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CNN Live At Daybreak

Gross Domestic Product Forecast: 1 Percent Decline

Aired October 31, 2001 - 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.
DARYN KAGAN, CNN ANCHOR: And a David -- David Haffenreffer, I've heard of him too -- equally as famous as Michael Jordan.

LEON HARRIS, CNN ANCHOR: Oh, yes, definitely.

KAGAN: Yes, in New York City.

DAVID HAFFENREFFER, CNN FINANCIAL NEWS CORRESPONDENT: Hey, not a bad pitch by our president, huh?

KAGAN: Yes, he has an arm.

(CROSSTALK)

HARRIS: It looks like he almost threw a strike there.

KAGAN: Yes.

HAFFENREFFER: That's right. Well, good morning to you both once again.

Well, we seem to be getting a sense of growing optimism about the stock market this morning. This is the good news. The stock index futures pointing to a higher open for us today on Wall Street, and those futures have been improving, as I mentioned, all morning long -- this after two heavy days of selling.

But sentiment could change at 8:30 a.m. Eastern time when the first reading of gross domestic product for the June to September period is released by the government. A 1 percent decline is forecast. Today's number is likely to reflect a plunge in business investment and a pullback in consumer spending.

And earnings season, it just continues. Continental, the country's fifth biggest airline, lost $97 million in the third quarter, compared to a profit at the same time last year. But that was better than expected, and the airline says it may even be able to avoid 3,500 of the 12,000 job cuts it already announced, because of successful voluntary leave and early retirement programs.

We're also expecting reports today from Comcast and Qwest Communications. Alcatel, the French telecom equipment maker, swung to a loss in the third quarter and will cut another 10,000 jobs in Europe. That is the latest in business news this morning.

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