Skip to main content
CNN.com /TRANSCRIPTS
CNN TV
EDITIONS
SERVICES
CNN TV
EDITIONS


CNN LIVE EVENT/SPECIAL

Dow Declines 66.70 to 9,834.68; Nasdaq Declines 5.46 to 1,875.05

Aired November 21, 2001 - 15:58   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.
JAN HOPKINS, CNN ANCHOR: Good afternoon. I'm Jan Hopkins. We're less than two minutes away from the closing of trading on Wall Street.

Stocks are set to finish lower for the second day in a row. Several quarterly warnings from corporate America hurting stocks. Here for the details, Rhonda Schaffler at the New York Stock Exchange and Greg Clarkin at the Nasdaq site. Let's begin with Rhonda.

RHONDA SCHAFFLER, CNN CORRESPONDENT: Hi there, Jan. There was some negative news on the corporate front. And one technology company here, Analog Devices, we will talk about that in a minute, a case in point.

We also had really a situation here. A lot of traders are saying the market after that huge run up is taking a little bit of a break and people are taking some money off the table.

It is also the day before a holiday. Trading volume is very light here. So some people don't make too much into a trading pattern when you've got very light volume, like today. And you can see it was pretty steady.

The market opened down. No big swings for the market either way. And advancers and decliners -- here on the big board decliners were in the lead by about a 3-2 margin for much of the session. Jan?

HOPKINS: Thanks. Rhonda Schaffler. And now let's go to Greg Clarkin. He's at the Nasdaq market site. Greg?

GREG CLARKIN, NASDAQ MARKET SITE: And Jan, as expected, a real quiet day of trading ahead of the Thanksgiving holiday tomorrow. Right now the composite making a bit of a quiet effort to come back towards break even. It had been down about five points at 1875.

If you look at today's trading, a chart of it, you will see that trading was about a 31-point range. It was up four points early on, then it was down 27. Since that point, it has been really locked in at about a 10 or 15 point trading, right around breakeven or so. And that's where we find ourselves now.

In terms of news, we did see some of the big-name technology shares downgraded today. Microsoft, Sun Microsystems. So really not a lot working in favor of the markets, as well as the big run up that the Nasdaq has had. And that is causing some people to take some more money off the table. Right now the composite down a couple points to 1875. Jan?

HOPKINS: Trying to close at least even. Thanks. Greg Clarkin at Nasdaq Market Site. That's the sound of the closing bell at the New York Stock Exchange. And as you just heard, both the Dow and the Nasdaq finishing lower on the day as we head into this Thanksgiving holiday.

Now for a look at some of the biggest movers in the session, let's head back to Rhonda on the floor of the Exchange -- Rhonda.

SCHAFFLER: Hi, Jan. One stock we keep talking about it Enron. Again, one of the most actively traded her. 71 million shares changing hands in a quiet session. This stock ending lower again.

There are ongoing concerns about what is going on with Enron as far as credit situation, whether the deal with Dynagy (ph) is going to go through. Some on the street are wondering what's going to fare there.

Enron also got downgraded by Goldman Sachs, which raised some of these issues. The stock is only trading at $5.15 right now. Keep in mind it's lost 90 percent of its value this year.

We saw moving in some medical device makers today, including Guidant, up better than $3.00 (UNINTELLIGIBLE) on a trial for defibrillators. Basically, patient survival rates up significantly in this trial.

Sachs moved higher in what was a fairly weak retail market. Sachs came out with a loss. It was a little bit better than what Wall Street was looking for.

Analog Devices, the company here that did warn on its next quarter and we saw some pressure there. Jan.

HOPKINS: Thanks. Rhonda Schaffler on the floor of the New York Stock Exchange. Now, let's go back to Greg Clarkin for a look at some of the biggest tech movers in the day at the Nasdaq Market Site. Greg.

GREG CLARKIN: Jan, I mentioned Microsoft and Sun Microsystems being the subjects of downgrades today. Let's start with shares of Microsoft. That stock has risen about 30 percent over the last two months. (UNINTELLIGIBLE) and Smith Barney downgraded the stock this morning. Their concerns are concerned the first two quarters of next year, concerned about earnings there, that stock giving back about two percent today.

Sun was down six percent, that after AG Edwards downgraded. They said now is an appropriate time to take some profits. After all, that's a stock that's run up from below $9.00 to better than $13.00 in the last month alone. And you can see Dell Computer and Cisco Systems also finishing lower, pretty much the big cat technology names on the downside today. And the composite, finishing up the pre-Thanksgiving session with a mild loss about five points or so -- Jan.

HOPKINS: And a shorter trading day on Friday. Thanks, Greg Clarkin at the Nasdaq Market Site. That's a quick check of the markets today. Be sure to tune in to "MONEYLINE" tonight at 6:00 Eastern.

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


 
 
 
 


 Search   

Back to the top