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American Morning
NYSE Trading Still Halted
Aired June 08, 2001 - 11:13 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 go to the New York Stock Exchange; Christine Romans is there.
I guess they're back in the starting blocks, now, Christine?
CHRISTINE ROMANS, CNN CORRESPONDENT: Again; for the second time today we're counting down to the opening bell on Wall Street. Yes, we've got less than 3 minutes to go, Leon, before they're going to re- ring the opening bell here. They were just giving instructions over the intercom. Traders -- you could hear a pin drop down here -- traders listening about how they're supposed to handle different situations here.
Remember, posts one through eight -- a whole bunch of stocks, maybe 1,000 or more stocks trade there -- they never opened for trading today. But other stocks -- the other half of the stocks that trade here at the Big Board did open for trading this morning, and we're actually moving.
Now, you've been seeing the Dow move this morning; well, that's because Intel and Microsoft are Dow components, and they trade over in the Nasdaq, and that has been open for trading as usual today. So when you're looking at some quotes and you're seeing them moving, even though NYSE is closed, that is why.
This has rippled out, as well. You've got the Philadelphia and Pacific Stock Exchanges that have also halted trading. Those are regional exchanges that trade stocks. The Chicago Mercantile Exchange, which trades S&P 500 and S&P mid-cap 400 futures, they halted their stock index futures trading on indexes that were based on stocks that were not opened for trading here this morning.
So we've been seeing a spill-over effect throughout the morning trading. It was about -- slightly after 10:00 that we heard a bell ring here today -- 10:00 Eastern time. And then we heard an announcement that said they would restart trading at 11:15. They decided, after just half of those stocks opened and half didn't, that they were going to close the whole floor, or halt the whole floor, is what they like to say, until they could get a better grip on what was going on.
Apparently the software issue, according to Dick Grasso, who is the chairman here -- they said over the last three years they've embarked on all kinds of new software without any trading halts, but this time around they did.
So it looks like we're about 3 seconds away. We're going to wait to hear that opening bell ring again. Folks here will watch to see how quickly things can get back up to speed. Some folks saying that it might take a few minutes for things to get underway. They're going to ring the bell, restart -- relaunch some of these stock futures -- or stock prices here, and then they'll see what kind of backlog they have to deal with and what kind of issues they have to deal with as well.
So no opening bell here, 20 seconds into it. It looks like we're waiting to see if things are trading again.
Are you guys trading Rockwell International?
They're trading -- they're not trading Rockwell International yet.
OK, so the stocks over here, Rockwell International, not moving. We've got the last closing prices for a lot of these different stocks. Some of them we got a closing price on yesterday. Others, we have the stock price in its last trade here today. Folks slowly getting underway.
Are you guys trading yet?
Not yet; still not trading -- Leon.
HARRIS: Let me ask you something, Christine, while you've got -- you're twiddling your thumbs right now. Let me ask you, we -- Donna and I were noticing a while ago, during the last report we were looking at, even though the trading had stopped there, we saw the numbers on the Dow; they were still moving. Can you explain why that was happening?
ROMANS: That's because Intel and Microsoft trade over on the Nasdaq. And so -- since those are members of the Dow Jones Industrial Average, they were moving. And also, some of the Dow components earlier were opened for trading.
Let's head on over to the Nasdaq and see what's trading over there right now; they have not had an interruption -- Sasha.
SASHA SALAMA, CNN CORRESPONDENT: Christine, that's right. Trading has gone on as usual. But in the last hour, we've seen a noticeable slowdown in volume. Volume basically staying stagnant for the last 45 minutes or so.
You mentioned Intel and Microsoft. Intel continues to be the volume leader here. It's under pressure, after the company came out after the close yesterday, reaffirming its targets for the full year. Microsoft is down just fractionally. It's the No. 6 most actively traded stock.
And as we await the reopening of trading at the New York Stock Exchange, we're watching the volume numbers here. Volume is picking up a bit and, in terms of Intel and Microsoft, a little bit of gains. But it really hasn't seen a surge just yes -- Christine.
ROMANS: OK, thank you.
It's 11:17; we don't have anything trading here yet. Traders still taking a look and trying to see if they can see into the order book, and so far they say it doesn't look like they're seeing much improvement, and they're going to wait to hear what the NYSE has to say.
But it's 11:17, Leon, and we are not seeing trading restart yet.
Back to you.
DONNA KELLEY, CNN ANCHOR: Christine, just -- Christine, real quickly, though, before you go, do they have any idea when it could start up? They were thinking about this time, but are you getting any word there at all? I don't know if you can, since you're down on the floor.
ROMANS: Yes; no, you know, a floor governor told me about 2 minutes before 11:15 that they were on track to ring the bell and relaunch trading at 11:15. So obviously that didn't happen.
KELLEY: OK; Christine Romans there on the floor of the New York Stock Exchange. We'll check back with you when things get cranked up again; thanks.
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