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Digging Up Dirt: Caterpillar Tries to Stop Disney Release
Aired October 16, 2003 - 06:47 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: Time now, though, for a little 'Business Buzz.' A heavy equipment maker is suing Disney for dumping on its reputation.
Carrie Lee has the dirt from the Nasdaq market site.
Good morning -- Carrie.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Hi, Carol.
That's right, Caterpillar is suing Walt Disney trying to block next week's U.S. release of Disney's "George of the Jungle II," alleging that the DVD movie damages the heavy equipment maker's reputation. Now this lawsuit was filed in Peoria. And according to The Associated Press, the lawsuit contends that the movie ties Caterpillar to an evil attacking army of industrialists seeking to destroy the jungle.
Now Walt Disney says it has great respect for Caterpillar. They consider the lawsuit to be without legal merit. They expect the audience will view the sequences for their comedic value, not take them seriously.
This is a scene, by the way, from the first "George of the Jungle" movie.
Meanwhile, Caterpillar is contending the scenes will have a negative effect on children. They say that its name and corporate logo are featured prominently in a final battle.
Now no court date has been set. But the movie already has been released outside of the United States. We'll see what happens and see if Disney is able to come out with this movie in the United States.
Meanwhile, it looks like stocks could continue the selling that we saw at the close yesterday. The Dow, the Nasdaq, the S&P 500 all losing fractional ground.
IBM last night reported profits after the closing bell meeting profit expectations, coming in a little bit light on the sales front, though. That's part of the reason for the expected weak open. We'll hear from a lot of companies this morning reporting profits. In fact, Coca-Cola already has, profits up 12 percent, sales up also over the year ago quarter.
And let's not forget, Carol, today is the day that AOL Time Warner, our parent company, reverts back to the Time Warner title. Ticker symbol changing from AOL to TWX.
Back to you.
COSTELLO: Yes, we'll see if it helps. Carrie Lee reporting live from the Nasdaq market site.
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 16, 2003 - 06:47 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time now, though, for a little 'Business Buzz.' A heavy equipment maker is suing Disney for dumping on its reputation.
Carrie Lee has the dirt from the Nasdaq market site.
Good morning -- Carrie.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Hi, Carol.
That's right, Caterpillar is suing Walt Disney trying to block next week's U.S. release of Disney's "George of the Jungle II," alleging that the DVD movie damages the heavy equipment maker's reputation. Now this lawsuit was filed in Peoria. And according to The Associated Press, the lawsuit contends that the movie ties Caterpillar to an evil attacking army of industrialists seeking to destroy the jungle.
Now Walt Disney says it has great respect for Caterpillar. They consider the lawsuit to be without legal merit. They expect the audience will view the sequences for their comedic value, not take them seriously.
This is a scene, by the way, from the first "George of the Jungle" movie.
Meanwhile, Caterpillar is contending the scenes will have a negative effect on children. They say that its name and corporate logo are featured prominently in a final battle.
Now no court date has been set. But the movie already has been released outside of the United States. We'll see what happens and see if Disney is able to come out with this movie in the United States.
Meanwhile, it looks like stocks could continue the selling that we saw at the close yesterday. The Dow, the Nasdaq, the S&P 500 all losing fractional ground.
IBM last night reported profits after the closing bell meeting profit expectations, coming in a little bit light on the sales front, though. That's part of the reason for the expected weak open. We'll hear from a lot of companies this morning reporting profits. In fact, Coca-Cola already has, profits up 12 percent, sales up also over the year ago quarter.
And let's not forget, Carol, today is the day that AOL Time Warner, our parent company, reverts back to the Time Warner title. Ticker symbol changing from AOL to TWX.
Back to you.
COSTELLO: Yes, we'll see if it helps. Carrie Lee reporting live from the Nasdaq market site.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
