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American Morning
Minding Your Business: Feel Free to Open Your Portfolio Statements
Aired June 30, 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.
HEIDI COLLINS, CNN ANCHOR: Good news for investors. When your 401(k) statement arrives in the mail, you might actually want to open it.
Andy Serwer "Minding Your Business" now. This is great news (UNINTELLIGIBLE) chunk that thing.
ANDY SERWER, "FORTUNE" MAGAZINE: It's been a long time, a long time. Yes, I didn't want to receive the bad news. I just threw it away.
COLLINS: Yes.
SERWER: Unfortunately now comes the hard part, Heidi, because we need to carry through for the second half of the year. But let's talk about the good news first.
One of the best quarters in a long time for investors, stocks up between 10, 12, 15, 20 percent -- look at that. There is the Dow. Now, the Dow and the S&P 500 -- or no, the Dow and Nasdaq's best quarter since the fourth quarter of 2001. The S&P 500, which is a broader index, the best one since 1998.
Stocks are supposed to be a leading indicator, the market anticipating the economy picking up in the second half.
You know, there are some good things out there. Merrill Lynch estimating that because of the tax cut, U.S. families will have $30 billion more of household income in the third quarter. So, there are some good signs out there.
COLLINS: Hopefully they'll invest it.
SERWER: Yes, absolutely. But for the year, still good news, because the market has been going up also for the past six months as well.
Let's take a look at those numbers. And what I like to do with these, Renay, you know, is just extrapolate. I just multiply that by two.
RENAY SAN MIGUEL, CNN ANCHOR: Oh, easy enough.
(CROSSTALK)
SERWER: The Dow times two, 16 percent. The Nasdaq -- by the end of the year, Nasdaq is going to be up 42 percent, right? Well, maybe not.
COLLINS: Hey, I like that.
MIGUEL: Are you banking to be a research analyst or something?
SERWER: Yes, right, exactly.
MIGUEL: What's going on?
SERWER: So, a shortened trading week this week. Thursday is the unemployment or employment report. We call the "jobs report" for the month of June. You know, if we start seeing that ticking up to 6.2- 6.3 percent, we're in trouble all over again.
MIGUEL: Right.
COLLINS: Yes.
MIGUEL: And then the last day of the quarter is today.
SERWER: Exactly.
MIGUEL: We've got earnings reports coming out in the next few weeks.
SERWER: Right, a lot of stuff.
MIGUEL: A lot of stuff. Thanks a lot, Andy.
SERWER: OK.
COLLINS: Thank you, Andy.
MIGUEL: Good to see you in person here.
SERWER: Yes.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
Statements>
Aired June 30, 2003 - 07:45 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
HEIDI COLLINS, CNN ANCHOR: Good news for investors. When your 401(k) statement arrives in the mail, you might actually want to open it.
Andy Serwer "Minding Your Business" now. This is great news (UNINTELLIGIBLE) chunk that thing.
ANDY SERWER, "FORTUNE" MAGAZINE: It's been a long time, a long time. Yes, I didn't want to receive the bad news. I just threw it away.
COLLINS: Yes.
SERWER: Unfortunately now comes the hard part, Heidi, because we need to carry through for the second half of the year. But let's talk about the good news first.
One of the best quarters in a long time for investors, stocks up between 10, 12, 15, 20 percent -- look at that. There is the Dow. Now, the Dow and the S&P 500 -- or no, the Dow and Nasdaq's best quarter since the fourth quarter of 2001. The S&P 500, which is a broader index, the best one since 1998.
Stocks are supposed to be a leading indicator, the market anticipating the economy picking up in the second half.
You know, there are some good things out there. Merrill Lynch estimating that because of the tax cut, U.S. families will have $30 billion more of household income in the third quarter. So, there are some good signs out there.
COLLINS: Hopefully they'll invest it.
SERWER: Yes, absolutely. But for the year, still good news, because the market has been going up also for the past six months as well.
Let's take a look at those numbers. And what I like to do with these, Renay, you know, is just extrapolate. I just multiply that by two.
RENAY SAN MIGUEL, CNN ANCHOR: Oh, easy enough.
(CROSSTALK)
SERWER: The Dow times two, 16 percent. The Nasdaq -- by the end of the year, Nasdaq is going to be up 42 percent, right? Well, maybe not.
COLLINS: Hey, I like that.
MIGUEL: Are you banking to be a research analyst or something?
SERWER: Yes, right, exactly.
MIGUEL: What's going on?
SERWER: So, a shortened trading week this week. Thursday is the unemployment or employment report. We call the "jobs report" for the month of June. You know, if we start seeing that ticking up to 6.2- 6.3 percent, we're in trouble all over again.
MIGUEL: Right.
COLLINS: Yes.
MIGUEL: And then the last day of the quarter is today.
SERWER: Exactly.
MIGUEL: We've got earnings reports coming out in the next few weeks.
SERWER: Right, a lot of stuff.
MIGUEL: A lot of stuff. Thanks a lot, Andy.
SERWER: OK.
COLLINS: Thank you, Andy.
MIGUEL: Good to see you in person here.
SERWER: Yes.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
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