Martin Feldman, a tobacco analyst with Salomon Smith Barney. Quoted in <i>Victories in 2 States Give Cigarette Makers a Boost</i>