Gary D. Black

Gary D. Black (Tobacco researcher/analyst, Bernstein & Co.): Gary D. Black is a tobacco researcher for Sanford C. Bernstein & Company Inc., an independent Wall Street research house. Black is "probably Wall Street's best tobacco analyst" (WP 6/12/94). Black estimates that Philip Morris's stock would be worth $45 a share, assuming the domestic tobacco business is worthless (USAT 6/21/94). Bernstein research did a focus group of smokers and nonsmokers. Although there remains "widespread disdain" for tobacco companies, these people--who are potential jurors--still have no sympathy for plaintiffs who know about the risks and continue to smoke. Therefore, lawsuits are not a big risk (USAT 6/21/94).

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