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Is It a Dead Cat Bounce on Wall Street?

Aired May 2, 2002 - 06:44   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.
CAROL COSTELLO, CNN ANCHOR: Want to head live to New York City again to check in with Allan Chernoff for the latest on business, and we have questions for you, Allan.

ALLAN CHERNOFF, CNN FINANCIAL NEWS CORRESPONDENT: Sounds good.

COSTELLO: Those two big rallies -- two big rallies in a row on Wall Street, was that just because the market was so oversold?

CHERNOFF: Well you know, Carol, they have been signing on Wall Street and they've been signing the blues pretty much. So many people have been very negative on the stock market, and by Tuesday, a lot of people were thinking, oh my goodness, we are so oversold. There is such a chorus here singing the blues that people hopped in and bought some stocks and drove the market a bit higher. So the question is is this what they call on Wall Street a dead cat bounce, a little bounce from a very depressed level, but does it have really any momentum? Will it go higher? That's the big question right now on the Street.

COSTELLO: Well let's hope so.

Hey, I heard that Enron is going to reorganize and continue to operate. How is that possible?

CHERNOFF: Right, certainly very interesting. This actually has been the plan of Stephen Cooper since he stepped in as the new CEO of the company. He's been telling everybody we're going to get through this, follow through. But this will not be the same Enron, a much smaller company, smaller assets and they're really going to be a shadow of their former self if the plan even works.

COSTELLO: The women of Enron issue, Allan, hits the newsstands on July 1. "Playboy" magazine, you know, asked for former Enron employees to bare all. I just thought you'd like to know, July 1, August issue, they'll be in there.

CHERNOFF: OK. Well, Carol, I'll look forward to a report from you about the contents of it.

COSTELLO: Oh certainly. Thank you, Allan.

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