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CNN LIVE EVENT/SPECIAL

America Recovers: Earnings and Layoffs to be Announced Today

Aired October 16, 2001 - 06:49   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.
LEON HARRIS, CNN ANCHOR: Let's go check in once again with David Haffenreffer standing by with the business news this morning -- David.

DAVID HAFFENREFFER, CNN ANCHOR: Well, Leon and Kyra, we are focusing on the fundamentals today here in New York.

Corporate earnings season hitting full stride today with a number of big-name, blue-chip companies slated to report. Before the opening bell at 9:30 a.m. Eastern Time, look for report cards from big companies like Johnson & Johnson and Caterpillar. Both are among the 30 companies that make up the Dow Jones industrial average.

Southwest and Delta Airlines also expected to report. Southwest is, in fact, the only major air carrier expected to post a third- quarter profit.

And after the closing bell, reports from two of the biggest names in technology: IBM and Intel.

As for the direction of the stock market at this hour, stock index futures have been firming throughout the morning and continue to point to a strong open across the board.

And we have a number of job cuts to report this morning. First off: Unisys, the computer systems specialist, laying off 3,000 workers. Unisys posted a 50 percent drop in third-quarter earnings yesterday as airlines and other customers delayed purchases.

Commerce One is cutting about 1,300 jobs. That is a 46 percent cut of the business-to-business software company's staff. SAP, Europe's largest software company, is rumored to be buying Commerce One.

And AT&T and British Telecom are laying off 2,300 workers. The two are ending their joint venture called Concert.

And that is a quick check on business news.

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