Philip Morris USA is now estimating the cigarette recall it announced last Friday will cost $100 million, including advertising, buybacks and the destruction of damaged cigarettes, which were found to have defective filters. The company said it might suffer another $100 million in lost sales. PM said that while its people worked over the Memorial Day holiday, the holiday still delayed some getting out to stores and getting recall notice advertising published. The company estimates it has recovered about 50% of the cigarettes. There were reports over the weekend that some retailers who hadn't heard of the recall were refusing to buy back cigarette packs from customers. The company said its brands are sold at 330,000 retail outlets.
ABC Sports' weekend coverage of the Indianapolis 500 averaged an 8.6 rating and a 26 share in the 33 Nielsen metered markets. That's a 1% gain over the 8.5 rating and 26 share the race averaged in 1994 in the overnight metered markets.