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CNN Live At Daybreak
FDA Asks Package & Credit Card Firms for Help
Aired December 16, 2003 - 06:45 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' right now. The government is asking for help in stopping prescription imports. But you may be surprised by who they want to enlist as agents.
Stacey Tisdale has the story live from the Nasdaq market site.
This may make a lot of people a little upset.
STACEY TISDALE, CNN FINANCIAL NEWS CORRESPONDENT: Big brother wants you, Carol, that is if you are a credit card company. Listen to this. The FDA is trying to get major credit card companies to spy on consumers. This is all about prescription drugs, folks. They want credit card companies to tell when people are importing drugs from Canada and other countries.
Federal Express, United Parcel Service, Visa and MasterCard International said they would at least sit down with the FDA. It is still not clear if they are going to volunteer information. But nonetheless, the FDA really has little regulatory power over these companies, so it's not like they could force them.
This is the latest escalation to the political and regulatory battle over importing drugs now gaining support from state and local governments, which is why some of these companies are up in arms. The FDA is up in arms. But they are really trying to rein in high prescription drug costs. So let's wish for the government to have success on this one.
So looking at a mixed open on Wall Street today. Not the rally we were expecting yesterday in the wake of Saddam Hussein's capture. Investors are focusing on the holiday shopping season. Stores do about 40 percent of their business during that time, and the numbers simply are not living up to the hype. You see where we are going to start today, still over 10,000 for the Dow, a more than 31 point loss for the Nasdaq, S&P 500 down more than six.
The Nasdaq might get some positive attention today, Oracle, which is a big stock traded over here, we have reported better-than-expected earnings after the close of trading. So hopefully that can boost the tech sector. But as of the moment right now, it just looks like a mixed open.
But, Carol, we will keep you posted.
COSTELLO: As always, Stacey Tisdale, 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 December 16, 2003 - 06:45 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' right now. The government is asking for help in stopping prescription imports. But you may be surprised by who they want to enlist as agents.
Stacey Tisdale has the story live from the Nasdaq market site.
This may make a lot of people a little upset.
STACEY TISDALE, CNN FINANCIAL NEWS CORRESPONDENT: Big brother wants you, Carol, that is if you are a credit card company. Listen to this. The FDA is trying to get major credit card companies to spy on consumers. This is all about prescription drugs, folks. They want credit card companies to tell when people are importing drugs from Canada and other countries.
Federal Express, United Parcel Service, Visa and MasterCard International said they would at least sit down with the FDA. It is still not clear if they are going to volunteer information. But nonetheless, the FDA really has little regulatory power over these companies, so it's not like they could force them.
This is the latest escalation to the political and regulatory battle over importing drugs now gaining support from state and local governments, which is why some of these companies are up in arms. The FDA is up in arms. But they are really trying to rein in high prescription drug costs. So let's wish for the government to have success on this one.
So looking at a mixed open on Wall Street today. Not the rally we were expecting yesterday in the wake of Saddam Hussein's capture. Investors are focusing on the holiday shopping season. Stores do about 40 percent of their business during that time, and the numbers simply are not living up to the hype. You see where we are going to start today, still over 10,000 for the Dow, a more than 31 point loss for the Nasdaq, S&P 500 down more than six.
The Nasdaq might get some positive attention today, Oracle, which is a big stock traded over here, we have reported better-than-expected earnings after the close of trading. So hopefully that can boost the tech sector. But as of the moment right now, it just looks like a mixed open.
But, Carol, we will keep you posted.
COSTELLO: As always, Stacey Tisdale, 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
