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CNN Money Morning
Allied Waste Saying Third Quarter Earnings Flat With Second Quarater
Aired September 11, 2001 - 06:07 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.
JACK CAFFERTY, CNN ANCHOR: Jennifer Westhoven over there at the Instinet trading floor, Michael Jordan's coming back. Are you a basketball fan?
JENNIFER WESTHOVEN, CNN CORRESPONDENT: No.
CAFFERTY: Do you care?
WESTHOVEN: You know why I like Michael Jordan, because I'm really into his coach, right? Who's the Zen...
CAFFERTY: What does that mean?
WESTHOVEN: ... -- the Zen master coach.
CAFFERTY: Oh.
WESTHOVEN: I read his book "Sacred Hoops." It was -- it was great -- Phil Jackson.
CAFFERTY: (INAUDIBLE). Who?
WESTHOVEN: Phil Jackson.
CAFFERTY: Oh, Phil Jackson, yes, he's now at the Lakers.
WESTHOVEN: Awesome. He is awesome.
CAFFERTY: Yes.
WESTHOVEN: And I think he's awesome.
CAFFERTY: Now he's coaching that spiritual guy Shaquille O'Neal.
WESTHOVEN: He is -- his book is so cool.
CAFFERTY: And when he retires from the NBA he's going to become a Tibetan Monk.
(LAUGHTER)
CAFFERTY: Right?
WESTHOVEN: I don't think there's much money in Tibetan monkness (ph).
CAFFERTY: You know they're going to start like -- I mean I don't know how I feel about Jordan, we'll talk about, but I mean Dennis Rodman. Remember him when he played with the Bulls, too, you know old Dennis?
WESTHOVEN: I like Dennis Rodman.
CAFFERTY: See, I figured you might.
WESTHOVEN: You don't like him, huh?
CAFFERTY: Dennis Rodman's your kind of guy, right?
WESTHOVEN: He's just cool.
CAFFERTY: How do you like Phil Jackson...
WESTHOVEN: I like...
CAFFERTY: ... and Dennis Rodman? I mean they're not...
WESTHOVEN: Dennis Rodman pushes the boundaries. Does he have a little bit of ego, all right.
CAFFERTY: A little bit. He's got a little bit of everything, including gender confusion I think.
WESTHOVEN: All right, I'm going to tell you about the stock stuff.
CAFFERTY: OK.
WESTHOVEN: OK, and I think...
CAFFERTY: Yes.
WESTHOVEN: ... that's what they're telling me in my ear.
CAFFERTY: Oh, OK, are they?
WESTHOVEN: You know there're still people...
CAFFERTY: You know we're getting there now. The -- this is only the second day and the producers are starting to yell hurry up and do something...
WESTHOVEN: Hey, would you do some news?
CAFFERTY: ... besides sit there and yap.
WESTHOVEN: Yes.
CAFFERTY: Yes.
WESTHOVEN: So Allied Waste is warning. It's one of the nation's biggest garbage haulers, of course, in the United States. It's interesting, we have heard about weakness in this industry before but a big -- pretty big warning here. They're saying that third quarter earnings will be about flat with second quarter. Wall Street had been looking for a 22 percent gain and last night in after-hours trading the stock was down by about 7 percent. So that could be a big mover today on the NYSE.
And it just brings back to mind the fact that as we wrap up August, a lot of companies do their books on a monthly basis. They take a look and say, hey, there's no way we're going to make those third quarter targets. So that's part of earnings warning season. We'll probably get a lot more after September 30 when people really start to look at their revenue picture for the whole quarter.
Also Pfizer, a little bit of a boost, but we want to mention this one to you. The giant drug company came out and said that it is still standing by its forecasts for 2001 and for 2002 and that gave that stock a little bit of a bounce last night in after-hours trading -- Jack.
CAFFERTY: You know that nasty letter was probably from somebody in Atlanta.
WESTHOVEN: Wait, I've got to tell you, there is a trader here,...
CAFFERTY: Yes.
WESTHOVEN: ... she said that she nearly fell off the treadmill yesterday when she heard you talking and Sasha talking.
CAFFERTY: Yes.
WESTHOVEN: She was so -- like thought it was so funny and she said that she always watches CNBC in the morning but she didn't yesterday --
CAFFERTY: You know you've got to have a few yucks, right? I mean the market's been terrible, people lost a lot of money, you've got to have a few yucks. Take -- keep it all in perspective, what the hell, you know? You're born, you live a while and then you die, it's a wrap. That's it.
Good to see you, Westhoven.
WESTHOVEN: Bye.
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