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Marketplace: Tuesday, July 13, 2004
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A look at today's markets (closing numbers)
DOW 9.37 (.09%) ;
NASDAQ 5.26 (.27%) ;
S&P 500 .79 (.07%)
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Newscast
Seems like only yesterday... wait a minute - it was only yesterday. We were hearing that commercial airlines were packed to capacity. Now we're beginning to see why. Fare wars! On this July 13th, another airline announced big price cuts: Jet Blue says its slashing ticket prices--up to a half off regular fares--on a million seats this fall. That matches deals from other discount carriers like Southwest, Air Tran, and ATA. But there could be a downside ...
Today more ominous news from Atlanta based air carrier Delta. It warned that when it issues its second quarter profits on July 19th, it'll post a whopping $1.65 billion in non-cash charges. Delta says its 2004 has been hurt by higher-than-expected fuel costs and lower-than-expected returns. In a memo to employees today, Delta's CFO said the company's financial condition grows "more urgent with each passing day." In this situation, you can understand why shareholders might be unhappy.
The crust didn't rise for Domino's. The pizza chain launched an IPO today but prices quickly sank below the $14 opening offer, to close at $13.50. Google's hoping to fare better in its IPO, which, as we reported yesterday, will appear on the Nasdaq. Today, there was much commentary about Google picking the number two market over its larger and older rival, the New York Stock Exchange.
We touched on the human element that distinguishes the NYSE from its rival. If you want to understand a bit more about the debate over human markets versus electronic ones, we invite you to stop by marketplace.org and click on our special report, "The Floor Show".
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Oops. We're Sorry About That ...
Attention 4,100 would-be teachers: the Educational Testing Service would like to offer you an apology. Not that it will get you that job you might have otherwise had. You see, thousands of teachers were told they failed a licensing exam... when, in fact, they passed.
Reporter: Cathy Duchamp
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 Fly - Nick Drake
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Paging Frank Serpico: We Need You To Teach a Class
Getting into the land of opportunity is going to get just a little bit tougher. Today immigration officials announced plans to make the U.S. citizenship tests "more rigorous". Most current tests require would-be citizens to write one sentence in English. By the end of 2006, they may have to participate in a conversation, give directions, and fill out a form. The goal, officials say, to make sure applicants are ready to function as citizens. But even stricter standards won't fully prepare newcomers for how business is done here. Say you're from a country where police routinely take bribes...
Reporter: Rachel Dornhelm
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One Day After School - Arab Strap
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France Accuses U.S. of AIDS Blackmail
Developed nations have "failed miserably" to get AIDS drugs to those who need them. That condemnation from the World Health Organization today as the 15th International AIDS conference continues in Bangkok. A more pointed criticism was offered by French delegates. They accused the U.S. of pressuring developing countries to give up on making cheap generic AIDS drugs, or lose any chance for a free trade agreement with the U.S. French President Jacques Chirac called the tactic "tantamount to blackmail." A U.S. delegate called the charge "nonsense".
Reporter: Helen Palmer
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Watching the Detectives - Elvis Costello
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Conservationists Protest New Bush Logging Proposal
This week a proposal will appear in the Federal Register to lift a ban on logging in remote areas of national forests. The plan would permit access roads to be constructed for logging purposes... unless governors petition the federal government to block construction. Administration officials are predicting most governors will do just that. If that prediction is as expected, so too is the negative reaction from environmentalists.
Reporter: Jason Paur
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Drug State - Vincent
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"Could you leave your seat back UP, Please??"
We began our big broadcast with the fare war brewing among low-cost carriers. Those cheap tickets sometimes come at a price... comfort and convenience among them. As we wrap things up on this Tuesday, we offer a travelers tip for relieving a little stress.
Commentator: Tim Bedore
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Go Down Gamblin' - Blood Sweat & Tears
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Coming up on Marketplace...
Privatizing Progress?
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<< - Back to 07/12 Newscast
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