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American Morning

Minding Your Business: Street Life

Aired September 23, 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.


SOLEDAD O'BRIEN, CNN ANCHOR: To Wall Street now. Where did the bulls go?
Andy Serwer is "Minding Your Business" this morning.

ANDY SERWER, "FORTUNE" MAGAZINE: Hello? Where did they go? Is that what you're telling me?

O'BRIEN: Yes, hello?

SERWER: Yes, they went into hiding yesterday, and we talked a little bit about what was going on. It has to do with the dollar, and I don't want to get too technical here. But basically, the dollar has been falling. That means that foreign investors look askance, askance at U.S. stocks pulling out. But it's a mixed bag, because it's good for U.S. companies that export overseas.

So, we had a bit of a sell-off. It got bad in the middle of the day. Then, we kind of came back. Still, the first 100-point loss on the Dow we've had in about a couple of weeks here.

But, you know, also interestingly, "Dr. Jack Cafferty," market expert, pointed it out...

HEMMER: M.D.

O'BRIEN: M.D.

SERWER: M.D.

O'BRIEN: Ph.D. (UNINTELLIGIBLE).

SERWER: Sorry, Sanjay. He pointed out also the market has gone up awfully far, awfully fast, and I think that's a good point, too, that we're just seeing a little bit of a natural pullback.

So, here's where we have come, people, since October of last year.

HEMMER: Wow!

SERWER: And you can see there on the Nasdaq. I mean, that is just a tremendous run. So, don't get too fretful if the market pulls back a little bit like that. It's going to happen. And if we end the year today, we would have a great year. So, after the past three, we really, really, really need it.

O'BRIEN: You've got some interesting news out of Verizon. I like this story.

SERWER: Yes, I do too. Verizon getting all kinds of good press and I think deservedly so. You know, a couple of weeks ago, we talked about their cell phone network getting the No. 1 rating, and that obviously did a lot for their business.

Now, you probably know that cell phone portablity is coming up on November 24, which is really a big deal. I mean, it means you get to change cell phone companies and keep your phone number. I mean, that's great.

HEMMER: That's right.

SERWER: Now, here's what Verizon is saying, though. They will let you switch your cell phone number and your landline number back and forth.

O'BRIEN: Just brilliant.

SERWER: It is brilliant, and, you know, if you move, if you want to change numbers, you get to keep them.

HEMMER: But landline companies don't like this idea (UNINTELLIGIBLE).

SERWER: No, no, no, they don't. But, of course, Verizon's a huge landline company (UNINTELLIGIBLE). They're also going to be talking to other wireless companies. The other wireless companies are going, oh, we don't know if we want to talk to you about this. So, it's a big deal.

I mean, we're moving forward to the point where it's all going to be connected, as they say.

O'BRIEN: When will that be available, about?

(CROSSTALK)

SERWER: In November. Yes, exactly, the same time. But the real thing is, of course, a lot of young people only have one phone. They don't have a landline and a cell phone. But the real thing is to make your cell phone and your landline the same number, so that it would ring on your landline and your cell phone or you can turn one or two off.

HEMMER: You can do that now.

SERWER: That's right.

HEMMER: Bellsouth has that service right now.

SERWER: Right. It's all going to have that at some point soon, which is really cool.

O'BRIEN: All right, that's great news.

SERWER: It is.

O'BRIEN: Andy, thank you.

SERWER: You're welcome.

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 September 23, 2003 - 07:45   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
SOLEDAD O'BRIEN, CNN ANCHOR: To Wall Street now. Where did the bulls go?
Andy Serwer is "Minding Your Business" this morning.

ANDY SERWER, "FORTUNE" MAGAZINE: Hello? Where did they go? Is that what you're telling me?

O'BRIEN: Yes, hello?

SERWER: Yes, they went into hiding yesterday, and we talked a little bit about what was going on. It has to do with the dollar, and I don't want to get too technical here. But basically, the dollar has been falling. That means that foreign investors look askance, askance at U.S. stocks pulling out. But it's a mixed bag, because it's good for U.S. companies that export overseas.

So, we had a bit of a sell-off. It got bad in the middle of the day. Then, we kind of came back. Still, the first 100-point loss on the Dow we've had in about a couple of weeks here.

But, you know, also interestingly, "Dr. Jack Cafferty," market expert, pointed it out...

HEMMER: M.D.

O'BRIEN: M.D.

SERWER: M.D.

O'BRIEN: Ph.D. (UNINTELLIGIBLE).

SERWER: Sorry, Sanjay. He pointed out also the market has gone up awfully far, awfully fast, and I think that's a good point, too, that we're just seeing a little bit of a natural pullback.

So, here's where we have come, people, since October of last year.

HEMMER: Wow!

SERWER: And you can see there on the Nasdaq. I mean, that is just a tremendous run. So, don't get too fretful if the market pulls back a little bit like that. It's going to happen. And if we end the year today, we would have a great year. So, after the past three, we really, really, really need it.

O'BRIEN: You've got some interesting news out of Verizon. I like this story.

SERWER: Yes, I do too. Verizon getting all kinds of good press and I think deservedly so. You know, a couple of weeks ago, we talked about their cell phone network getting the No. 1 rating, and that obviously did a lot for their business.

Now, you probably know that cell phone portablity is coming up on November 24, which is really a big deal. I mean, it means you get to change cell phone companies and keep your phone number. I mean, that's great.

HEMMER: That's right.

SERWER: Now, here's what Verizon is saying, though. They will let you switch your cell phone number and your landline number back and forth.

O'BRIEN: Just brilliant.

SERWER: It is brilliant, and, you know, if you move, if you want to change numbers, you get to keep them.

HEMMER: But landline companies don't like this idea (UNINTELLIGIBLE).

SERWER: No, no, no, they don't. But, of course, Verizon's a huge landline company (UNINTELLIGIBLE). They're also going to be talking to other wireless companies. The other wireless companies are going, oh, we don't know if we want to talk to you about this. So, it's a big deal.

I mean, we're moving forward to the point where it's all going to be connected, as they say.

O'BRIEN: When will that be available, about?

(CROSSTALK)

SERWER: In November. Yes, exactly, the same time. But the real thing is, of course, a lot of young people only have one phone. They don't have a landline and a cell phone. But the real thing is to make your cell phone and your landline the same number, so that it would ring on your landline and your cell phone or you can turn one or two off.

HEMMER: You can do that now.

SERWER: That's right.

HEMMER: Bellsouth has that service right now.

SERWER: Right. It's all going to have that at some point soon, which is really cool.

O'BRIEN: All right, that's great news.

SERWER: It is.

O'BRIEN: Andy, thank you.

SERWER: You're welcome.

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