The day that marked a great ripple effect throughout the Wall Street stock market. On Friday, April 2nd, 1993, Phillip Morris announced a price cut of his Marlboro cigarettes in order to compete with generic cigarettes in the market. This announcement was followed by a plunge in the company's stock to a mere 26%, causing a loss of $10 billion in a day, which eventually affected other brands' consumer goods. Investors then began moving their investments towards generic consumer good products.