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American Morning
New York Cabs to Get Fleece Seats
Aired December 06, 2002 - 08:45 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: Forty-five minutes away, opening bell on Wall Street. Going to wrap up the week, and Andy Serwer is watching that. So far, we look how?
ANDY SERWER, EDITOR AT LARGE, "FORTUNE": Well, we don't look so good, frankly, Bill. Yesterday a down day on the Street. The Dow is down 114 points, Nasdaq down also.
A jobs report just crossed the wire at 8:30 and the verdict is not good. The unemployment rate in November jumped to 6 percent. Economists were looking for 5.8 percent. It was up from 5.7 in October, and even worse than that, they were expecting, actually, that we were going to be adding jobs in the month. In fact, we lost 40,000 jobs. That is sending the futures lower right now.
Also, of course, we have the United Airlines situation hanging over the markets. They could be filing bankruptcy as early as Sunday or Monday. IBM bought a huge software company, Rational Software, that sending its stock down. So this rally that we saw in October continues to fizzle. The market is down five days in a row, this could be number six. The Dow would have to climb 272 points exactly for us to be up for the week.
HEMMER: And your...
(CROSSTALK)
HEMMER: ... tells you what?
SERWER: I say no way.
HEMMER: No way. Give me some context on the jobs. What does that portend then?
SERWER: Well, it just shows that the economy is weak. Are we going back to a rate that we had back in April? It's not a huge jump, but it is the trend, it the wrong way is what it is.
HEMMER: You mentioned IBM, you mentioned United. How about Volkswagen?
SERWER: Yes. We got a new buggy coming out, a new punch buggy here. You know, The VW Beetle has been very popular. It was reintroduced in '99. Sales have been tailing off a little bit. They said they were going to introduce the VW convertible -- there it is. They said for years they were going to roll this thing out. Finally, in January, the new VW Bug convertible is coming out. They are looking to boost sales because, like I said, they have been flagging.
In other news, auto related, cab related. New York City, Old Navy is putting fleece in the back of hundreds of taxi cabs.
HEMMER: Yes, I like that.
SERWER: I think this is kind of bizarre, if you ask me.
HEMMER: Yes, why?
SERWER: There are the taxi cabs. Inside, in the back seats, they are lining them with red fleece. This is for charity. Check that out! I think that is a little strange. Every time these people ride in one, they are going to make a donation to charity. It should be nice and cozy back there.
HEMMER: Why do you have a problem with that?
SERWER: I just think it is a little weird...
(CROSSTALK)
HEMMER: Whoa. You wear fleece shirts, right?
SERWER: I am a Patagonia customer, I have got to tell you. But fleece seats? Isn't that weird? And they are going to stay clean, they said they are going to clean them a couple times a day or every two days they are going to clean them.
HEMMER: I don't have a problem with it, to be honest with you. Normally, I agree with you.
SERWER: Well, we are just at loggerheads over this one, this critical issue here.
HEMMER: So critical. I mean, you have all these issues around the world, Drew, and we come back to this fleece deal.
SERWER: Fleece seats.
HEMMER: Thank you. See you in 30 minutes.
SERWER: Yes, we'll check back in.
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 6, 2002 - 08:45 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: Forty-five minutes away, opening bell on Wall Street. Going to wrap up the week, and Andy Serwer is watching that. So far, we look how?
ANDY SERWER, EDITOR AT LARGE, "FORTUNE": Well, we don't look so good, frankly, Bill. Yesterday a down day on the Street. The Dow is down 114 points, Nasdaq down also.
A jobs report just crossed the wire at 8:30 and the verdict is not good. The unemployment rate in November jumped to 6 percent. Economists were looking for 5.8 percent. It was up from 5.7 in October, and even worse than that, they were expecting, actually, that we were going to be adding jobs in the month. In fact, we lost 40,000 jobs. That is sending the futures lower right now.
Also, of course, we have the United Airlines situation hanging over the markets. They could be filing bankruptcy as early as Sunday or Monday. IBM bought a huge software company, Rational Software, that sending its stock down. So this rally that we saw in October continues to fizzle. The market is down five days in a row, this could be number six. The Dow would have to climb 272 points exactly for us to be up for the week.
HEMMER: And your...
(CROSSTALK)
HEMMER: ... tells you what?
SERWER: I say no way.
HEMMER: No way. Give me some context on the jobs. What does that portend then?
SERWER: Well, it just shows that the economy is weak. Are we going back to a rate that we had back in April? It's not a huge jump, but it is the trend, it the wrong way is what it is.
HEMMER: You mentioned IBM, you mentioned United. How about Volkswagen?
SERWER: Yes. We got a new buggy coming out, a new punch buggy here. You know, The VW Beetle has been very popular. It was reintroduced in '99. Sales have been tailing off a little bit. They said they were going to introduce the VW convertible -- there it is. They said for years they were going to roll this thing out. Finally, in January, the new VW Bug convertible is coming out. They are looking to boost sales because, like I said, they have been flagging.
In other news, auto related, cab related. New York City, Old Navy is putting fleece in the back of hundreds of taxi cabs.
HEMMER: Yes, I like that.
SERWER: I think this is kind of bizarre, if you ask me.
HEMMER: Yes, why?
SERWER: There are the taxi cabs. Inside, in the back seats, they are lining them with red fleece. This is for charity. Check that out! I think that is a little strange. Every time these people ride in one, they are going to make a donation to charity. It should be nice and cozy back there.
HEMMER: Why do you have a problem with that?
SERWER: I just think it is a little weird...
(CROSSTALK)
HEMMER: Whoa. You wear fleece shirts, right?
SERWER: I am a Patagonia customer, I have got to tell you. But fleece seats? Isn't that weird? And they are going to stay clean, they said they are going to clean them a couple times a day or every two days they are going to clean them.
HEMMER: I don't have a problem with it, to be honest with you. Normally, I agree with you.
SERWER: Well, we are just at loggerheads over this one, this critical issue here.
HEMMER: So critical. I mean, you have all these issues around the world, Drew, and we come back to this fleece deal.
SERWER: Fleece seats.
HEMMER: Thank you. See you in 30 minutes.
SERWER: Yes, we'll check back in.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
