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CNN Live At Daybreak

Philip Morris Looks to Change Name

Aired November 16, 2001 - 05:18   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.
CATHERINE CALLAWAY, CNN ANCHOR: And as we follow the situation in Afghanistan, we're also, of course, following the stock markets around the world.

Let's go to New York now and speak with David Haffenreffer and get the business news update -- good morning to you.

DAVID HAFFENREFFER, CNN CORRESPONDENT: Good Friday morning to you, Catherine.

Well, Philip Morris wants to shed an identity long associated with the Marlboro Man. It is looking to change its name to Altria Group (ph), derived from the Latin word that means high. Philip Morris, whose corporate name is absolutely synonymous with big tobacco, says the move is intended to clear up the confusion between its cigarettes business and other products such as food and beer. The name change requires shareholder approval.

We'll see how shareholders react to Dell Computer's earnings today, as well. The world's biggest direct seller of PCs posting a 36 percent drop in third quarter profits amid the industry's pricing war. But the results still managed to beat expectations. Dell reported after the markets closed.

In yesterday's trading, techs lost their footing, but the Dow Industrials did manage to hold onto a modest gain. Oil stocks also headed lower as crude prices dropped to two year lows. Right now the stock index futures pointing to a mixed to possibly higher open today on Wall Street.

And that is the latest on business.

I'm David Haffenreffer.

Let's go back to Leon and Catherine in Atlanta.

CALLAWAY: Actually, it's just Catherine.

Thank you, David.

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