Return to Transcripts main page
American Morning
Minding Your Business: The Year Santa Skipped Out On Wall Street?
Aired December 23, 2002 - 07:47 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: It is this guy, Andy Serwer, who is watching our portfolios for us right now.
Good morning.
ANDY SERWER, "FORTUNE" MAGAZINE: Good morning to you guys. The stocks were up pretty sharply.
PAULA ZAHN, CNN ANCHOR: Are they shrinking or growing?
SERWER: Yes. Well, they were up on Friday, but not so good for the year, Paula. I want just to check in and see what's going on here.
HEMMER: Tell us.
SERWER: The markets were up strongly on Friday and good enough to get us up for the week. There are the week numbers, up 78 points, Nasdaq barely moving, however probably not enough to get us going for the year overall, because we need a miracle on Wall Street, Bill, to get stocks up for the year. The Dow down about 15 percent, Nasdaq down about 30 percent. There you go. And the index that represents the overall market, the best S&P 500 down about 20 percent.
So, if you're looking at your portfolio and you're down 20 percent for the year...
HEMMER: Yes, yes.
SERWER: ... you are about average, which is sad, sad, sad.
HEMMER: A for average, a capital A.
Meanwhile, charity giving. You know, we always talk about holiday sales this time of year, but I mean, charity giving...
SERWER: Yes.
HEMMER: ... (UNINTELLIGIBLE) on vacation from that and...
SERWER: Absolutely, and charitable giving, maybe not a big surprise, is down. It's sad to say charities are reporting they're about down about 5-10 percent. Those signature kettle drives by the Salvation Army, giving down about 10 percent. Charities are saying that -- 36 percent are reporting they will be down this year.
I know we've talked about this last week, how important it is to give this time of year.
HEMMER: Yes.
SERWER: You can get a tax deduction if you do it before the first. My wife and I just did it online last week. So many charities now, you just go to their Web sites with a credit card, Red Cross, anything you want, type it in, you're done. You don't have to go anywhere.
HEMMER: Yes.
SERWER: So, it's just easy to give.
HEMMER: It's easy to give, that's right. What have you heard about retail sales quickly? Up, down...
SERWER: Retail sales are mediocre. They continue to come in right about expectations. So, not a lot of juice there. Citigroup reporting a huge loss, though, this morning, just coming across the tape, $1.5 billion. People ask me, Andy, when is the market going to go up? And I say, when all of this stuff gets flushed out of the financial system, and we're still not there yet. The market is going to be down three years in a row. If it's down next year, that will be the first time the market is down four years in a row since 1929 to 1932.
HEMMER: Wow! If '03 turns down.
SERWER: If '03 is down, yes.
HEMMER: Listen, we're watching this story across the street here in our own little, personal poll, Andy.
SERWER: Yes.
HEMMER: Sales are down, because they have literally rearranged the entire interior of their store in the past hour-and-a-half trying to get folks in.
SERWER: It's all sale, sale, sale.
HEMMER: Yes.
ZAHN: Squeeze it in.
SERWER: Squeeze in that sale, yes, that's right.
HEMMER: Thank you, Andy. See you a bit later.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
Street?>
Aired December 23, 2002 - 07:47 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: It is this guy, Andy Serwer, who is watching our portfolios for us right now.
Good morning.
ANDY SERWER, "FORTUNE" MAGAZINE: Good morning to you guys. The stocks were up pretty sharply.
PAULA ZAHN, CNN ANCHOR: Are they shrinking or growing?
SERWER: Yes. Well, they were up on Friday, but not so good for the year, Paula. I want just to check in and see what's going on here.
HEMMER: Tell us.
SERWER: The markets were up strongly on Friday and good enough to get us up for the week. There are the week numbers, up 78 points, Nasdaq barely moving, however probably not enough to get us going for the year overall, because we need a miracle on Wall Street, Bill, to get stocks up for the year. The Dow down about 15 percent, Nasdaq down about 30 percent. There you go. And the index that represents the overall market, the best S&P 500 down about 20 percent.
So, if you're looking at your portfolio and you're down 20 percent for the year...
HEMMER: Yes, yes.
SERWER: ... you are about average, which is sad, sad, sad.
HEMMER: A for average, a capital A.
Meanwhile, charity giving. You know, we always talk about holiday sales this time of year, but I mean, charity giving...
SERWER: Yes.
HEMMER: ... (UNINTELLIGIBLE) on vacation from that and...
SERWER: Absolutely, and charitable giving, maybe not a big surprise, is down. It's sad to say charities are reporting they're about down about 5-10 percent. Those signature kettle drives by the Salvation Army, giving down about 10 percent. Charities are saying that -- 36 percent are reporting they will be down this year.
I know we've talked about this last week, how important it is to give this time of year.
HEMMER: Yes.
SERWER: You can get a tax deduction if you do it before the first. My wife and I just did it online last week. So many charities now, you just go to their Web sites with a credit card, Red Cross, anything you want, type it in, you're done. You don't have to go anywhere.
HEMMER: Yes.
SERWER: So, it's just easy to give.
HEMMER: It's easy to give, that's right. What have you heard about retail sales quickly? Up, down...
SERWER: Retail sales are mediocre. They continue to come in right about expectations. So, not a lot of juice there. Citigroup reporting a huge loss, though, this morning, just coming across the tape, $1.5 billion. People ask me, Andy, when is the market going to go up? And I say, when all of this stuff gets flushed out of the financial system, and we're still not there yet. The market is going to be down three years in a row. If it's down next year, that will be the first time the market is down four years in a row since 1929 to 1932.
HEMMER: Wow! If '03 turns down.
SERWER: If '03 is down, yes.
HEMMER: Listen, we're watching this story across the street here in our own little, personal poll, Andy.
SERWER: Yes.
HEMMER: Sales are down, because they have literally rearranged the entire interior of their store in the past hour-and-a-half trying to get folks in.
SERWER: It's all sale, sale, sale.
HEMMER: Yes.
ZAHN: Squeeze it in.
SERWER: Squeeze in that sale, yes, that's right.
HEMMER: Thank you, Andy. See you a bit later.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
Street?>
