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American Morning
Minding Your Business: Rain, Rain Go Away
Aired June 09, 2003 - 07:45 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.
DARYN KAGAN, CNN ANCHOR: Does the bad weather have you down? Well, guess what? It's not good for the economy, either.
Andy Serwer is here "Minding Your Business," trying to sunshine things up for us.
ANDY SERWER, "FORTUNE" MAGAZINE: Yes, it's raining again or almost raining. The weather has been bad. You know, it's really ironic, because I remember a year ago we were talking about the impact of the drought on business. Now, we're talking about the impact of too much rain on business. And it's not so great I'll be honest with you.
It's kind of a mixed picture, though, because some businesses really do benefit, like the movie business. People don't go to the beach, they go to the movies. They go see "Finding Nemo," kind of a wet one there.
Let's talk about some other things that happen. Shopping is kind of a mixed picture here, because if it rains too much, people stay at home. If it rains a little bit, they go to the mall. So, that's a mixed one.
Tourism obviously is bad, and this applies not just to the Northeast, you guys, the central part of the country has also been very wet. Farmers are really suffering, particularly in Illinois. That corn crop not doing well.
Golf? Forget about it.
KAGAN: Yes.
SERWER: Indiana, there are golf courses for sale now because people just haven't been able to get out there...
BILL HEMMER, CNN ANCHOR: Is that right?
SERWER: ... there are some courses really in very tough shape.
The 12th wettest month on record, May was.
HEMMER: No kidding?
SERWER: Yes. We keep track of these things here on AMERICAN MORNING.
KAGAN: Have you been talking to Chad Myers... (CROSSTALK)
SERWER: Yes, he pipes these into my ear.
Contractors also very bad, of course, as well for home-building.
HEMMER: Did you see the Belmont on Saturday? What a mess. It looked like soup out there, did it not?
SERWER: That was muddy, muddy. Muddy, muddy, yes.
HEMMER: Markets today, a pretty good week again last week?
SERWER: Absolutely, Bill. We were up over 2 percent on all of the indices across the board. You can see that. Look at that, 200 points on the Dow, over 9,000. The Nasdaq nicely there at 1627. We are up for the Dow, up six of the past eight weeks.
HEMMER: Wow!
SERWER: The futures were doing well. However, Motorola this morning looking like it might spoil the party, saying that its sales of phones are weak in Asia, and blaming SARS. I'm not sure what that has to do with it, but apparently...
(CROSSTALK)
HEMMER: Back over 9,000 then and holding at this point.
SERWER: Yes, yes, that's right.
HEMMER: Thank you, Andy.
SERWER: OK.
HEMMER: Good deal.
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 June 9, 2003 - 07:45 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
DARYN KAGAN, CNN ANCHOR: Does the bad weather have you down? Well, guess what? It's not good for the economy, either.
Andy Serwer is here "Minding Your Business," trying to sunshine things up for us.
ANDY SERWER, "FORTUNE" MAGAZINE: Yes, it's raining again or almost raining. The weather has been bad. You know, it's really ironic, because I remember a year ago we were talking about the impact of the drought on business. Now, we're talking about the impact of too much rain on business. And it's not so great I'll be honest with you.
It's kind of a mixed picture, though, because some businesses really do benefit, like the movie business. People don't go to the beach, they go to the movies. They go see "Finding Nemo," kind of a wet one there.
Let's talk about some other things that happen. Shopping is kind of a mixed picture here, because if it rains too much, people stay at home. If it rains a little bit, they go to the mall. So, that's a mixed one.
Tourism obviously is bad, and this applies not just to the Northeast, you guys, the central part of the country has also been very wet. Farmers are really suffering, particularly in Illinois. That corn crop not doing well.
Golf? Forget about it.
KAGAN: Yes.
SERWER: Indiana, there are golf courses for sale now because people just haven't been able to get out there...
BILL HEMMER, CNN ANCHOR: Is that right?
SERWER: ... there are some courses really in very tough shape.
The 12th wettest month on record, May was.
HEMMER: No kidding?
SERWER: Yes. We keep track of these things here on AMERICAN MORNING.
KAGAN: Have you been talking to Chad Myers... (CROSSTALK)
SERWER: Yes, he pipes these into my ear.
Contractors also very bad, of course, as well for home-building.
HEMMER: Did you see the Belmont on Saturday? What a mess. It looked like soup out there, did it not?
SERWER: That was muddy, muddy. Muddy, muddy, yes.
HEMMER: Markets today, a pretty good week again last week?
SERWER: Absolutely, Bill. We were up over 2 percent on all of the indices across the board. You can see that. Look at that, 200 points on the Dow, over 9,000. The Nasdaq nicely there at 1627. We are up for the Dow, up six of the past eight weeks.
HEMMER: Wow!
SERWER: The futures were doing well. However, Motorola this morning looking like it might spoil the party, saying that its sales of phones are weak in Asia, and blaming SARS. I'm not sure what that has to do with it, but apparently...
(CROSSTALK)
HEMMER: Back over 9,000 then and holding at this point.
SERWER: Yes, yes, that's right.
HEMMER: Thank you, Andy.
SERWER: OK.
HEMMER: Good deal.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
