Return to Transcripts main page
CNN Live At Daybreak
Ford GT Will be Marketed to Ferrari Modena Drivers
Aired October 10, 2003 - 06:17 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 LIN, CNN ANCHOR: But time now for a little 'Business Buzz.' Ford is revving up one of its classic models to take on some exotic Italian sports cars.
Carrie Lee has more from the Nasdaq market site in New York.
Kind of sounds like an oxymoron -- Carrie.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: You know it really does, Carol. You think of the...
LIN: Ford goes sexy.
LEE: Yes, from one extreme to the other, because typically a lot of people think of the Explorer or the Escort when they think of Ford, but that could very well change in the middle of next year. Ford is going to roll out its answer to the Ferrari or the Lamborghini. Its GT model sports car will have a price tag of $150,000. And this is going to be the most extreme performance sports car from a domestic automaker since Ford first unveiled the original GT racecars in the 1960s.
Here's a look at what one looks like. You can see, very sleek, very sporty. The GT has six gears, can reach speeds of up to 200 miles per hour. Ford plans to produce 1,000 GTs each year, starting in 2004.
Now according to analysts, the closest competitor to the GT is going to be the Dodge Viper, which sells for about $81,000. But clearly, Ford taking a different direction here, hoping GT will buff up its brand image and probably its bottom line as well. So that is the latest on Ford.
Taking a look at stocks this morning, looks like things could hold steady at the 9:30 opening bell. Of course the Dow, the Nasdaq, the S&P 500 all ended in positive territory yesterday. We did come off quite a bit from those nice intraday lows. But still, the Dow ending up 49 points, the Nasdaq up 18 and the S&P 500 up about 5 points.
One stock in focus, one stock actually losing a little bit of ground this morning is General Electric, one of the Dow 30, reporting profits for the recent quarter that met the Wall Street estimates. Profits down a little bit, down 2 percent from the year-ago period. They are also warning slightly for this current fourth quarter, saying that profits will come in a little weaker than earlier expected. GE, of course, the world's biggest company, and that's the stock in focus today.
Carol, back to you.
LIN: All right. Thanks, Carrie. We need all our portfolios to go up to afford that car.
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 October 10, 2003 - 06:17 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL LIN, CNN ANCHOR: But time now for a little 'Business Buzz.' Ford is revving up one of its classic models to take on some exotic Italian sports cars.
Carrie Lee has more from the Nasdaq market site in New York.
Kind of sounds like an oxymoron -- Carrie.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: You know it really does, Carol. You think of the...
LIN: Ford goes sexy.
LEE: Yes, from one extreme to the other, because typically a lot of people think of the Explorer or the Escort when they think of Ford, but that could very well change in the middle of next year. Ford is going to roll out its answer to the Ferrari or the Lamborghini. Its GT model sports car will have a price tag of $150,000. And this is going to be the most extreme performance sports car from a domestic automaker since Ford first unveiled the original GT racecars in the 1960s.
Here's a look at what one looks like. You can see, very sleek, very sporty. The GT has six gears, can reach speeds of up to 200 miles per hour. Ford plans to produce 1,000 GTs each year, starting in 2004.
Now according to analysts, the closest competitor to the GT is going to be the Dodge Viper, which sells for about $81,000. But clearly, Ford taking a different direction here, hoping GT will buff up its brand image and probably its bottom line as well. So that is the latest on Ford.
Taking a look at stocks this morning, looks like things could hold steady at the 9:30 opening bell. Of course the Dow, the Nasdaq, the S&P 500 all ended in positive territory yesterday. We did come off quite a bit from those nice intraday lows. But still, the Dow ending up 49 points, the Nasdaq up 18 and the S&P 500 up about 5 points.
One stock in focus, one stock actually losing a little bit of ground this morning is General Electric, one of the Dow 30, reporting profits for the recent quarter that met the Wall Street estimates. Profits down a little bit, down 2 percent from the year-ago period. They are also warning slightly for this current fourth quarter, saying that profits will come in a little weaker than earlier expected. GE, of course, the world's biggest company, and that's the stock in focus today.
Carol, back to you.
LIN: All right. Thanks, Carrie. We need all our portfolios to go up to afford that car.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
