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CNN LIVE AT DAYBREAK

Strike Out: Amtrak Worker Walkout Delayed Until Oct. 20

Aired October 2, 2003 - 06:15   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

CAROL COSTELLO, CNN ANCHOR: Well there's a new development in a planned Amtrak worker walkout that would affect thousands of commuters. This is our "Business Buzz" segment, by the way.
Carrie Lee has the latest on that from the Nasdaq market site in New York.

Good morning -- Carrie.

CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.

We are talking about Amtrak. A planned walkout by Amtrak employees was delayed yesterday until October 20. And this is the date that was set for a hearing on passengers, the passenger railroad's motion for a preliminary injunction.

Now members of the union representing 8,000 of Amtrak's 21,000 employees had said they would walk off the job tomorrow to protest what they call the railroad's chronic under funding by the government. So one of the Amtrak spokespeople says the way to gain support for the service is to provide it, not withhold it.

Now the Transportation Communications union, which represents about half of Amtrak's unionized employees, said last week it would not participate in the stoppage. Amtrak had asked for $1.8 billion in federal subsidies for 2004. President Bush has proposed half of that amount as a way to force the railroad to restructure itself. The House has agreed this month to give the railway $900 million, so half of that amount. The Senate, meanwhile, is proposing about $1.3 billion. So that's the latest. No strike tomorrow, at least until October 20.

Meanwhile, a check on the futures, markets looking pretty flat right now after a very nice rally yesterday, the first trading day of October. The Dow up about 2 percent, gaining 194 points. The Nasdaq gaining 45 points. That's a gain of 2.5 percent. So a nice way to start the month as well as the fourth quarter of this year.

One stock to watch today, Carol, Netflix. This is a DVD rental company. You can rent up to three DVDs in the mail at a time. They saw subscriber growth up 74 percent in the recent quarter and the stock was gaining nicely in the after-hours market last night. So could see some action today as well.

Back to you.

COSTELLO: We'll keep our eye on it. Carrie Lee live from the Nasdaq market site.

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