Return to Transcripts main page
CNN Live At Daybreak
Out of NASCAR: GM Drops Pontiac, Focuses on Chevrolets
Aired October 30, 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 COSTELLO, CNN ANCHOR: Time now, though, for a little 'Business Buzz.' NASCAR fans, are you listening, Chad? NASCAR fans will be missing one high profile and winning team this season.
Carrie Lee reports live for us from the Nasdaq market site.
Good morning -- Carrie.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.
Car racing fans may be shocked to hear this, Pontiac is not going to be a part of stock car racing's top series in 2004. Now Pontiac has won four NASCAR Winston Cup championships, including two since 2000. General Motors racing officials, though, say that the car manufacturer is going to pull support from teams racing Pontiacs and concentrate on Chevrolets for the new NASCAR season.
Now GM says if any teams race Pontiacs next year, they will do so without factory support. Meanwhile, GM racing's director says that he's -- if any of those teams would be supported in a move to -- he would not say if any of those teams would be supported in a move to Chevrolet for 2004.
Bottom line, General Motors is saying that the Chevrolet ranks will grow. The goal of the racing is to win driver and manufacturer championships, and they are going to focus on teams that they think will deliver on those goals, Carol.
Now Chad is the expert here, so I have heard, so he can maybe shed a little bit more light on this. But I think this is certainly surprising news to NASCAR fans.
COSTELLO: Yes, I'm sure he is ruminating on it right now.
Quick look at the futures, though.
LEE: Things do look a bit weak. The big economic story of the day, gross domestic product figures for the third quarter of this year telling us how far our economy has grown. This is a very broad measure of the goods and services produced in this country. Estimates are for a growth rate of 6 percent, the strongest rate we've seen in about four years.
Also, Aetna out with profits this morning, those high insurance premiums expecting to help the company this time around. The Street is looking for $1.23 a share in profits up from 73 cents a year ago -- Carol.
COSTELLO: All right, Carrie Lee, many thanks.
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 30, 2003 - 06:17 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.' NASCAR fans, are you listening, Chad? NASCAR fans will be missing one high profile and winning team this season.
Carrie Lee reports live for us from the Nasdaq market site.
Good morning -- Carrie.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.
Car racing fans may be shocked to hear this, Pontiac is not going to be a part of stock car racing's top series in 2004. Now Pontiac has won four NASCAR Winston Cup championships, including two since 2000. General Motors racing officials, though, say that the car manufacturer is going to pull support from teams racing Pontiacs and concentrate on Chevrolets for the new NASCAR season.
Now GM says if any teams race Pontiacs next year, they will do so without factory support. Meanwhile, GM racing's director says that he's -- if any of those teams would be supported in a move to -- he would not say if any of those teams would be supported in a move to Chevrolet for 2004.
Bottom line, General Motors is saying that the Chevrolet ranks will grow. The goal of the racing is to win driver and manufacturer championships, and they are going to focus on teams that they think will deliver on those goals, Carol.
Now Chad is the expert here, so I have heard, so he can maybe shed a little bit more light on this. But I think this is certainly surprising news to NASCAR fans.
COSTELLO: Yes, I'm sure he is ruminating on it right now.
Quick look at the futures, though.
LEE: Things do look a bit weak. The big economic story of the day, gross domestic product figures for the third quarter of this year telling us how far our economy has grown. This is a very broad measure of the goods and services produced in this country. Estimates are for a growth rate of 6 percent, the strongest rate we've seen in about four years.
Also, Aetna out with profits this morning, those high insurance premiums expecting to help the company this time around. The Street is looking for $1.23 a share in profits up from 73 cents a year ago -- Carol.
COSTELLO: All right, Carrie Lee, many thanks.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
