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American Morning
Minding Your Business: 2002: The Best, Worst Performers
Aired December 30, 2002 - 07:46 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.
LEON HARRIS, CNN ANCHOR: With Wall Street's year coming to an end, time now for a look at the best and worst stocks of 2002.
Andy Serwer is off, and Christine Romans is in at work today "Minding Your Business."
CHRISTINE ROMANS, CNN FINANCIAL NEWS: You know, last week was supposed to be the Santa Claus rally.
HARRIS: And...
ROMANS: Ho, ho, ho, was ho, ho, hum, and the market was lower last week with concerns about North Korea, about Iraq, and of the fact that we're looking at three years down in a row.
Tough stuff. Let's take a look at the markets overall. Last week, the Dow down about 2 percent, the Nasdaq down 14 points, the S&P 500 down 20. For the year, Leon, the Dow is down 17 percent, the Nasdaq is down 13 percent, but -- I'm sorry -- 31 percent. I guess that's wishful thinking to be down 13 percent.
HARRIS: Yes, as we say, I wish it were 13 percent.
ROMANS: It's been a very tough year overall for the markets.
HARRIS: All right, but there have been some actual good performers there in the market.
ROMANS: You know, believe it or not...
HARRIS: You know, they've been giving some back over the year.
ROMANS: Believe it or not, if you own stocks like Providian Financial, this is one of them, up 85 percent. Boston Scientific up 74.5 percent. Newmont Mining is a gold stock, gold mutual funds, the top five mutual funds this year in 2002 were gold funds. That is a defensive and as slow-growth as you can get. Apollo Group up as well, Ball also up.
Let's look at the bottom five, they are all -- they're all energy stocks. Enron hangover...
HARRIS: Surprise, surprise.
ROMANS: ... and names like Dynegy, Williams, Meriant (ph), El Paso, AES. So those are how those have fared.
And I want to show you how some of these bankrupt companies are doing.
HARRIS: What, you haven't depressed us this morning? You...
ROMANS: (UNINTELLIGIBLE) like Kmart down 93 percent, Adelphia, which of course was de-listed back in April. A lot of big losses for some of those bankrupt companies, which reminds me it's a good time to remember folks that if you are holding a stock in a company that's bankrupt, you probably, probably aren't going to get anything out of it in the end. So, you need to think about getting rid of those holdings if you can.
HARRIS: Go on and take the coupons and use them as wrapping paper.
ROMANS: Absolutely.
HARRIS: You might as well.
ROMANS: Wallpaper.
HARRIS: Got it. Thanks, Christine.
ROMANS: See you later.
HARRIS: Have a good one, all right? See you in a bit.
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 30, 2002 - 07:46 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
LEON HARRIS, CNN ANCHOR: With Wall Street's year coming to an end, time now for a look at the best and worst stocks of 2002.
Andy Serwer is off, and Christine Romans is in at work today "Minding Your Business."
CHRISTINE ROMANS, CNN FINANCIAL NEWS: You know, last week was supposed to be the Santa Claus rally.
HARRIS: And...
ROMANS: Ho, ho, ho, was ho, ho, hum, and the market was lower last week with concerns about North Korea, about Iraq, and of the fact that we're looking at three years down in a row.
Tough stuff. Let's take a look at the markets overall. Last week, the Dow down about 2 percent, the Nasdaq down 14 points, the S&P 500 down 20. For the year, Leon, the Dow is down 17 percent, the Nasdaq is down 13 percent, but -- I'm sorry -- 31 percent. I guess that's wishful thinking to be down 13 percent.
HARRIS: Yes, as we say, I wish it were 13 percent.
ROMANS: It's been a very tough year overall for the markets.
HARRIS: All right, but there have been some actual good performers there in the market.
ROMANS: You know, believe it or not...
HARRIS: You know, they've been giving some back over the year.
ROMANS: Believe it or not, if you own stocks like Providian Financial, this is one of them, up 85 percent. Boston Scientific up 74.5 percent. Newmont Mining is a gold stock, gold mutual funds, the top five mutual funds this year in 2002 were gold funds. That is a defensive and as slow-growth as you can get. Apollo Group up as well, Ball also up.
Let's look at the bottom five, they are all -- they're all energy stocks. Enron hangover...
HARRIS: Surprise, surprise.
ROMANS: ... and names like Dynegy, Williams, Meriant (ph), El Paso, AES. So those are how those have fared.
And I want to show you how some of these bankrupt companies are doing.
HARRIS: What, you haven't depressed us this morning? You...
ROMANS: (UNINTELLIGIBLE) like Kmart down 93 percent, Adelphia, which of course was de-listed back in April. A lot of big losses for some of those bankrupt companies, which reminds me it's a good time to remember folks that if you are holding a stock in a company that's bankrupt, you probably, probably aren't going to get anything out of it in the end. So, you need to think about getting rid of those holdings if you can.
HARRIS: Go on and take the coupons and use them as wrapping paper.
ROMANS: Absolutely.
HARRIS: You might as well.
ROMANS: Wallpaper.
HARRIS: Got it. Thanks, Christine.
ROMANS: See you later.
HARRIS: Have a good one, all right? See you in a bit.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
