Return to Transcripts main page
American Morning
Minding Your Business: It's All Good
Aired January 22, 2004 - 08:53 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 stock market continues its incessant march higher. We are reaching lofty levels.
Andy Serwer's 'Minding Your Business.'
It's good stuff, good earnings, I guess, fourth quarter earnings, right?
ANDY SERWER, "FORTUNE" MAGAZINE: That's exactly what's going on. A 22-month high on the Dow, let's check it out. Up 94 points yesterday. And you are right, Jack, this is a great earnings season we are in the midst of right now, the best in several years, got to be.
You are seeing some choppiness. What's going on here is that people have been buying these stocks as they have been moving up in anticipation of the earnings. When the earnings come out, sometimes they sell them. So don't be surprised if a stock that you own, company announces great earnings and the stock actually falls by a dollar the next day. It's just trading.
CAFFERTY: That is buy the rumor, sell the news, right?
SERWER: Yes, that's exactly what's going on there.
CAFFERTY: Or you can buy a town.
SERWER: Yes, you can, or sell one.
CAFFERTY: Or sell one.
SERWER: Which is what the Walt Disney Company. You remember this Celebration, Florida, down near Orlando? This is this planned community that Disney opened up in 1994. There we go. Well, apparently Disney is backing out a bit. They are selling a large part of this town to a private real estate group and basically just closing up shop here. Of course the town is going to continue. About 8,000 people live in Celebration, Florida.
And I thought this was interesting, Jack, the people who bought said they will continue to make the fake snow around Christmastime and put fake leaves up in the fall just like the people at Disney.
CAFFERTY: Doesn't get any better than that.
SERWER: That's right. They call it a modern day Mayberry was what one person said who lived there. CAFFERTY: Unreal.
SERWER: Kind of like "The Truman Show." Remember that movie?
CAFFERTY: Yes, I do.
SERWER: A little bit like that, I thought.
CAFFERTY: Thanks, 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 January 22, 2004 - 08:53 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
JACK CAFFERTY, CNN ANCHOR: The stock market continues its incessant march higher. We are reaching lofty levels.
Andy Serwer's 'Minding Your Business.'
It's good stuff, good earnings, I guess, fourth quarter earnings, right?
ANDY SERWER, "FORTUNE" MAGAZINE: That's exactly what's going on. A 22-month high on the Dow, let's check it out. Up 94 points yesterday. And you are right, Jack, this is a great earnings season we are in the midst of right now, the best in several years, got to be.
You are seeing some choppiness. What's going on here is that people have been buying these stocks as they have been moving up in anticipation of the earnings. When the earnings come out, sometimes they sell them. So don't be surprised if a stock that you own, company announces great earnings and the stock actually falls by a dollar the next day. It's just trading.
CAFFERTY: That is buy the rumor, sell the news, right?
SERWER: Yes, that's exactly what's going on there.
CAFFERTY: Or you can buy a town.
SERWER: Yes, you can, or sell one.
CAFFERTY: Or sell one.
SERWER: Which is what the Walt Disney Company. You remember this Celebration, Florida, down near Orlando? This is this planned community that Disney opened up in 1994. There we go. Well, apparently Disney is backing out a bit. They are selling a large part of this town to a private real estate group and basically just closing up shop here. Of course the town is going to continue. About 8,000 people live in Celebration, Florida.
And I thought this was interesting, Jack, the people who bought said they will continue to make the fake snow around Christmastime and put fake leaves up in the fall just like the people at Disney.
CAFFERTY: Doesn't get any better than that.
SERWER: That's right. They call it a modern day Mayberry was what one person said who lived there. CAFFERTY: Unreal.
SERWER: Kind of like "The Truman Show." Remember that movie?
CAFFERTY: Yes, I do.
SERWER: A little bit like that, I thought.
CAFFERTY: Thanks, 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
