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Philip Morris Stock Soars on Speculation of a Recent Court Decision.(Originated from Richmond Times-Dispatch, Va.)
Knight Ridder/Tribune Business News, February, 1997 by Jones, Chip
Feb. 19--The Marlboro Man rocked Wall Street yesterday.
Philip Morris Cos. Inc.'s stock soared to a one-year high on speculation that a recent court decision in West Virginia may bode well for the Marlboro-maker's chances of winning lawsuits brought by 21 states.
The company's shares closed at $131.25, a jump of $5.75 per share. The stock hit a 52-week high when it traded at $131.875 briefly yesterday. It also traded at near twice its normal volume.
Philip Morris is the largest private employer and one of the most popular investments in this tobacco-rich area.
The company's Wall Street strut helped drive up the Dow Jones industrial average yesterday. The blue-chip index closed at a record 7,067.46, up 78.50. Philip...
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