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(Updates to add analyst comments, comments from Altria and stock movements)
Jump to full article: The Wall Street Journal Interactive Edition, 2010-06-28
Author: Brent Kendall Of DOW JONES NEWSWIRES
Intro: The U.S. Supreme Court Monday refused to review a landmark ruling that found the tobacco industry violated federal racketeering laws by engaging in a decades-long scheme to deceive the public about the dangers of smoking.
. . .
All saw a boost Monday from the Supreme Court's decision, with Altria up 3.9% to $20.47, Reynolds American up 4.2% to $53.53, British American Tobacco up 1.3% to $64.91 and Lorillard up 2.7% to $73.74 in recent trading.
Morningstar analyst Philip Gorham said he wouldn't expect major stock moves as a result of any one court ruling, but said investors are relieved that the tobacco companies won't have to forfeit up to $280 billion in profits.
"The market tends to price in the risk of defeat in these cases," Gorham said.
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