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CNN Live At Daybreak
Illegal Workers Subject of Federal Probe of Wal-Mart
Aired November 05, 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 for a little 'Business Buzz.' The world's largest retailer is the target of a federal probe.
Carrie Lee has the why from the Nasdaq market site in Times Square.
This involves Wal-Mart and what they knew before the feds came in.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: That's exactly right, Carol. Talking about Wal-Mart, now under investigation by a federal grand jury for whether it knowingly violated immigration laws.
Now the retailer disclosed on Tuesday it had been formally notified that it was a target in the investigation of illegal immigrants by contractors hired to clean Wal-Mart stores. Now this target is the company as a whole, no employees have received a target letter.
Background here, about 300 undocumented workers were arrested at the end of their janitorial shifts on October 23 in federal raids at about 60 Wal-Mart stores in 21 states. Now let's be clear here, most of these illegal workers were employed by cleaning companies, not Wal- Mart itself.
Wal-Mart originally indicated didn't know much about this. Now Wal-Mart spokesperson says the company is cooperating with the investigation and doing its own investigation. So this is just the latest. It is official and set to begin in January. A grand jury will begin hearing evidence in mid-December. So we'll find out more sometime next month, Carol.
Looking at futures, looks like stocks could continue the selling that we saw yesterday. The Dow, the Nasdaq ending fractionally lower. Things look weak this morning, overall. One stock to watch, down about 20 percent last night after the close, Priceline.com. The company cutting its profit estimates for this current quarter, among other things, so not such a bright outlook for Priceline.
Back to you.
COSTELLO: All right. Carrie Lee reporting live from the Nasdaq market site this morning.
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 November 5, 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 for a little 'Business Buzz.' The world's largest retailer is the target of a federal probe.
Carrie Lee has the why from the Nasdaq market site in Times Square.
This involves Wal-Mart and what they knew before the feds came in.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: That's exactly right, Carol. Talking about Wal-Mart, now under investigation by a federal grand jury for whether it knowingly violated immigration laws.
Now the retailer disclosed on Tuesday it had been formally notified that it was a target in the investigation of illegal immigrants by contractors hired to clean Wal-Mart stores. Now this target is the company as a whole, no employees have received a target letter.
Background here, about 300 undocumented workers were arrested at the end of their janitorial shifts on October 23 in federal raids at about 60 Wal-Mart stores in 21 states. Now let's be clear here, most of these illegal workers were employed by cleaning companies, not Wal- Mart itself.
Wal-Mart originally indicated didn't know much about this. Now Wal-Mart spokesperson says the company is cooperating with the investigation and doing its own investigation. So this is just the latest. It is official and set to begin in January. A grand jury will begin hearing evidence in mid-December. So we'll find out more sometime next month, Carol.
Looking at futures, looks like stocks could continue the selling that we saw yesterday. The Dow, the Nasdaq ending fractionally lower. Things look weak this morning, overall. One stock to watch, down about 20 percent last night after the close, Priceline.com. The company cutting its profit estimates for this current quarter, among other things, so not such a bright outlook for Priceline.
Back to you.
COSTELLO: All right. Carrie Lee reporting live from the Nasdaq market site this morning.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
