More nicotine in cigarettes but not in Marlboro

Oh boy, oh boy. This is not what anyone wanted to hear, I'm sure; not investors, not smokers and definitely not the general public. But we did hear it. A research from Harvard University's School of Public Health found that manufacturers increased the level of nicotine in major-brand cigarettes by 11% between 1997 and 2005.

Regardless of how you look at it or how the manufacturers achieved it, the end result is the same -- far more addictive cigarettes.

While a similar study by Massachusetts Department of Public Health with similar results was already published in the summer, cigarette companies complained about the methods. The Harvard study took cigarette makers complaints into account and still confirmed the state's results. The average rate of nicotine increase was 1.1% per year from 1997 to 2005.

And which brands, might you ask, have the highest level of nicotine? It seems that Camel and Doral, made by R.J. Reynolds Tobacco Holdings, and Newport, made by Loews Corp (NYSE:LTR) Carolina Group's (NYSE:CG) Lorillard Tobacco have the highest levels. Marlboro, the best-selling brand made by Altria Group Inc.'s (NYSE:MO) subsidiary Philip Morris USA , showed no overall change.

Gregory Connolly, director of the Harvard School of Public Health's Tobacco Control Research Program, did say: "Our findings call into serious question whether the tobacco industry has changed at all in its pursuit of addicting smokers since signing the Master Settlement Agreement."

Now, if I'm an Altria shareholder, am I happy Phillip Morris didn't increase nicotine in its Marlboros, or am I unhappy the company isn't doing more (like its rivals) to hook smokers? Well, Altria shares closed down 0.7% while Carolina Group's shares closed up 0.9% today. Perhaps it's just a coincidence.