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CNN Live At Daybreak

Wall Street Could Start the Week With Some Selling

Aired October 29, 2001 -   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.
DARYN KAGAN, CNN ANCHOR: David Haffenreffer is in New York -- hey, Dave.

LEON HARRIS, CNN ANCHOR: Hey, David.

DAVID HAFFENREFFER, CNN FINANCIAL NEWS CORRESPONDENT: Good morning to you once again.

Well, Wall Street could very well start the new week with some selling here. Stock index futures, at this early hour, point to a flat-to-lower open when trading gets under way in about three hours' time.

Corporate news could very well be the focus on Wall Street with few earnings reports expected, and no economic news out today. Not only that United story, but also General Motors, today, is selling its Hughes TV satellite unit to EchoStar for $28 billion in stock and cash. Last-minute negotiations between GM and the long-time favorite, News Corporation, fell apart this weekend. The deal combines the country's two largest TV satellite units: DirecTV and Dish Network. The new group will have 16.7 million subscribers. That is bigger than the country's largest cable TV company. Many are expecting strict regulatory scrutiny.

Investors will also get their first opportunity to react to the Pentagon's decision to award the joint strike fighter jet program to Lockheed Martin. Boeing and Lockheed have been vying for the contract for five years now. The contract is the richest in military history, worth at least $200 billion to make as many as 6,000 jets over the next 40 years.

And that is the latest in business news.

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