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CNN Live At Daybreak

Futures Point to Strong Opening Despite Airline Stock Tumble

Aired November 13, 2001 - 06:19   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: David Haffenreffer checks in now. He's got the business headlines for us this morning -- David.

DAVID HAFFENREFFER, CNN FINANCIAL NEWS CORRESPONDENT: Not only do they recover, Leon and Kyra, but they also, the futures are looking very strong at this point of the morning.

(CROSSTALK)

HARRIS: Good deal.

HARRIS: Yes. Wall Street will once again, focus, of course, on the airline industry today, just a day after the plane crash in Queens here in New York City -- the accident jolting an already troubled sector, which is trying to recover from the September 11 terrorist attacks. Airline stocks sold off sharply during the session, but the rest of the stock market did recover most of its drop on reports that the incident is most likely an accident.

The Nasdaq composite rose 11 points to a 10-week high on positive news from the tech sector. The Dow industrials fell 53 points, erasing most of the blue chip's 200-point low.

General Electric could be on the move today, as the focus of the crash investigations shifts to the GE engines used in the American Airlines jet.

As we head into the holiday shopping season, investors will get a reading from the retail sector today. Wal-Mart and Home Depot expected to report quarterly numbers this morning.

And Chiquita Banana says it will file for bankruptcy protection. The company also reached an agreement with its creditors to cut its debt and interest expenses. Chiquita shares have tumbled almost 80 percent this year.

That is a quick check of business news.

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