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Wal-Mart Tops 'Fortune's' List of Most Admired Companies
Aired February 24, 2004 - 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" now. The world's largest retailer gets kudos from "Fortune" magazine.
Carrie Lee has more on that story live from the Nasdaq market site.
What's this about -- Carrie?
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: It is about "Fortune's" most admired companies list, Carol, and Wal-Mart, the world's largest retailer, in fact the world's largest store in terms of sales, has topped the list for the second year in a row. International Business Machines made the list after a 17-year absence. Other top spots here go to Warren Buffett's Berkshire Hathaway, Southwest Airlines and General Electric.
"Fortune" used eight areas of criteria, including long-term investment value, quality of services, products and management. Rather interesting, because Wal-Mart does have some labor issues to deal with. It's alleged in lawsuits that Wal-Mart underpaid workers and used cleaning contractors that it knew were illegal immigrants.
Also, there's a sexual discrimination lawsuit. A lot of female -- current and female -- current and former female employees alleging that they were underpaid compared to their male counterparts. So Wal- Mart topping the list for a second year in a row, once again, from "Fortune" magazine.
COSTELLO: You know it's interesting, Carrie, that treatment of employees really don't enter in to the study, does it?
LEE: Yes, they seem to be looking at this maybe a little bit more from an investment point of view. In fact, that's one of the criteria here, long-term investment value, which seems to me to be looking at it from an investor or shareholder point of view. Of course people working there is very important as well, but "Fortune" has a top 10 list...
COSTELLO: That or making money for the company, Carrie. We'll check back with you for the futures in the next half hour.
LEE: OK.
COSTELLO: Carrie Lee 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 February 24, 2004 - 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" now. The world's largest retailer gets kudos from "Fortune" magazine.
Carrie Lee has more on that story live from the Nasdaq market site.
What's this about -- Carrie?
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: It is about "Fortune's" most admired companies list, Carol, and Wal-Mart, the world's largest retailer, in fact the world's largest store in terms of sales, has topped the list for the second year in a row. International Business Machines made the list after a 17-year absence. Other top spots here go to Warren Buffett's Berkshire Hathaway, Southwest Airlines and General Electric.
"Fortune" used eight areas of criteria, including long-term investment value, quality of services, products and management. Rather interesting, because Wal-Mart does have some labor issues to deal with. It's alleged in lawsuits that Wal-Mart underpaid workers and used cleaning contractors that it knew were illegal immigrants.
Also, there's a sexual discrimination lawsuit. A lot of female -- current and female -- current and former female employees alleging that they were underpaid compared to their male counterparts. So Wal- Mart topping the list for a second year in a row, once again, from "Fortune" magazine.
COSTELLO: You know it's interesting, Carrie, that treatment of employees really don't enter in to the study, does it?
LEE: Yes, they seem to be looking at this maybe a little bit more from an investment point of view. In fact, that's one of the criteria here, long-term investment value, which seems to me to be looking at it from an investor or shareholder point of view. Of course people working there is very important as well, but "Fortune" has a top 10 list...
COSTELLO: That or making money for the company, Carrie. We'll check back with you for the futures in the next half hour.
LEE: OK.
COSTELLO: Carrie Lee 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
