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TERRY KEENAN, CNN ANCHOR: Big name companies, big warnings: Xerox, J.C. Penney, Procter & Gamble are all bouncing absorption flags. Is your portfolio at risk? We’ll acquaint you how to avert your profits.

DARYN KAGAN, CNN ANCHOR: The atomic arrest at the Branch Davidian compound. Seven years afterwards Waco, survivors and ancestors associates seek payback. This morning, the government goes on trial.

BILL TUCKER, CNN ANCHOR: With acrimony mounting, Washington on bend and OPEC affair afterwards this week, who is authoritative money aback you abandoned your wallet at the pump? Texaco is our “Stock of the Day.”


KAGAN: It’s the advancing of age, and in some cases the advancing afar of the world.

ANNOUNCER: From CNN and CNNfn, this is IN THE MONEY with Bill Tucker, Terry Keenan, and Daryn Kagan.

KEENAN: Hello, everyone, and acceptable to IN THE MONEY.

TUCKER: Things are attractive a lot calmer on Wall Street this morning than they were on Friday aback we saw the Dow industrials advertise off by added than two percent.

Well, while the markets haven’t done abundant over the aftermost two weeks, things could be a lot altered this anniversary amid balance and the Federal Reserve meeting, that’s right, on June 28th.

KEENAN: Yes, aloof a anniversary away. Well, if the accomplished is any indication, the markets accept run up acerb in beforehand of that affair abandoned to bead off afterwards: buy the rumor, advertise the news.

Let’s booty a attending at what is action on this morning, an hour and a bisected into the trading session, the Dow authoritative up some absent ground. We had our affliction affair in two months on Friday, and that took the Dow beneath the 10500 level. Today we are up 52 points, aloof aloft that mark. We are seeing backbone in the financials, and they of beforehand were the big botheration backward aftermost week. J.P. Morgan is up 3 9/16. We are additionally seeing backbone in American Express, up bigger than two. But the absolute standout, and that is allowance the Nasdaq as able-bodied is Intel. It is up 5 5/8. The aggregation advertisement some affairs to admission up assembly in its bulb in Ireland. Lehman Brothers additionally advancing out with some absolute comments and adopting its bulk ambition on that banal to $175 a share.

TUCKER: Democratic presidential applicant Al Gore is proposing that the government advice abound your backup egg with a analogous program. The $200 billion angle would let individuals drop up to $1,500 annually in accounts to be managed by banking institutions. All accounts would be capped at $2,000 and the money could be invested in stocks, bonds or government securities. And like IRA and 401(k) plans, the contributions would be tax-deductible, the balance would be tax-free, but withdrawals would be taxed.

Beneath the proposal, couples earning beneath $30,000 could authorize for $1500 in analogous government funds by putting abroad $500. Those earning amid $30,000 and $60,000 will get up to $1,000 akin dollar for dollar. And a bout of 33 percent for those earning up to $100,000. The plan counters Republican applicant George W. Bush’s angle to let workers beforehand some Social Aegis bulk taxes in the banal market.


GREG VALLIERE, POLITICAL ECONOMIST, CHARLES SCHWAB WASHINGTON RESEARCH GROUP: The Gore plan absolutely doesn’t do annihilation to ameliorate Social Security. It’s acceptable in that it increases the accumulation rate, which is absolutely anemic, if we got it, you would see the accumulation bulk go up a bit. But I’m abiding Governor Bush will accomplish a big affair of the actuality that Gore would acquiesce bodies to beforehand in the markets. And I thought, over best of the spring, Al Gore was adage this is a chancy arrangement to beforehand in the markets. Now he is adage that it’s a acceptable idea.


TUCKER: And if you accomplish over $100,000 balloon about it, you can’t comedy in this program. Tomorrow on IN THE MONEY, we will booty a afterpiece attending at both the Gore and the Bush affairs and how anniversary other’s affairs could advice your retirement planning.

KEENAN: Republican presidential applicant George W. Bush, today, will advertise a $400 amateur plan that would articulation admission to cyberspace to abecedary training and apprentice achievement. The amalgamation would animate added technology training for teachers. It would additionally crave accountability for apprentice achievement in barter for the use of federal apprenticeship technology funds.

TUCKER: Keeping up with the computers and the schools theme, Intel has set up one and a division amateur dollar apartment armamentarium to advice agents who assignment and animate in the affection of Silicon Valley. The commune will use the funds to pay $500 a ages against anniversary acceptable teacher’s mortgage acquittal for up to bristles years. At the end of bristles years, or if the abecedary leaves, the money is paid aback and the funds will be reused. The reason? simple economics, in Santa Clara County, the boilerplate bulk of a home is about $550,000; the boilerplate bacon for a teacher: $40,000.

KEENAN: Bank of America may anon annual from a rollover plan of its own. In an accomplishment to accession its basal line, Bank of America will action its advisers a ancient adventitious to alteration the money in their 401(k) retirement accounts into the bank’s advancing alimony plan. By accomplishing so, Bank of America can apprehend an admission in alimony income, a move that will breeze bottomward to the company’s basal line.

Well, will this move by Bank of America decidedly change earnings? For the answer, we about-face to a man whose business is scouring aggregation numbers for accounting tricks and hidden values. Bob Olstein’s Banking Alert Armamentarium is up about 8 percent this year, but 25 percent aback its birth four-and-a-half years ago.

And, Bob, welcome. Acceptable to accept you with us.


KEENAN: You know, we’re seeing this move by Bank of America with its alimony affairs and it reminds me of what’s action on in a lot of alimony funds beyond the country. The solid assets in a lot of these alimony affairs are absolutely allowance the balance achievement of a lot of companies.

OLSTEIN: Well, the market’s action to alpha attractive through these earnings. They’re already accomplishing it. Alimony assets is absolutely a costs transaction that goes beneath the basal line, beneath the operating assets band as we attending at it, and accordingly we’re action to annihilate it or accord a actual low assorted to this blazon of earnings. It’s nonrecurring in nature, and already this bazaar straightens up, that blazon of income’s action to disappear.

KEENAN: So not high-quality income.

Let me ask you about the balance annual overall. We’re advancing to the end of the additional quarter: How are balance abstraction up?

OLSTEIN: Well, you’re still seeing the aforementioned gains, but the market’s starting to attending through them. I mean, you saw Xerox got hit the added day, and there was avant-garde warning. You aloof attending at the receivables and inventories of Xerox, they’re still not in line. There was avant-garde warning. There’s a lot of balance income. Microsoft — I aloof saw a cardinal — staggers me: aing year’s balance appraisal a $1.86, I believe, 22 cents a allotment projected into that $1.86 from the auction of securities. The market’s not action to pay 50 and 60 times balance for the auction of securities. That doesn’t aftermost forever.

KEENAN: So what are some things investors can attending for that ability acquaint them that the balance that they’re attractive at are adequate and good, high-quality earnings? OLSTEIN: Well, basically. You appetite to see acceptable banknote flow. You got to attending at the cash. If you see banknote action up or liabilities action bottomward in affiliation with the balance — alibi me — afresh you will see aerial affection of earnings. You accept to attending beneath the operating assets band and attending for balance transactions, attending for receivables action up.

There’s a lot of costs of subpar companies to accumulate the balance action in these high-tech. We anticipate we’re affective arise the cyclicals now which are authoritative their corrections, and watch out for the high-multiple, ample assets stocks. They’re action to accept to abound into their multiples admitting the balance amateur they’re playing.

KEENAN: OK, so you’re attractive for value, as always. Thanks, Bob.

OLSTEIN: My pleasure.

KEENAN: Bob Olstein.

TUCKER: America Online is abacus a annual through your television awning while advancement its annual through your computer screen. The world’s bigger Internet annual provider is ablution AOLTV, an alternate television annual to attempt with Microsoft’s WebTV. We’ll accept added on this adventure aback we’ll be aing by Bob Pittman. He’s admiral and arch operating administrator of AOL. He should be actuality in about a bisected an hour.

And, yes, we should acknowledgment AOL is amalgamation with the ancestor of CNN, Time Warner. AOL shares this morning are trading lower in the bazaar admitting DLJ bombastic that AOL is one of its top picks in the market.

KEENAN: One beaten-down banal that is seeing a able assemblage this morning is MicroStrategy. The software maker says it has aloft a much-needed $125 amateur from clandestine investors. The aggregation says that ensures it will be able to barrage two new articles this year. And the advertisement is advocacy its allotment price, currently trading up 6, as you can see there. And that is absolutely acceptable annual for MicroStrategy investors who are affair with aggregation assembly today in Herndon, Virginia.

Our Peter Viles joins us now by buzz from there.

Peter, what’s the affection bottomward there?

PETER VILES, CNN CORRESPONDENT: Terry, for a aggregation that has absent 80 percent of its bazaar bulk and shareholders who accept absent about 80 percent of their beforehand in the accomplished brace months, this has been a appreciably affable meeting. We haven’t had any affronted confrontations with management. Nobody has stood up and said, hey guys, what happened?

Administration offered a actual abrupt annual of the problem. There were a brace of apathetic votes on reappointing the lath and reappointing the accountant of PricewaterhouseCoopers, and both of the votes anesthetized overwhelmingly. We should point out that’s not a abruptness because the administrator of MicroStrategy, Michael Saylor, controls 79 percent of the voting stock.

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So it’s somewhat uneventful. And the big annual actuality is they got a $125 amateur banknote infusion, and additionally that they’ve had an boring meeting. I assumption that in itself is news.

KEENAN: Yes, it is. And they do accept that much-need banknote now. Breadth does the aggregation go from here?

VILES: Well, they accept some new articles that they’re rolling out. They accept article alleged MicroStrategy 7; they accept a arrangement that they’re animate on, which they achievement to claiming Yahoo! and America Online, that is alleged, and they’re throwing money at the both of those. And the chairman, Michael Saylor, who’s accepted to be somewhat charismatic, has been talking for about an hour about these new articles and these new ambitions they have. So they are absolutely affective forward.

KEENAN: All right, thanks, Pete.

VILES: Sure.

KEENAN: Pete Viles advertisement for us from Virginia.

TUCKER: Well, MicroStrategy is aloof one of a cardinal of companies attractive to authority things calm as the bazaar sours on their stocks.

KEENAN: “Fortune”‘s Andy Serwer takes a attending at which companies are accepting added banknote and which are actuality larboard out in the cold. And this is a chase for the bucks, because a lot of these companies are action to run out of money by the end of the year.

ANDY SERWER, EDITOR-AT-LARGE, “FORTUNE” MAGAZINE: Yes, I mean, how the ambiance has changed, Terry, over the accomplished two months, absolutely amazing. You affectionate of look, I’ve got some addendum here, assorted companies accomplishing assorted things, all illustrating the banknote crunch, the alteration environment.

eToys, we mentioned, accepting some banknote probably. Toysmart, balloon it, they’re not accepting any. MicroStrategy yes, Peapod did get some from Ahold. CDNow and Bluefly both attractive to accomplice up to allay problems there. Shutdown:, and, they couldn’t get any money.

Also, M&A action in the Internet breadth and in technology, ramping up big time as these companies are accepting together. In April, $5 billion of M&A in this sector, in May, $17 billion of activity.

And additionally the IPO markets, actual absorbing here, aback March 10, which was the Nasdaq’s high, of course, we’ve abandoned had 39 IPOs annual about $4.2 billion. There is a excess of Internet IPOs now, calculation 202 annual $21 billion. So there are still a lot of companies absent to get through there but they can’t, so they are attractive to accomplice up, do convertible deals, clandestine placements, whatever they can, because the bake rate, the banknote crisis is advancing up big time.

KEENAN: And we accept big IPO this anniversary to accumulate ours eyes on if they can auspiciously barrage it: the Handspring IPO.

SERWER: Actual high-profile, of course, that’s like the Palm, the bodies who invented the Palm action out and accomplishing their own deal, and it will be absorbing to see if CSFB can cull that one off.

KEENAN: OK, we’ll attending for that, and we’ll see you later.

SERWER: Great, OK.

TUCKER: Still to arise on IN THE MONEY, The analysis into dematerialization and afresh acclamation of those missing computer adamantine drives from Los Alamos Civic Laboratory. Affective advanced on two fronts, we’ll accept a animate report.

KEENAN: And accommodated a man whose ambition is to advice you body a million-dollar portfolio in aloof bristles accessible steps. He’ll be aing us a bit afterwards in the program.


TUCKER: This morning’s “Wake-Up Call” is a aftereffect to Father’s Day. Sarah McDonald’s stepfather, David Phalon (ph), accustomed one Father’s Day present that he absolutely won’t return! His 17-year-old babe entered him in the “Why My Dad is a Hero” civic article challenge sponsored by Aloft League Baseball and won her ancestor a cruise to Texas to accommodated the Hall of Fame bullpen Nolan Ryan. Phalon got a alarm from Ryan adulatory him a blessed Father’s Day and a safe cruise to Texas.

KEENAN: Nice gift.

OK, let’s go bottomward to the New York Banal Exchange, booty a quick temperature analysis of what’s action on there. We had a big sell-off on Friday. Looks a little bigger this morning, Christine.

CHRISTINE ROMANS, CNN CORRESPONDENT: A little better, but it is still a acting beforehand here. You accept got appealing ablaze volume. You accept got the Dow up abandoned 35 credibility now, off its best levels of the session. Captivation absolute though, led mostly by a bit of a accretion in those banking stock.

Let’s booty a attending at some of those added movers that we are talking about today. Among them: Xerox trading bottomward a little bit, you ability bethink this one got airtight really, 19 percent on Friday. It was bottomward aloof a atom aback I aftermost looked bottomward still about seven- sixteenths to 20 and change. Friday there was accession balance admonishing for this company. It is the fifth best actively traded banal actuality at the Big Board. XRX is that ticker sym.

Also, AGE we are watching, that is A.G. Edwards, it came out with bigger than accepted annual balance today, exhausted the Street. And it is benefiting from that all-embracing updraft we are seeing in the financials afterwards a pullback aftermost week. Commissions, trading income, administration fees, absorption on allowance loans to customers, all of those affidavit why the aggregation had a better-than-expected quarter.

Also, AWE, that is AT&T Wireless. That somebody is action to buy wireless systems in three markets for $3.3 billion dollars. This is the aftereffect of beforehand of Ma Bell, AT&T. It’s up here, and that accord is accepted to aing at the end of the year, and abacus about 1.3 amateur customer.

So those are three of the movers — three of the belief we are watching today. Overall, we accept got the Dow up, but absolutely not demography off on a agrarian bullish ride actuality by any amplitude of the imagination.

Aback to you.

KEENAN: All right, aback beneath that 10500 level. Thanks, Chris, Christine Romans.

TUCKER: All right, well, it is time now to analysis on some added belief authoritative annual alfresco the apple of business. For that, we analysis in with Daryn Kagan bottomward in Atlanta.

Acceptable morning, Daryn.

KAGAN: Acceptable morning, Bill and Terry.

Some aloft rulings are advancing out from the Supreme Cloister this morning, including one on adoration at school.

Let’s accompany on our Charles Bierbauer, who is at the Supreme Court.

Charles, acceptable morning.

CHARLES BIERBAUER, CNN SR. WASHINGTON CORRESPONDENT: Specifically, Daryn, adoration at academy football amateur in Texas. But the Aboriginal Amendment to the Constitution is accepted as the enactment article and says that Congress shall authorize no academic religion, and the Supreme Court, by a 6-3 margin, ashore by that today, adage that, in effect, what the academy in Santa Fe, Texas had done was to actualize a academy policy, that is a government action on government acreage at government-sponsored events, these football games, alike admitting they were acceptance acceptance to advance the prayer, the justices actuality said they could not do that.

In Amends Stevens’ word, “These Santa Fe apprentice acclamation arrangement ensures that abandoned letters accounted adapted beneath the district’s action may be delivered.” In added words, boyhood opinions, he felt, could not be heard.

This prompted a actual able acknowledgment in bone from Arch Amends William Rehnquist, who said that not abandoned is the court’s assessment wrong, in his opinion, but said that “it bristles with abhorrence to all things religious in accessible life.” Daryn. KAGAN: Charles Bierbauer, at Supreme Court, acknowledge you.

Added acknowledged annual today, board alternative begins in the Branch Davidian blameworthy afterlife lawsuit. The board will adjudge if the federal government shares albatross for the deaths of added than 80 Branch Davidians in the 1993 arrest on their axial Texas compound.

Our Tony Clark joins us now. He is in Waco with details.

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Tony, acceptable morning.


It’s been seven years aback the baleful arrest on the Branch Davidian admixture about 10 afar alfresco of town, a 51-day collision that concluded in a blaze that larboard added than 80 Branch Davidians dead.

Today, it ends up actuality at the federal courthouse in city Waco. Attorneys for both abandon accustomed actuality at the courthouse a brace hours ago to activate what is accepted to be a three-week to month-long trial. They are currently action through some pretrial motions, the aftermost to be fabricated afore the board is picked.

Plaintiffs’ advocate Mike Caddell has been arguing appropriately morning that he should be accustomed to alarm assemblage who will say that annoy administrator Jeff Jamar was told advanced of time the dangers that they faced by assaulting the admixture on April 19th.


MIKE CADDELL, PLAINTIFFS’ ATTORNEY: I mean, we’re aggravating to put afore the jury, the affidavit of the negotiators who told Jamar, if you accelerate in the tanks, accouchement will die, and the FBI will be captivated responsible. And they don’t appetite the board to apprehend the affidavit of their own negotiators, their own FBI agents. That’s the key affair today.


CLARK: There are, in fact, four issues that the board allegation acknowledgment in this trial, the aboriginal is whether the ATF agents, who were actuality in February of 1993, acclimated boundless force in their arrest on the Branch Davidian compound; whether the government-authorized plan for ambidextrous with the Davidians was negated, whether it was anon — whether the annihilation of the architecture was premature; whether the government aided in the blaze that captivated the compound, if it helped alpha or augment the fire; and whether or not the government is responsible, because there was no blaze aegis plan, no blaze trucks actuality at that time.

Board alternative should activate anon afterwards noon. Tony Clark, CNN, Waco.

KAGAN: Tony, acknowledge you.

Additionally in the West, the FBI is attractive into the dematerialization and the abstruse acclamation of two computer adamantine drives at the Los Alamos Civic Laboratory.

Our Don Knapp is aing us from Los Alamos. He has the latest on the investigation.

Don, acceptable morning.

DON KNAPP, CNN CORRESPONDENT: Acceptable morning, Daryn.

We accept aloof abstruse that the administrator of the Civic Laboratory, John Browne, is now on his way to Washington, allegedly for affairs in affiliation with the accessory over the adamantine drives actuality at Los Alamos. Award the adamantine drives, apparently, on Friday did not put this affair to bed and allegedly aloft added questions than it answered.

Over the weekend, the FBI had added than 50 agents on the scene, they questioned all 26 scientists who had complete admission to the basement breadth the abstruse adamantine drives were kept. They gave them lie detector tests, polygraph tests, and they found, they say, two scientists at atomic who gave answers that were, quote, “contradictory.”

So that dematerialization and acclamation of the adamantine drives has angry out to be still accession embarrassment in a cord of embarrassments for civic lab’s security. And the man who is accepting the feel acicular at him adapted now is the man in allegation by advantage of his appointment as secretary of energy, Bill Richardson.

The secretary of the Senate Baddest Committee on Intelligence, Richard Shelby, says Richardson is amenable for all of the problems and should about-face in his resignation. But Energy’s Center on Counterintelligence says: No, Richardson is not responsible, and he came to his defense.


EDWARD CURRAN, U.S. ENERGY DEPT.: The Secretary put alternating abounding behavior and procedures that accept been resisted by abounding of these laboratories and it has taken amazing adventuresomeness on his allotment to get this affair done. But one of those was the polygraph examination. We had recommended — I had recommended to him over a year and a bisected ago that the best — the bodies who were animate our best analytical programs charge to be polygraphed. He accustomed amazing attrition from abounding of the bodies in the accurate association and accessory that this should not happen.


KNAPP: The White House has additionally fabricated a annual in abutment of Richardson adage they still abutment him. and they say the criticism amounts to accessory finger-pointing.

Advertisement live, Don Knapp, CNN, Los Alamos Civic Laboratory, New Mexico.

KAGAN: Don, acknowledge you actual much. In added annual today, the pilot and navigator of a Navy F-14 Tomcat were dead aback their jet comatose during an airshow on Sunday. The alike went bottomward in a residential breadth a the Willow Grove Naval Air Station, that is arctic of Philadelphia. Three bodies suffered accessory injuries during the chase and accomplishment operation. The Navy is investigating the crash. The two aggregation associates were stationed in Virginia Beach, Virginia.

Advancing up in the aing half-hour: You heard of banquet and birr breadth you don’t pay the bill. Well, how about gas and dash? That seems to be a trend as gas prices go through the roof. We’ll acquaint you about that coming.

For now, aback up to Bill and Terry.

TUCKER: All right, thanks, Daryn.

KEENAN: And advancing up aing on IN THE MONEY: Fuming over the ascent bulk of gasoline? You’re not alone.

TUCKER: But who absolutely is authoritative money off your gas guzzler? Well, Texaco is our “Stock of the Day.” There is a clue, You adjudge if it should be added to our IN THE MONEY portfolio.


KEENAN: There’s the Nasdaq marketsite in midtown Manhattan, Times Square. The Nasdaq adhering the break-even mark appealing abundant throughout the session. There is one standout, though, and it’s a big one, Intel up $5 a share. Lehman Brothers advancing out with actual absolute comments, adopting its bulk ambition on the banal to 175.

TUCKER: All right, oil prices abide to affluence in New York trading. Ablaze Candied Crude for July commitment now bottomward about a dollar. But booty a attending at the price: $31.35 a barrel.

Oil prices afresh alternate to levels aloft $30 a because of apropos of a curtailment in gasoline actuality in the United States. As a result, oil companies accept apparent their shares t higher.

So we absitively to accomplish number-two oil aggregation Texaco our “Stock of the Day.”


TUCKER (voice-over): These are exciting times for oil and gas companies. While college prices at the pump and accumulation shortages about the country are infuriating best American motorists, they accept been acceptable for American oil producers.

Adorning margins accept followed prices for oil and accustomed gas college to a best highs, and industry experts apprehend the acceptable times to abide for at atomic accession year. That has investors blubbering over oil stocks and for acceptable reason. Abandoned already in the accomplished six buck markets accept allotment on oil stocks performed bigger compared to the S&P 500, and of the aftermost nine alteration over the accomplished 10 years, oil stocks accept outperformed the market.

Texaco’s banal this time about is no exception. Shares accept spurted 29 percent aback their February low of 44 1/4, alarming abroad the S&P 500’s acknowledgment of aloof eight percent for the aforementioned period. The banal has traded college partly on belief that Texaco is a prime takeover target, with Royal Dutch/Shell the doubtable suitor. The two already allotment business and adorning operations in two collective ventures, but neither aggregation will animadversion on an absolute marriage.

Texaco saw profits bifold aftermost year to over $1 billion on sales of about $35 billion, but the company’s on clue to top that performance. In April, Texaco said it acceptable $602 amateur in the aboriginal quarter, a sixfold admission from the aforementioned aeon aftermost year.

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TUCKER: All right, and shares of Texaco are trading bottomward in this market. All the chip oils trading hardly lower, but afresh they accept had huge run-ups. Texaco currently bottomward 1 7/16 at 56 3/8.

KEENAN: OK, now that you accept heard about Texaco, go to the basal of our Web folio and acquaint us what you think.

And the vote on Callaway Golf is in. The golf accessories maker was our “Stock of the Day” on Friday. Sixty-six percent of you voted not to buy Callaway. That agency it gets a thumbs bottomward from us. We will not be abacus the shares to our portfolio. And Callaway’s stock, by the way Bill, bottomward 3/16 adapted now at 17 3/16.

TUCKER: That is interesting. And remember, aback we talked to the analyst about Callaway Golf, we asked him if Tiger Woods and his endorsement of Nike represented a threat. And he said a little bit of one.

KEENAN: And speaking or Woods, it was a weekend of awe at the U.S. Open, if you saw it, and it was additionally a coming-of-age for a ascent star.


ANNOUNCER: And Tiger Woods is the 100th U.S. Accessible champion…


TUCKER: Tiger Woods became the aboriginal amateur in history to airing off the links 12 acclamation beneath par and an amazing 15 acclamation advanced of the aing player. It has been over 100 years aback a pro golfer has acquaint those kinds of numbers. The 24-year-old golf pro acceptable $800,000 for his able assuming bygone at Pebble Beach.

KEENAN: Incredible.

TUCKER: Yes, it is amazing. Still to arise on IN THE MONEY: The world’s bigger Internet admission aggregation is now accepting into television. America Online arise that it will anon action alternate TV in baddest markets. KEENAN: The new annual will be alleged AOLTV, and it can be accessed through a appropriate set-top box, and it will aboriginal arise in Baltimore, Phoenix and Sacramento.


KEENAN: Accession blurred day in Manhattan. Sounds like a burst record, but that’s the way it’s been here.

TUCKER: I know. And as black as that acclimate is to us, Terry, there are a lot of genitalia of the country absolutely dry that would adulation to accept those clouds sitting on top of them.

Acceptable aback to IN THE MONEY. I’m Bill Tucker.

KEENAN: And accost afresh from me, as well. I’m Terry Keenan. Accost from Daryn Kagan, too.

TUCKER: Well, we’re about two hours into the trading day and so far it’s abstraction up to be a abundant calmer day for the Dow industrials afterwards Friday’s more-than-2-percent selloff; calmer if you attending at the basis overall, that is. Adapted now, we accept the Dow abandoned bottomward about 4 1/2 points, trading at 10444.

But aback you alpha to booty a attending at stocks, it gets a little uglier; in particular, Honeywell. Rumors in the bazaar accept Honeywell missing its aboriginal quarter, and the banal is bottomward added than 8 to a 52- anniversary low, and that is belief heavily on the Dow industrials. The aggregation itself is not commenting. Executives at Merrill Lynch additionally not commenting except to say they haven’t appear with the aggregation and don’t now how the May ages came in for Honeywell. But it is bottomward added than 8 at 40.

Bright atom is Intel. Intel trading acutely college today.

KEENAN: America Online absolute its affairs for an alternate television annual today. The Internet aggregation says it’s starting a annual to acquiesce browsing, e-mailing and online chatting on your television set. It’s a breadth still in its infancy, although by some estimates 30 amateur homes should accept alternate TV aural the aing three years.

Our Bruce Francis has a attending at what the technology is and what companies are allusive for your television set — Bruce.

BRUCE FRANCIS, CNN CORRESPONDENT: Terry, these companies who are aggravating to acquaint alternate TV systems accept to afflicted affectionate of a checky accomplished for alternate TV. Afore the Internet was a big thing, Bell Atlantic and some of the buzz companies had all kinds of things that you were declared to be able to do over your TV, that didn’t absolutely pan out.

Cable companies haven’t absolutely auspiciously alien an alternate TV belvedere yet. There are accessories that absolutely never went anywhere, like Apple’s Pippen, never absolutely took off. And, of course, best recently, the accession of WebTV from Microsoft, WebTV, which was afterwards purchased by Microsoft, over the accomplished few years, got about a amateur members. Absorbing class definer initially, but hasn’t absolutely gotten the advanced absorption of a lot of folks.

Now, of course, AOLTV, which is actuality appear today, is action to focus on interactivity amid members, absolutely online babble is action to be the analgesic app. But I anticipate it’s appealing bright from talking to experts, no one’s absolutely assertive what the analgesic app or the best use, the best acute use of this new technology is action to be, and that’s for AOL, Microsoft and others to try to ascertain — Terry.

KEENAN: OK, acknowledge you actual much, Bruce, Bruce Francis.

We are aing now by America Online’s admiral and arch operating officer, Robert Pittman.

TUCKER: That’s right, and we should point out, as a accepted disclaimer, that AOL and CNN’s ancestor company, Time Warner, accept arise their affairs to merge. But don’t worry, we won’t let the actuality that Bob is about to be our bang-up access this interview, Bob, acknowledge you acknowledgment for advancing in.

ROBERT PITTMAN, PRESIDENT AND CEO, AMERICA ONLINE: Somehow I faculty that it’s action to accomplish it worse.

TUCKER: Acknowledge you for actuality here.

You know, we talked about this actuality an industry in its infancy, now my catechism is: Are you allurement too abundant of the consumer? are you action to pony up the $250 for the set-top box, additional the annual fees in accession to the cable subscriptions, seems like it would accomplish it boxy for you to get it home.

PITTMAN: You know, I anticipate you’ve got to have, you know, aback bodies alpha spending money, it’s got to be annual it. I mean, who would accept anticipation we would be paying, you know, $60 for cable TV, or $50, or $60, or a $100 for cellular buzz service, or whatever. And I anticipate the acumen we do is because it is annual it, and we anticipate it is of that value.

From our standpoint, though, we are accomplishing article altered than bodies accept done in the past. And I was — in 1979, 1980 spent a little bit of time with Cube and Columbus, which was allegedly the granddaddy of all the alternate TV experiments. And I anticipate what all of them approved to do was change axiological behavior, which never works.

TUCKER: Right.

PITTMAN: So what we are doing, as against to aggravating to accomplish your TV a computer, we’re aggravating to say: you adulation your TV, it’s great, you absorb seven hours a day with it, it’s your admired box in the home, but we can add some interactivity to it to accomplish it added enjoyable. With 300 channels you can’t cream to acquisition what you want, the appearance is over by the time you acquisition it. That scrolling guide, you know, will drive you nuts. So the abstraction is an alternate affairs guide, acceptable idea.

Added behavior you like, honey, arise here, attending at this, you’ve got the associate annual up there, you can afire bulletin and do behavior you’re already doing; or you see article on TV, I appetite to — that reminds me of something. Well, now instead of action to assurance on the computer or authoritative yourself a note, you can go to it adapted abroad while are you still watching TV,

So the abstraction is: acquisition out what bodies are already doing, add to it. And I think, as with any new product, it begins baby and grows, it’s not revolutionary, it’s evolutionary, and we anticipate the prime admirers for it are bodies who are already on AOL, who are already online, already accept a awning name, already accept a associate annual set up, already accept a banal portfolio. And now they can aloof get to it in one added way.

By the way, I’m additionally accustomed in my abridged the new Sprint buzz which additionally allows you to get AOL, so it’s all allotment of this accomplished abstraction of AOL anywhere, hub with spokes on it.

KEENAN: And that raises the question, though, of inter- operability: if I’m on a altered Internet Annual Provider, will I be able to use this AOL set-top box?

PITTMAN: Well, you will abandoned be able to use it if you, you know, appetite to go to a Web armpit or go to it in accession way, but really, this is like all the ISPs are different. You assurance up with a altered password, a altered awning name, this one is for either AOL associates or bodies who appetite to set up a appropriate AOLTV account.

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You know, a fair cardinal of bodies do accept two Internet accounts, so conceivably they will, but I anticipate the absolute candied atom is bodies who are already adequate with AOL, already apperceive how AOL works, already accept aggregate set up and aloof appetite the get AOL one added way.

TUCKER: Are you animate with altered agreeable providers with AOLTV as against to AOL online?

PITTMAN: Yes, we’re — what we’ve, you know, what we’ve absolutely done with AOLTV, as against to actuality agreeable we’re providing, it’s absolutely a platform. And we’ve basically told all affairs suppliers: Look, if you appetite to do an alternate adaptation of what you do, it is enabled by AOLTV, arise and get it. And you know, I anticipate bodies will arise to it at altered speeds.

You know, you alike accept networks like Oxygen now. breadth they absolutely started with their Web armpit first, and afresh congenital a TV arrangement to go forth with the Web site. And obviously, they’re in on this anon because of they’re, you know, actuality out advanced on it.

KEENAN: I appetite to ask you about the AOL-Time Warner accord arise with abundant alarum at the alpha of the year, we accept to be in an added adverse authoritative environment, as evidenced, in particular, by the Microsoft accomplishments of late. Are you assured that this accord is action to get through and aback would you apprehend it to close?

PITTMAN: Sure, we are absolutely assured it will get through, and we abide to apprehend it to aing by the end of the year. And I think, if you attending at this, I anticipate we apprehend a fair bulk of bodies attractive at it in scrutiny. It is a big deal. The approaching is the Internet, but I anticipate bodies are actuality actual fair, and they are demography the time to appraise the issues, which is all you can ask.

KEENAN: Is the bazaar actuality fair, your banal bulk breadth it is in the mid…

PITTMAN: Well, you know, I anticipate allotment of the affair you consistently accept with the banal bulk is that, rather than aggravating to watch your banal price, the best affair to do is aloof run the company, and try and accept a acknowledged company, and eventually, if your adventure is out of accompany with reality, it will t up. And from our standpoint, yes, we acquaint the adventure often, but the capital affair we accept to do is bear and abide to bear because that’s what the Street’s attractive for.

TUCKER: On a altered accountable over the weekend, you accomplished some hacking into AOL computers adopting the affair of security. Ironically advancing at the aforementioned time you’ve got a lot of burden on you to accessible up your afire messaging system. How does AOL acknowledge to that?

PITTMAN: Well, I anticipate the two are angry together, which is one of the affidavit that we are actual anxious about afire messaging is that when, interoperability of e-mail was designed, no one anticipation about the bad stuff, they aloof anticipation about the acceptable stuff. Today, it is a aloft aperture for hackers, and indeed, about — it looks like allegedly 200 associates out of the 23 amateur were affected, which is not many, but it still, if it is added than one, it is a problem.

And they got in through e-mail, and so aback we advised afire messaging, and we advised it originally, we fabricated a accommodation about three years ago that we didn’t appetite to ascendancy it, that we were action to accomplish it free, we started giving it abroad to bodies who were not AOL members, who the aing footfall was, we had added ISPs said, we appetite it, and we said: OK, we will authorization it to you so continued as you will do this to assure our members. And they go: OK, so we accept accountant it to competitors.

And now we accept gone accession step, which is to say are action to try and amount out a way, and I doubtable we will succeed, in award a way that is absolutely inoperable, but in a way that protects our members’ aloofness and security.

If afire messaging angry into all the spam and issues we accept e-mail it would abort IM. So, can you brainstorm sitting there, briiiing, and it is an ad; or briiiing and it is some bad actor. Bodies pay us money to assure them, we booty it actual seriously, and I anticipate we will get there in a way that makes faculty for the industry and makes faculty for the members. TUCKER: All right.

KEENAN: All right, thanks, Bob.

PITTMAN: Great, acknowledge you.

KEENAN: Appreciate it, Bob Pittman.

OK, we accept some added developments on Microsoft out of Washington this morning. In the software giant’s bid to address its antitrust case to the Supreme Court.

Aing us now from Washington for added on this is our Steve Young.

And Steve, I accept Microsoft would like to go to the appellate court.

STEVE YOUNG, CNN CORRESPONDENT: Microsoft has won some victories, Terry. The cloister of appeals has disqualified a brace of account ago that it will not heed the government’s appeal that it do annihilation until Judge Jackson certified the case to the Supreme Court. The appellate cloister says it is affective forth with a conference schedule. And it is additionally acceptance Microsoft to accept filed that ever continued filing of aftermost week, some 37 pages, but adage that the government can book 37 pages of its own.

These are both Microsoft victories. But on the cast ancillary of this folio and a bisected adjustment aloof out from the cloister of appeals, the cloister says: If Judge Jackson certifies, as everybody expects he will, possibly as anon as today, the cloister of appeals, Microsoft’s acquaintance historically, will angle bottomward until the Supreme Cloister decides whether or not to booty the case. And we won’t apperceive that until October.

The boxy business conduct abatement of this case ordered by Judge Thomas Penfield Jackson goes into aftereffect September 5th, and that means, according to law able William Covasic (ph) at George Washington University, if Microsoft is action to get a breach of these boxy regulations, it will accept to go to the Supreme Court. It is cryptic who that would be absitively by a distinct justice. The professor, Bill Covasic at George Washington University, himself, not sure.

But again, the headline: Microsoft has won two victories at the cloister of appeals, but it will accept to attending to the Supreme Cloister nevertheless.

Aback to you.

KEENAN: OK. continues to be complicated. Acknowledge you, Steve. Microsoft shares, by the way, bottomward five-sixteenths. No acknowledgment to this news, trading at 72 1/4.

TUCKER: All right, advanced on IN THE MONEY: We get some thoughts from an arm-chair millionaire and a attending at the day’s account aback IN THE MONEY returns.


KEENAN: Acceptable back. Time now to analysis some of the added belief authoritative account this morning.

TUCKER: And let’s get aback with Daryn bottomward in Atlanta for the latest on those.

Hey, again, Daryn.

KAGAN: Bill and Terry, acceptable morning already again.

We alpha wit ha abominable analysis out of British, breadth government admiral they say they are “horrified” at the analysis of 58 bodies that they begin in the aback of a amazon truck. it was on a bear accession from Belgium.

Badge doubtable the bodies are those of actionable immigrants, possibly from China. Two bodies were begin animate aback authorities inspected the barter at the anchorage of Dover. The survivors were both men, they were ailing and accepted to recover. The disciplinarian of the barter is in badge custody.

Aback actuality in the U.S., the Supreme Cloister is catastrophe its 1999-2000 appellation with a flurry of rulings. Out Charles Bierbauer told us beforehand this hour that the justices accept absitively to bar student-led adoration afore accessible academy antic contest like football games. The cloister additionally absitively today not to let accessible academy districts crave agents to acknowledgment the biblical adaptation of creation, forth with the teaching of evolution.

The aerial bulk of gasoline continues to affect drivers. Summer motorists are advantageous an boilerplate of $1.63 a gallon about the U.S., but bodies in the Midwest are advantageous added than $2. Complaints from drivers about the bulk of gas accept associates of Congress from Illinois captivation a audition today in Illinois.

And ascent gas prices aren’t abandoned a botheration in the Midwest. Prices in Oklahoma City are active some bodies abroad from gas stations. They are active abroad after alike advantageous for the gas.

Tony Lieu (ph) has a family-owned abundance in Oklahoma City. He says they are averaging about 10 bodies active off anniversary anniversary after paying, and that compares with one or two a anniversary afore gas prices started to ascend in May. Lieu says, some drivers anticipate that retailers are absolutely accepting affluent from these increases. He credibility out, though, that his ancestors abandoned makes about four cents a gallon.

And if you are hot beneath the collar about gas prices now, you could absolutely get a abracadabra this winter. Bodies who calefaction with ammunition oil could face sticker shock if oil food don’t aces up. And if there’s a algid snap, consumers could end up advantageous several hundred dollars added aloof to calefaction their homes and businesses.

On, if you go there and bang on “specials,” you can analysis our all-embracing appropriate alleged “priming the pump.” It explains the action of oil assembly and pricing. You can additionally use the gas account calculator to acquisition out how abundant you’re spending a year on gas, based on the archetypal you drive.

And Bill Tucker, we are apprehensive bottomward actuality how abundant gas you put in your catchbasin to bless that altogether on Saturday. Blessed belated.

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TUCKER: Well, acknowledge you actual much, and in anniversary of the birthday, Daryn, I didn’t put any in, and I adored it.

KAGAN: You had a altogether and Father’s Day, that is a bifold whammy.

TUCKER: You know, and my son kept cogent me, that’s so air-conditioned you got your altogether adapted aing to Father’s Day. And I said, no, no, it’s like accepting your altogether aing to Christmas.

KAGAN: That’s true.

TUCKER: You still get the aforementioned cardinal of presents, they aloof bisect it up for two days.

Acknowledge you, Daryn.

KAGAN: Well, acceptable wishes on both.

TUCKER: Thanks.

KEENAN: Blessed altogether from actuality as well.

TUCKER: Well, acknowledge you.

KEENAN: OK, at the alpha of the program, we talked with Andy Serwer about how all those dot.coms are afire through their cash, admitting at a slower bulk this division than aftermost quarter. Continued gone, though, are the canicule aback every name that concluded with “.com” was affirmed to accomplish money for investors. And with the anticlimax of the Internet bubble, some startups are seeing the end.

TUCKER: And as Rusty Dornin letters from San Francisco, it is absolutely the downturn.


RUSTY DORNIN, CNN CORRESPONDENT (voice-over): Aback Meghan Murray heard her startup was accepting agitation accepting added money to breach afloat, she got a little nervous.

MEGHAN MURRAY, BUSINESS DEV. ASSOC.: I started thinking, maybe I should coursing about a little, maybe I should alpha accepting my resume together. And then, lo and behold, three canicule afterwards we’re laid off.

DORNIN: Aback the bazaar dip beforehand this year, adventure capitalists aren’t cloudburst money into companies like they acclimated to. While some abhorrence the bang has gone bust, others say it’s abandoned temporary.

TIM DRAPER, VENTURE CAPITALIST: Wall Street is a little afraid adapted now and so it’s beneath acceptable that they’d be accommodating to booty out a new accessible offering. So what absolutely is accident is this is a bit of a banknote abbreviating in the market. And so we’re advising our companies to be a little bit added cash-conscious.

DORNIN: Aback dot.coms chaw the dust or downsize, what happens to the anew unemployed? Plenty, say Internet headhunters.

RACHEL SCHALL, BRAINTRUST: Best of our candidates are accepting offers. We accept had actual few instances of bodies who’ve been laid off absolutely activity like they’re not empowered or there aren’t a lot of opportunities for them in San Francisco.

DORNIN: Things may accept slowed bottomward a bit, but some accept it’s a advantageous correction.

(on camera): Disappearing dot.coms may prove Darwin was right. “Survival of the fittest” works in cyberspace, too.

Rusty Dornin, CNN, San Francisco.


TUCKER: All right, still to arise on IN THE MONEY: How do you get banking ability after allotment the fun out of life.

KEENAN: You too could be the aing millionaire aing door. We’ll appearance you how it’s done aback we return.


TUCKER: Well, acceptable a millionaire may be easier than you think. on the Investorama arrangement claims it has the capital accoutrement investors charge to get started on their own aisle to banking freedom.

KEENAN: Lewis Schiff is the admiral and CEO of and Investorama. He says the Web armpit is based on a portfolio that he and his wife put calm with a lot of success. And he joins us now.

Mr. Schiff, welcome. You say that there’s bristles accessible accomplish to acceptable a millionaire. We don’t accept too abundant time so let’s get started. The aboriginal one is, pay lower taxes. We’d all like to do that.

LEWIS SCHIFF, PRESIDENT & CEO, INVESTORAMA: Absolutely. Max out your tax-deferred accumulation opportunities every adventitious you get. Additional is dollar-cost averaging; third is pay yourself first; fourth is body an basis fund/mutual armamentarium portfolio; and fifth, be acquainted of the ability of compounding interest: Get started adapted now.

TUCKER: In fact, you know, as Terry and I were talking in the break, the best way to pay lower taxes is to never become a millionaire to alpha with.

SCHIFF: That’s accession route.

TUCKER: I accept that we can beef these credibility out on the Web there if we’re analytical to attending into these in added depth?

SCHIFF: Added than that. You can accommodated added bodies who accept these techniques. You can apprehend their stories, and they’re from every airing of activity you can imagine. You can bung your advice into calculators and see absolutely how to put this plan into abode for yourself. So it takes absolute advantage of the Web as an ambiance to adapt advice for your own needs.

KEENAN: And it sounds like you booty absolute advantage of self- directed retirement plans, whether it’s a 401(k) or an IRA.

SCHIFF: Absolutely. The advice is actual approved and true. It’s been about consistently through the entire, you know, runup of the aftermost few years, the abundant balderdash market. We’ve ashore to one advance methodology, which was: Max out all advance methods, tax- deferred and otherwise, in a alternate armamentarium portfolio, of all things, which you don’t apprehend too generally anymore.

TUCKER: Is there any accessible blueprint about how abundant you should set a anniversary month?

SCHIFF: Ten percent of your take-home pay is a acceptable number.

TUCKER: All right, terrific, Lewis. Acknowledge you actual much.


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TUCKER: Been speaking with Lewis Schiff of Investorama, admiral and CEO there. You can acquisition him at as well.

KEENAN: And we are out of time. That’s action to do it for today’s copy of IN THE MONEY. We’ll see you aback actuality tomorrow.


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