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CNN Live At Daybreak

Stock Market Looks At Lower Opening; Ford Changes Top Management

Aired October 31, 2001 - 05:46   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.
LEON HARRIS, CNN ANCHOR: Let's check in with David Haffenreffer, and he's here with the business news -- David.

DAVID HAFFENREFFER, CNN FINANCIAL NEWS CORRESPONDENT: Hi, Leon. Hi, Daryn.

Well, Wall Street could very well start the day, this day, with more selling after yesterday's drubbing, but grabbing headline space from that, news of a massive corporate shake up.

CNN has learned that Ford Motor Company is replacing its chairman and chief executive, Jacques Nasser; taking his place, William Clay Ford, Jr., the great grandson of founder, Henry Ford. Several other top posts at the country's second biggest automaker will also shift hands.

But the stock market will also be a concern for investors today. Yesterday, the Dow industrials tumbled 275 points. That's nearly 2.9 percent; the biggest loss for the Dow in a month. The Nasdaq composite dropped nearly 4 percent, and the Standard & Poor's 500 index lost 2.4 percent.

A report on consumer confidence could shape the trading day today. The October reading on consumers' faith in the economy will be released at 10:00 a.m. Eastern Time. Analysts expect it to fall slightly from last month's reading. That September reading hit a five-year low on American's concerns about the terrorist attacks and the weakening U.S. economy.

That is a quick look at business news.

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