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American Morning
Minding Your Business: Stock Futures Up
Aired December 05, 2002 - 09:24 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.
BILL HEMMER, CNN ANCHOR: Andy Serwer is minding everybody's business. Let's get to Andy right now. The government, apparently, at this point saying no to United Airlines.
ANDY SERWER, EDITOR AT LARGE, "FORTUNE": That's right. Let's talk about futures, though, this morning.
Five minutes away from the opening bell. Stock futures up pretty strongly this morning, some unexpected stuff going on. Good news. Big rate cut in Europe by the European Central Bank. That is good news.
Retail sales coming in as expected. Holiday shopping, we've been talking about that, also some good news out of Merck and IBM, plus jobless claims from last week came in -- down again.
HEMMER: See, some days you come in as Grinch, some days Santa Claus.
SERWER: That is the good news, that is the good news.
HEMMER: What's up with United?
SERWER: United Airlines, late yesterday, people probably know about this already, federal government rejecting a $1.8 billion loan package to the airline. The airline is going to be moving closer to bankruptcy.
Let's look at some of the vital signs here, some of the vitals of this thing: 1.8 -- that was rejected, needs to pay off $920 million fast. The company is losing $8 million a day, and now this company has got 81,000 employees, you see, 40 million frequent flyers, and they have got about -- a little bit less now, 1,800 flights a day. So, just a huge impact. One of the largest airlines in the world.
People concerned about flights, but I think you are not going to see any disruption. Of course, you are going to see some disruption out here with the snow, but in terms of bankruptcy, no disruption, not until the spring probably.
HEMMER: All right. We talked about McDonald's, this explosion in Indonesia, and we were talking earlier just about brand recognition around the world, and it's huge for the company.
SERWER: It is just a huge global company that says America to the world. One hundred twenty-one countries, 13,000 restaurants here in the United States, and 17,000 restaurants overseas. So huge presence.
HEMMER: So the 200 stores that closed two weeks ago was just a drop in the bucket for that company.
SERWER: Just a tiny...
HEMMER: And if you are just joining us, an explosion reported about an hour ago, one dead through the AP we are hearing, and several are injured there.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired December 5, 2002 - 09:24 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: Andy Serwer is minding everybody's business. Let's get to Andy right now. The government, apparently, at this point saying no to United Airlines.
ANDY SERWER, EDITOR AT LARGE, "FORTUNE": That's right. Let's talk about futures, though, this morning.
Five minutes away from the opening bell. Stock futures up pretty strongly this morning, some unexpected stuff going on. Good news. Big rate cut in Europe by the European Central Bank. That is good news.
Retail sales coming in as expected. Holiday shopping, we've been talking about that, also some good news out of Merck and IBM, plus jobless claims from last week came in -- down again.
HEMMER: See, some days you come in as Grinch, some days Santa Claus.
SERWER: That is the good news, that is the good news.
HEMMER: What's up with United?
SERWER: United Airlines, late yesterday, people probably know about this already, federal government rejecting a $1.8 billion loan package to the airline. The airline is going to be moving closer to bankruptcy.
Let's look at some of the vital signs here, some of the vitals of this thing: 1.8 -- that was rejected, needs to pay off $920 million fast. The company is losing $8 million a day, and now this company has got 81,000 employees, you see, 40 million frequent flyers, and they have got about -- a little bit less now, 1,800 flights a day. So, just a huge impact. One of the largest airlines in the world.
People concerned about flights, but I think you are not going to see any disruption. Of course, you are going to see some disruption out here with the snow, but in terms of bankruptcy, no disruption, not until the spring probably.
HEMMER: All right. We talked about McDonald's, this explosion in Indonesia, and we were talking earlier just about brand recognition around the world, and it's huge for the company.
SERWER: It is just a huge global company that says America to the world. One hundred twenty-one countries, 13,000 restaurants here in the United States, and 17,000 restaurants overseas. So huge presence.
HEMMER: So the 200 stores that closed two weeks ago was just a drop in the bucket for that company.
SERWER: Just a tiny...
HEMMER: And if you are just joining us, an explosion reported about an hour ago, one dead through the AP we are hearing, and several are injured there.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
