MARLBORO FRIDAY
The day that refers to a great ripple effect in the entire Wall Street stock market. On 2 April 1993, Friday, Marlboro maker Philip Morris announced there would be a price cut on Marlboro cigarettes to compete with generic cigarette makers in the market. The company’s stock dropped to 25% after the announcement and lost around $10 billion on its market cap in a single trading day. It affected other brand’s consumer goods and eventually, traders began moving their investments on generic consumer good items.
Regarded as a landmark moment in 1990s, consumers moved away from branded products in favor of cheaper generic products, which is 50% cheaper than its branded competitors. In line with this, money managers took away money from branded consumer good markers such as Coca-Cola and Tambrands (former maker of Tampax tampons) to generic consumer good producers and technology stocks.
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05:00 | Credit Card Spending | Mar | |
14:30 | Industrial Product Price Index | Mar | |
14:30 | New Housing Price Index | Mar | |
14:30 | Raw Materials Price Index | Mar | |
16:00 | Consumer Confidence | Apr | |
02:30 | PMI Manufacturing | Apr | |
02:30 | Tertiary Industry Index | Apr | |
02:30 | PMI Composite | Apr | |
08:00 | Public Sector Net Borrowing | Mar |