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American Morning
Minding Your Business: Unhappy Anniversary
Aired March 10, 2003 - 07:46 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: This is Andy Serwer.
ANDY SERWER, "FORTUNE" MAGAZINE: Hello. Good morning.
(CROSSTALK)
PAULA ZAHN, CNN ANCHOR: How are you, Andy?
SERWER: I'm fine, I'm fine. I wish I could say the same thing about our stock market, though.
HEMMER: Yes.
SERWER: Not a good one. We were up a little bit on Friday, Bill, but for the week it was sort of a nasty one. Another nasty one there, look at that, down two weeks in a row, 151 on the Dow, everything else. Futures down a little bit today as well.
Hey, unhappy anniversary to you, Bill.
HEMMER: Well, thank you.
SERWER: It's...
HEMMER: And why would that be?
SERWER: Because three years ago today, the Nasdaq peaked.
HEMMER: Really. Five thousand?
SERWER: Do you remember that? Do you remember those heavy days? Five thousand forty-eight. There was that close three years ago. Boy, what a different world it was back then, right?
HEMMER: Yes, it was. Look at that. This seems almost (UNINTELLIGIBLE).
SERWER: Look at this, here's some happy guys. Look at them. Yes, you'd be smiling, too.
(CROSSTALK)
SERWER: Those guys are happy. What a different time it was, you know, before the recession, before the market crashed, before 9/11. And the Nasdaq is now down 75 percent.
HEMMER: It was unreal money. SERWER: It really was. All of those tech stocks, we're going to be talking about it throughout the morning showing just how far some of those giants have fallen -- Cisco, Dell, and then things like Yahoo! and Priceline. It's just remarkable. And of course, all of us investors out there probably have shared in that decline.
One thing I want to share with our viewers, though, Paula...
ZAHN: Yes.
SERWER: ... is our picture of our own Bill Hemmer.
HEMMER: See, you didn't know you could wear a baseball cap in the desert.
SERWER: Look at that. There's Bill. It's an article about CNN preparing for a war if there is one, and there's a nice picture of Bill. The only question about that picture is, Bill, what in the world are you looking at over there?
HEMMER: I was looking at the next Abrams (ph) tank (UNINTELLIGIBLE) on my right.
SERWER: You best be careful, right?
HEMMER: Actually, it's a really insightful article about how our network has really geared itself up right now...
SERWER: Yes.
HEMMER: ... in the event of this conflict and how we can relay that story, not only to the viewers in this country but around the world, because CNN International is seen by everyone overseas.
SERWER: A lot of preparation.
HEMMER: It's a great piece. Pick it up in "The Wall Street Journal."
SERWER: OK.
HEMMER: Thank you, Andy.
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 March 10, 2003 - 07:46 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: This is Andy Serwer.
ANDY SERWER, "FORTUNE" MAGAZINE: Hello. Good morning.
(CROSSTALK)
PAULA ZAHN, CNN ANCHOR: How are you, Andy?
SERWER: I'm fine, I'm fine. I wish I could say the same thing about our stock market, though.
HEMMER: Yes.
SERWER: Not a good one. We were up a little bit on Friday, Bill, but for the week it was sort of a nasty one. Another nasty one there, look at that, down two weeks in a row, 151 on the Dow, everything else. Futures down a little bit today as well.
Hey, unhappy anniversary to you, Bill.
HEMMER: Well, thank you.
SERWER: It's...
HEMMER: And why would that be?
SERWER: Because three years ago today, the Nasdaq peaked.
HEMMER: Really. Five thousand?
SERWER: Do you remember that? Do you remember those heavy days? Five thousand forty-eight. There was that close three years ago. Boy, what a different world it was back then, right?
HEMMER: Yes, it was. Look at that. This seems almost (UNINTELLIGIBLE).
SERWER: Look at this, here's some happy guys. Look at them. Yes, you'd be smiling, too.
(CROSSTALK)
SERWER: Those guys are happy. What a different time it was, you know, before the recession, before the market crashed, before 9/11. And the Nasdaq is now down 75 percent.
HEMMER: It was unreal money. SERWER: It really was. All of those tech stocks, we're going to be talking about it throughout the morning showing just how far some of those giants have fallen -- Cisco, Dell, and then things like Yahoo! and Priceline. It's just remarkable. And of course, all of us investors out there probably have shared in that decline.
One thing I want to share with our viewers, though, Paula...
ZAHN: Yes.
SERWER: ... is our picture of our own Bill Hemmer.
HEMMER: See, you didn't know you could wear a baseball cap in the desert.
SERWER: Look at that. There's Bill. It's an article about CNN preparing for a war if there is one, and there's a nice picture of Bill. The only question about that picture is, Bill, what in the world are you looking at over there?
HEMMER: I was looking at the next Abrams (ph) tank (UNINTELLIGIBLE) on my right.
SERWER: You best be careful, right?
HEMMER: Actually, it's a really insightful article about how our network has really geared itself up right now...
SERWER: Yes.
HEMMER: ... in the event of this conflict and how we can relay that story, not only to the viewers in this country but around the world, because CNN International is seen by everyone overseas.
SERWER: A lot of preparation.
HEMMER: It's a great piece. Pick it up in "The Wall Street Journal."
SERWER: OK.
HEMMER: Thank you, Andy.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
