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CNN LIVE EVENT/SPECIAL

America Recovers: Wall Street Expects Dismal Figures from Third Quarter Earnings Statements

Aired October 16, 2001 - 05:49   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.
KYRA PHILLIPS, CNN ANCHOR: First, David Haffenreffer with a quick check of business news -- hi again, David.

DAVID HAFFENREFFER, CNN ANCHOR: Good morning, Kyra. Good morning, Leon.

Well, the stock index future is making a nice bounce in just the past few moments or so. Tech shares especially in the spotlight today. Unisys said late Monday said it would cut about 3,000 jobs. The computer services company also warned about the fourth quarter. As for the third quarter, Unisys has beat the Wall Street expectations.

Dozens of other companies will release their earnings later today. They include at least five Dow components: heavy equipment- make, Caterpillar, IBM, Intel, Johnson & Johnson and United Technologies.

Overall, Wall Street is facing what may be one of its most dismal earnings seasons in a long time -- made worse, of course, by the September 11 attacks. But the major market averages did manage to rebound from their lowest levels in the last session. The Dow industrials and the S&P 500 index closing virtually flat -- the Nasdaq composite lost seven points.

And that is the latest financial news.

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