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American Morning

Minding Your Business: Holiday Parties

Aired December 03, 2002 - 08:48   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.


DARYN KAGAN, CNN ANCHOR: We are going to move on and talk about that holiday party at the office, perhaps not having it this year. Andy Serwer "Minding your Business," looking at the markets -- did you get your invitation to the company party?
ANDY SERWER, EDITOR AT LARGE, "FORTUNE": No, I didn't because there won't be one. We'll talk about that in one second.

Let's talk stocks a little bit quickly, though, Daryn. Mixed yesterday, the Dow was down a bit, Nasdaq up. Good retail numbers pushing stocks up, bad factory orders pushing stocks down. This morning, futures are on the down side a little bit. News from AOL kind of leaking out. You know, there is a big AOL presentation to investors today. Basically they are saying their numbers -- they are going to meet expectations, but they are kind of a drag.

AOL, by the way, canceling their holiday parties down in Virginia, and also here in the TIME-Life building, no holiday parties either.

KAGAN: I was wondering why I didn't get an invitation. It wasn't really...

SERWER: Well no, it's not just you. It is not just -- no. In fact, holiday parties, really amazing that the way -- maybe not so surprising really, the way companies are cutting back on these holiday parties. OK. Listen to this: 56 percent of companies surveyed are having holiday parties. That is down from 79 percent in 2000.

I mean, what's the first thing to go when times get tough, right? But what is interesting is that only 51 percent of employees plan to go to holiday parties, down from 88 percent. And get this: 18 percent of these companies plan to have cash bars. Now, cash bars are tacky. I think it's better just to cut the party instead of a cash bar.

KAGAN: Yes. I mean, that's the thing about holiday parties. No one really likes to go. You like your holiday party, but your company party, you don't like to go. But then, as soon as the company pulls the plug, people get all bent out of shape.

SERWER: Yes, I know. I mean -- you can't have it both ways. Another interesting point today, auto sales coming out later in the day. Of course, that has been a part of the economy that has been very strong, so we'll be watching that closely.

And a note also about the auto industry. Eugene "Bob" Gregorie, who was Ford's first designer. Now, who is this guy, and why is he important? He is the guy who designed the Lincoln Continental, and also the '49 Mercury used by James Dean in "A Rebel Without a Cause." So, a real pioneer here. There we go. You remember that scene, don't you? Chicken. That's the car. He was kind of the guy who really brought streamlined cars into the American mainstream. So Eugene "Bob" Gregorie dead at age 94.

KAGAN: Good life.

SERWER: Yes. Interesting stuff.

KAGAN: All right. Andy, thank you, and we'll have to go out, have a little eggnog...

SERWER: Yes, on our own. We can have our own little company party.

KAGAN: Exactly, very good. We'll invite you to that.

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 3, 2002 - 08:48   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
DARYN KAGAN, CNN ANCHOR: We are going to move on and talk about that holiday party at the office, perhaps not having it this year. Andy Serwer "Minding your Business," looking at the markets -- did you get your invitation to the company party?
ANDY SERWER, EDITOR AT LARGE, "FORTUNE": No, I didn't because there won't be one. We'll talk about that in one second.

Let's talk stocks a little bit quickly, though, Daryn. Mixed yesterday, the Dow was down a bit, Nasdaq up. Good retail numbers pushing stocks up, bad factory orders pushing stocks down. This morning, futures are on the down side a little bit. News from AOL kind of leaking out. You know, there is a big AOL presentation to investors today. Basically they are saying their numbers -- they are going to meet expectations, but they are kind of a drag.

AOL, by the way, canceling their holiday parties down in Virginia, and also here in the TIME-Life building, no holiday parties either.

KAGAN: I was wondering why I didn't get an invitation. It wasn't really...

SERWER: Well no, it's not just you. It is not just -- no. In fact, holiday parties, really amazing that the way -- maybe not so surprising really, the way companies are cutting back on these holiday parties. OK. Listen to this: 56 percent of companies surveyed are having holiday parties. That is down from 79 percent in 2000.

I mean, what's the first thing to go when times get tough, right? But what is interesting is that only 51 percent of employees plan to go to holiday parties, down from 88 percent. And get this: 18 percent of these companies plan to have cash bars. Now, cash bars are tacky. I think it's better just to cut the party instead of a cash bar.

KAGAN: Yes. I mean, that's the thing about holiday parties. No one really likes to go. You like your holiday party, but your company party, you don't like to go. But then, as soon as the company pulls the plug, people get all bent out of shape.

SERWER: Yes, I know. I mean -- you can't have it both ways. Another interesting point today, auto sales coming out later in the day. Of course, that has been a part of the economy that has been very strong, so we'll be watching that closely.

And a note also about the auto industry. Eugene "Bob" Gregorie, who was Ford's first designer. Now, who is this guy, and why is he important? He is the guy who designed the Lincoln Continental, and also the '49 Mercury used by James Dean in "A Rebel Without a Cause." So, a real pioneer here. There we go. You remember that scene, don't you? Chicken. That's the car. He was kind of the guy who really brought streamlined cars into the American mainstream. So Eugene "Bob" Gregorie dead at age 94.

KAGAN: Good life.

SERWER: Yes. Interesting stuff.

KAGAN: All right. Andy, thank you, and we'll have to go out, have a little eggnog...

SERWER: Yes, on our own. We can have our own little company party.

KAGAN: Exactly, very good. We'll invite you to that.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com