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CNN Live At Daybreak
United's Mechanics Union Vote Thursday on New Deal
Aired December 02, 2002 - 06:45 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: New York City, which is where we're heading right now to talk to Mary Snow who's on Wall Street because there is breaking news about United Airlines.
What is it -- Mary?
MARY SNOW, CNN FINANCIAL NEWS CORRESPONDENT: Well, Carol, just a short time ago, the mechanics union of United Airlines said that it has scheduled a new vote on a concession package and it'll be held on Thursday. This comes after the union had rejected a package on Thanksgiving Day seeking about $700 million in concessions. And United has been trying to secure these concessions in order to avoid bankruptcy.
Union membership for the mechanics saying that it strongly recommends ratification. The difference between the packages, it says, there were issues about quality of life issues and particularly, vacation issues. And it says this new package has a pledge from the CEO of United to address those issues -- Carol.
COSTELLO: Got you. And I also have to ask you about the market because it's a new month and hopefully we'll have another big rally into this month.
SNOW: Yes, and you know December is traditionally a good month for the markets. Right now futures are pointing to a higher opening.
And one piece of good news over the weekend on the holiday sales front, those numbers came in stronger than expected. So markets have -- are going into the month of December on a role because the Dow right now has been on an eight-week winning streak. And this is something we haven't seen since early 1998. The market averages, however, for the year are still lower. And in order for the Dow to break even for the month of December, we'd need a 12 percent gain this month. The S&P 500 index needs a gain of 22 percent -- Carol.
COSTELLO: That's a big percentage, 22 percent.
SNOW: Absolutely.
COSTELLO: But we'll keep our fingers and our toes crossed.
Thank you -- Mary.
SNOW: OK. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired December 2, 2002 - 06:45 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: New York City, which is where we're heading right now to talk to Mary Snow who's on Wall Street because there is breaking news about United Airlines.
What is it -- Mary?
MARY SNOW, CNN FINANCIAL NEWS CORRESPONDENT: Well, Carol, just a short time ago, the mechanics union of United Airlines said that it has scheduled a new vote on a concession package and it'll be held on Thursday. This comes after the union had rejected a package on Thanksgiving Day seeking about $700 million in concessions. And United has been trying to secure these concessions in order to avoid bankruptcy.
Union membership for the mechanics saying that it strongly recommends ratification. The difference between the packages, it says, there were issues about quality of life issues and particularly, vacation issues. And it says this new package has a pledge from the CEO of United to address those issues -- Carol.
COSTELLO: Got you. And I also have to ask you about the market because it's a new month and hopefully we'll have another big rally into this month.
SNOW: Yes, and you know December is traditionally a good month for the markets. Right now futures are pointing to a higher opening.
And one piece of good news over the weekend on the holiday sales front, those numbers came in stronger than expected. So markets have -- are going into the month of December on a role because the Dow right now has been on an eight-week winning streak. And this is something we haven't seen since early 1998. The market averages, however, for the year are still lower. And in order for the Dow to break even for the month of December, we'd need a 12 percent gain this month. The S&P 500 index needs a gain of 22 percent -- Carol.
COSTELLO: That's a big percentage, 22 percent.
SNOW: Absolutely.
COSTELLO: But we'll keep our fingers and our toes crossed.
Thank you -- Mary.
SNOW: OK. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
