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Tuesday, Jun 5
2012, 12:33 PM
Tobacco names trade lower, as voters in California decide on a potential $1-a-pack tax on...
Tobacco names trade lower, as voters in California decide on a potential $1-a-pack tax on cigarettes (Previous: I, II). Though a new tax would hit firms in much different ways, the high-profile battle is considered a trend-setting event in the overall war against Big Tobacco that affects all players. The industry spent $47M to try and defeat the bill, while supporters raised $12M - including $500K from NYC Mayor Michael Bloomberg. MO -0.6%, RAI -1.0%, LO -0.7%, PM -0.3%.