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CNN Live At Daybreak

Dynegy to Buy Troubled Enron

Aired November 12, 2001 - 05:44   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: Time to check the business headlines this morning. David Haffenreffer is standing in New York as usual -- good morning, David.

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

Well, we've got a major deal in the energy trade market, today topping our business news headlines this morning. Dynegy will buy the No. 1 energy trader, Enron, for $9.5 billion in stock. Now, that deal ends weeks of speculation about Enron's future. The troubled energy company is being investigated by the Securities and Exchange Commission, and recently suffered some crippling debt downgrades. The new company will retain the Dynegy name.

The markets also awaiting a couple of key economic reports this week -- retail sales for the month of October are due out Wednesday, followed by a key gauge of inflation, the consumer price index on Friday. We'll also be watching for two speeches from Fed Chairman Alan Greenspan.

Also, corporate earnings reports from the retail sector: Wal- Mart, Home Depot and Gap come up to bat, as does Dell Computer.

And an historic trade move over the weekend, after 15 years of negotiation, China was unanimously approved as a member of the World Trade Organization on Saturday. It brings the world's most populous nation firmly into the global trading place. The WTO also approved neighboring Taiwan's entry to the World Trade body.

And that is a look at some of this morning's top business news headlines -- we go back to Kyra in Atlanta.

KYRA PHILLIPS, CNN ANCHOR: David, thanks.

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