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American Morning

Minding Your Business: Oil Prices Spike Again

Aired February 27, 2003 - 07:56   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.


JACK CAFFERTY, CNN ANCHOR: The crisis in Iraq is doing more than raising the level of world tension. It's turning back the clock on oil prices.
Andy Serwer is off today. Susan Lisovicz is here "Minding Your Business." We'll talk about my show after we do your business news.

Oil prices up again today in London.

SUSAN LISOVICZ, CNN FINANCIAL NEWS: Yes, and that was really kind of a big factor what we saw on the markets yesterday, and what we see in the markets every day. You know, I'm following Dr. Gupta, so I'm just going to say that, you know, the economy is sick right now. But that's only one of the factors. We have this looming war with Iraq, and then we have oil prices shooting up. And that really was among the factors that figured into the market yesterday.

We had the Dow declining 1.3 percent, the second triple-digit decline in three days. Nasdaq down nearly 2 percent.

Hewlett Packard reported yesterday, one of the biggest computer makers in the world, reporting its profits were OK, but its sales were down. Profits OK, because it cost cut from its merger with Compaq last year. It streamlined its operations.

CAFFERTY: Sure.

LISOVICZ: But that's still a word for saying that it laid off people.

CAFFERTY: Right.

LISOVICZ: So, you really want to look at sales, too. Its sales were down, and that's one of the things that really hurt the market. And then oil shooting through the roof, levels we haven't seen in 12 years.

CAFFERTY: There you go. It's always a pleasure to see you.

LISOVICZ: Likewise, Jack.

CAFFERTY: Susan Lisovicz with business.

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 February 27, 2003 - 07:56   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
JACK CAFFERTY, CNN ANCHOR: The crisis in Iraq is doing more than raising the level of world tension. It's turning back the clock on oil prices.
Andy Serwer is off today. Susan Lisovicz is here "Minding Your Business." We'll talk about my show after we do your business news.

Oil prices up again today in London.

SUSAN LISOVICZ, CNN FINANCIAL NEWS: Yes, and that was really kind of a big factor what we saw on the markets yesterday, and what we see in the markets every day. You know, I'm following Dr. Gupta, so I'm just going to say that, you know, the economy is sick right now. But that's only one of the factors. We have this looming war with Iraq, and then we have oil prices shooting up. And that really was among the factors that figured into the market yesterday.

We had the Dow declining 1.3 percent, the second triple-digit decline in three days. Nasdaq down nearly 2 percent.

Hewlett Packard reported yesterday, one of the biggest computer makers in the world, reporting its profits were OK, but its sales were down. Profits OK, because it cost cut from its merger with Compaq last year. It streamlined its operations.

CAFFERTY: Sure.

LISOVICZ: But that's still a word for saying that it laid off people.

CAFFERTY: Right.

LISOVICZ: So, you really want to look at sales, too. Its sales were down, and that's one of the things that really hurt the market. And then oil shooting through the roof, levels we haven't seen in 12 years.

CAFFERTY: There you go. It's always a pleasure to see you.

LISOVICZ: Likewise, Jack.

CAFFERTY: Susan Lisovicz with business.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.