have a good weekend. welcome to the "closing bell." >> i'm in for bill griffeth. thank you very much for joining us. >> i'm michelle caruso-cabrera in for maria bartiromo. stocks are lower in the final hour. the dow is now poised for its first down week of the year. prior to this week, the blue chip index had been up for the past three weeks. we had disappointing names from ford and chevron, along with the profit reports showing that the u.s. economy grew at a slower pace than previously expected in the fourth quarter. also making headlines, the "wall street journal" reporting facebook could file papers for an ipo as early as wednesday. and that the social media giant is close to picking morgan stanley as the lead underwriter. we'll look what the long-awaited move could mean to the technology and ipoland scape. don't miss maria's special interviews from the world economic forum in davos.

she'll talk about what's ahead for greece, and the eurozone's economic commissioner. >> let's have a look at where we are. this could be the first weekly decline we have so far this year for the dow jones industrial average. the nasdaq actually doing better for the week abroad. it's still gaining. s&p also down, and indeed it has a weekly decline. what are traders talking about today. mary thompson is our eye on the floor. >> they have plenty to talk about, don't they? >> i think they would love to have a piece of that facebook. >> if facebook becomes public, it would rank 25th in the s&p 500. that would be a nice debut. >> the volume would be, you can imagine -- >> they would love that. again, we've been talking about it.

no volume. same story today, $2.6 billion. average over five weeks is 4.1. it's very, very light right now. >> the facebook list here or at the nasdaq? >> we don't know yet. >> really? morgan stanley goldman -- >> we will see. i'm sure either one of them obviously would love to have it. i think a lot of people assume the nasdaq. but nothing's been said. >> we'll hear from julia later. >> exactly. what we've seen is a turn-around in about the last hour or so. financials actually leading the sectors that are moving higher. if we can bring that up. well, maybe not. financials, tech, utilities -- here we go. financials, technology, which has really been the outstanding sector today, to the upside, i guess you could call it. utilities have been under pressure throughout the session. the gdp number certainly was a surprise to many that it was

weaker. the final sales weaker than expected. it could suggest weaker demand for utilities down the road. morgan stanley and goldman sachs, these are the two banks that will have the lead roles with the facebook ipo. you can see a little bit of -- actually, yeah, basically moving almost in tandem there when the news was announced right about 2:00 p.m. or so. goldman's expected to have a little bit of a leg up, because it already has an investment in facebook. but keep in mind, and kayla has been talking about this, she said morgan stanley, the fees in general are expected to be less than what you would -- particularly what you would normally get, in proportion. it will still be a significant -- a good amount of money for either of them. but she said it's mostly for -- >> they cut the rate. so that way they would get the deal. that would be very interesting. i love it.

thank you, mary. let's focus on the big story of the day. facebo could file for ipos as early as next wednesday. in today's "closing bell," kayla is standing by in headquarters. sorry, we got started without you. let's talk about the battle between goldman sachs and morgan stanley here in terms of who's going to be the underwriter. >> the battle extends far beyond morgan stanley and goldman sachs. but it's come down to the two of them. morgan stanley obviously having the prime role in a lot of these internet ipos this year. goldman sachs did the private placement with dst last year. there was a rule here in the u.s. that you can't overmarket a private placement. very, very strict s.e.c. rules about the way that a bank can market a private placement to its investors. and so because of those rules, and because of potentially going up against those rules, goldman

was unable to include its u.s. clients in that deal. and it was forced to go outside of the u.s. that left goldman in a pretty bad spot as far as press coverage went, having to exclude facebook's domestic, you know, headquarter country in that offering. that's why the "wall street journal" story says you'll see goldman sachs in a large role, but said morgan stanley is likely to be in the lead. that should be announced pretty shortly. that's what we're expecting. >> kayla, if goldman was here, i'm sure they will say basically, it's history in the making. the question of at what point does a private deal become so public, because it is so big, something that their lawyers were kind of fighting with shoulder-to-shoulder with facebook. and at the end of the day s.e.c. called them out. but they would argue they couldn't have foreseen that would necessarily happen. it was new territory, if you like. >> exactly. i think when you're dealing with a company like facebook, which has 800-plus million users.

brian sullivan just said the breakdown from the newspapers london, said each facebook user is worth about $125. you read facebook, you know what it is. it's gotten a lot of coverage for that. it was almost unavoidable, simon. but as far as the fees, they are expected to be extremely low. the size of the deal, though, it's going to be a hij ipo. meaning any sort of percentage fee on that will still be -- >> but why are the fees low? are they fighting that hard for this deal? i don't understand why the fees would be lower in terms of percentages. they cut them a break? >> the way that they step up, michelle, when you get above several billion dollars, your fees are just around 2%. so when google went public, it only raised about $200 million. but they talked morgan stanley down to fees of 2.8-piece. when you think of the 7% rate that the ipos come in, that was considerably lower when they did that in 2004. >> the underwriters did less,

didn't they? they didn't run a book after the close, did they? >> they did less. you could argue they did less. but they still had to handle all the accounts. they had to set up brokerage accounts with the banks. you can also argue that they had to do just as much, if not more, to set all of that up. >> we're almost out of time. julia, come in here. a lot of people are going to make a lot of money on your side of the states that got in early. >> that's right. we're going to see a whole new generation of facebook millionaires. i just want to weigh in here. i'm getting some new information on the kind of results we'll see from facebook in 2011. my sources tell me that facebook will report about $3.8 billion in revenue for 2011. on operating income of about $1.5 billion. so these numbers are a little bit smaller than what some people were expecting. there were some reports late last fall that facebook might come in with over $4 billion in revenue. this is still significant growth. we're looking at in a certain sense doubling of revenue and operating income compared to the

prior year. facebook continues to grow very fast. and report significant revenue. of course, this is advertising revenue. one thing a lot of people are going to be paying attention to is whether facebook is interested in diversifying in its reliance on advertising. >> we're saying it could trade at a price at 100 times earnings? >> yeah, what valuation are we talking about here ultimately? >> you said $1.5 billion was operating profits? >> $1.5 billion in operating profits. and as kayla mentioned, i think we're talking more in the $80 billion range than $100 billion valuation. >> interesting. ladies, thank you very much. thank you very much. >> one heck of a moth ball. >> but if you believe it's the backbone through which everything else is going to happen -- >> people scoffed at google, remember? >> we're already asking these

questions. does it deserve to be valued as much as $100 billion? >> let's take a closer look at the big movers in the market today. brian shactman is at the cnbc realtime exchange as we count down the most important trading hour of the day. >> the weakest of all the major indices, alcoa at the top. at the bottom, chevron. cisco, travelers, down also. boeing down about 1%. let's talk specifically about chevron. it's a very interesting story. they warned on profits. that wasn't a shock. they actually lost money on the downstream business. the stronger dollar in the quarter had a negative impact down 2 1/3%. epsb, revenue was okay. the guidance disappointed. but the company basically wants investors to hang in there. because they expect the back half of 2012 to be strong. it's down three-quarters of 1%

right now. let's start with rubbermaid. solid numbers. eastman chemical is another dynamic story. the eps was a miss. good guidance. plus the street absolutely loves their acquisition of solution. that stock up 6%. then i want to point to knit flix. it's another 4.5% today. 75% year-to-date. those are incredible numbers. on the flip side, sharp, devry, we'll see what happens with them. ford, down close to 4% today. we discussed this a lot. earnings missed mainly on input costs. the guidance on top of that. they are down big for the day. that's it from the realtime exchange. michelle, back to you. >> all righty. thank you very much, brian

shactman. treasury prices continued to rally after the disappointing fourth-quarter read on gdp we got today. rick santelli has the details. >> you know, as i look at a ten-year, it closed last week at 202. we're down 13 basis points. you can clearly see this week we're on our way to the highest yields of the year. then something happened on the way to the forum. it was called the fed meeting. it definitely turned the market down. and as michelle aptly pointed out, 2.8 gdp. even the 2.8 bolstered by inventories really wasn't a positive. rates kept moving down. maybe the stellar performer is the five-year. yes, we closed yesterday at 77. but if you open it up to a 20-year chart, i defy you to find a lower yield. historic low yields should be closed down for the five-year note. let's take a look at some etfs. if you look at the lqd, and that's the investment grade etf,

this is price, not spread, you'll see that it continues to make all-time highs. because everybody wants to be grabbing for something with a little bit more juicy yield than what's going on in treasuries. but the hyg, even though it was at the highest levels yesterday, since last summer, it did turn down a bit as you can see on the interday chart. it looks like investment grade winning the race, but only by a few steps. michelle, bill, back to you. >> it's simon today, but that's okay. >> don't worry. >> sorry, simon! >> i don't mind. >> there are 47 minutes before the closing bell. the dow jones industrial average is lower by 58. the nasdaq is higher by 12. and the s&p is lower by .75 of a point. >> making a jump from private to public for facebook to change its strategy. once you have to answer to all the public channels. >> big interviews from the big economic forum in davos, switzerland.

explaining how the european debt crisis is impacting their business. >> later we'll hear from the german finance minister himself, and european commissioner on economic and financial affairs, how close we may be now to a greek debt deal. >> this is how the s&p 500 is shaping up. it's about half and half, positive to negative. you're watching cnbc, because we are first in business worldwide.

now facebook reportedly set to file its ipo as early as wednesday. and it could value the company at up to $100 billion. but will making the transition from a private to a public company have a big impact on how the company ultimately does business. jon fortt joins us for that angle. mark zuckerburg not only becomes a billionaire, but he has to

hold the gms, is that the deal? >> sources in the valley tell me zuckerburg has wanted to put off this ipo as long as possible because of the disruption it will caution at the company. suddenly everybody will be focused on who is a billionaire, or a millionaire. how much money is facebook actually generating? an estimate from research firm emarketer said they did about $4 billion in revenue. that's in the ballpark of what yahoo! did. a $19 billion stock. but in ads for facebook, it becomes about selling an audience in transactions. remember, there are 800 million users here. probably more than that at this point. but you know, you shouldn't think about facebook's revenue growth, and profit growth in the future about being about user growth. because it's also about turning these users into shoppers. they have more than just ads to

sell. they also have transactional windows. this is a platform, not just on pcs, but also on tablets now. and on smartphones. as that mobile growth starts to happen, if facebook can figure out how to leverage that, especially with transactions, you start getting whole new models with how the business could look like, particularly in emerging markets. that's what facebook has to think about beyond the engineering piece. they have to think about sales and things. that's what investors should also be thinking about, about engagement and how much money is flowing through the facebook platform. >> all right. got it, jon fortt. thanks so much. we'll have much more on the facebook ipo later. and in davos, switzerland, talk of the town, how to some of the debt issue concerning greece.

>> i'm in davos, meeting people in panels, all i hear is about the european debt crisis. this is sort of the wild card in terms of being in the investment community. are you worried? >> you know, you have to have a good degree of concern. you know, the structural challenges of a unified monetary system with a nonunified fiscal system in the eurozone has created real tough structural issues for europe. that being said, the political capital that has been spent to build the eurozone is enormous. i think we in the united states shouldn't underestimate the capital that has been spent. also, the european central bank, as everyone has been talking about here in december, took a very bold move, and really rolled out a cannon to give liquidity to the markets across europe to buy the politicians some time. are we concerned? yes. are we worried? much less, i think, than people were a couple months ago.

>> let me get your take on the pipeline as you see it, in terms of investment banking. what can we expect as far as business in 2012? are you seeing a robust lineup of business? >> one of the things about davos we need to call on is, you know, the emerged countries are still doing pretty well. from china, to brazil, to india. there's a lot of -- the balance sheets of those countries are in good shape. there's growth. we're seeing a lot of activity. dialogue with the united states is quite robust right now. corporations do have a lot of cash as people have noted on. we're one of the largest small business lender in the united states. our loan book is up 70% over this time last year. so the u.s. consumer, i think, is doing better. if there was a surprise, i think it would be a surprise to the upside in the u.s. economy this year. >> mary, you've been talking about people wanting to look at china, wanting to look at the economic markets to put money to work, and credit as well. is that what you would recommend?

what are the opportunities today for investors? >> the first step is credit. there's still tremendous opportunities in credit. >> that's where you get the yields, right? >> that's exactly right. there's so many opportunities. and there's a lot in a lot of the public markets as well. but the private markets, you know, many of thefolios are up 3, 4%. you're seeing strong momentum that we hopes continue throughout the year. >> okay. the view there from davos. we'll keep you updated what we get from the greeks. we have now 40 minutes to trade. 39 minutes to trade. still down 37 points. >> oil prices may be up 1% so far this year, but our next guest says the charts show a bearish outlook. we'll break it down next in "talking numbers." >> google is coming under fire. find out why privacy advocates

are outraged and how it could end up hurting the google brand. >> how some of the big names in technology are trading at this hour.

welcome back to "closing bell." just within the past few minutes, the obama administration has announced changes to the mortgage modification program.

this program has not been all that successful in getting people reduced balances on their mortgages. homeowners across the country struggling under debt payments. now the obama administration is going to extend the program for an additional year. they're also going to open it up to vacant homes and renters will now be eligible to participate in that hamp mortgage modification program. this is an effort by the obama administration to really force banks to do something to help out struggling homeowners. >> do we think there might be more as a result of the state of the union address? >> this is definitely following up on the comments the president made earlier in the week in the state of the union. this is all they're announcing just now. clearly there are efforts going on behind the scenes to help banks come up with some solutions for these really struggling homeowners and help kick start that home market at some point in the future. >> thank you very much on that. down on the floor, we have 35 minutes to trade. and clearly, we're watching for news out of iran over the

weekend. how will oil trade from here. let's see what the charts have to say. yes, we're talking numbers. on the technical side, abigail doolittle, and the fundamental side peter joins us. abigail, let's start with you. what are the charts telling you about oil? >> the charts for oil continue to look bearish. there are many bearish aspects at work. in the near term we appear to be looking at a bearish head and shoulders pattern. as long as crude stays below $102. the target on crude, 92 for roughly 8% decline from current levels. that's the pattern to pay attention to. this pattern breaks to the downside nine times out of ten, confirms at # 88. 30% decline. that's not the pattern to pay attention to. that would be a real, you know, sell-off of risk at some point in the future.

right now is the head and shoulders, if oil closes below $98, it will probably head to the $92 level at least. >> protecting somewhat of the down side, saudi arabia can't have oil go below $90 or they can't balance their budget. number one, emerging growth is still offsetting the decline in developed markets. we're also seeing the oil's bff, and that is ben bernanke. and also the geopolitical risk that will remain with iran. so in the short term, i don't know where oil's going to go. but because of those factors, in the next couple of years they'll head higher. >> briefly, what do you think saudi would do if the oil price started to move down below that critical multi-dollar threshold? >> they'll cut production. they won't overtly say they will, but any production above quota, they'll just get back to quota, because of all the money they spent over the last year after the arab uprising.

oil needs to be higher and higher, in order for them to balance their books. >> peter, thank you very much for your time. and abigail doolittle, thank you for coming in to see us. michelle, back to you. >> the dow jones industrial average is lower by 47 points. nasdaq higher by 16. the s&p is flat, with about 32 minutes before the closing bell. should you take profits right here or is the pullback an opportunity to buy back into the market? we've got two experts to weigh in next. plus, we're going to get the options action trade on how to cash in on any further upside in the price of gold. first, though, here's how the major commodities are trading. especially in the discussions about oil.

welcome back to the "closing bell." i'm mary thompson at the new york stock exchange. the dow is down 45, and the nasdaq is slightly higher. let's check and see where gold finished out the trading session, at a seven-week high today. helped earlier in the week by the fed's forecast for continued

low interest rates through the end of 2014. that sends investors into the precious metals seeking a safe haven that could have a little added return. another story to the low interest rate policy the fed is maintaining comes from federated investors which says it will cost it $27 million in the first quarter. because if it didn't waive the fees, it would turn negative. the dow is down 44. guys, back to you. >> thanks, mary. the story of the day so far, a report that facebook could file ipo papers as early as wednesday, as a result social media stocks are making big moves on the news. brian shactman has the details. >> thanks, michelle. social media is really a gem basket. facebook is such a unique company, the only thing that is vaguely like it might be the business version. and you need to look at the intraday chart to understand the movement here in the stocks. boom, straight to the upside. many of these names were in negative territory before the

facebook news came out. zynga, up 6.5% as well. the charts are pretty much the same. group-on, pandora, carbon copies now. i can't use the metaphor carbon copies in 2012, i'm told, because no one young knows carbon copies. it's worth noting, group-on up barely. zynga up slightly. you want to note, morgan stanley looks like it might be the lead underwriter. close to reeling in a giant like, which is good. goldman sachs won't be far behind. both companies have seen strong moves. michelle, back to you. >> the dow and s&p are set to end the week in the red for the first time this year. >> it's been a good year

overall, as you can see. we've got decent gains on the dow. are we losing steam or more gains ahead? david is chief investment strategist with morgan stanley smith barney. and he joins us along with anthony chan. david, what do you think? >> well, simon, we've been calling, as you know, since october, for somewhat of a slowdown. europe in the session, we think already. u.s. slowing. secondly, it's dysfunctionality. austerity in the u.s. coming in 2013. we're less sang wid about earnings this year. we think they'll only be up 2.9%. consensus for 7%, 8% gain for 2012. next year we think another 3%. that's all. and the consensus is for 12%. so we think deleveraging, dysfunctionality and deceleration are going to hold the market back. >> the markets had a great start to the year. >> 4.5%, simon, you're 1,000% request.

no question about it. the bank stocks have performed beautifully. they're up 10%. in the u.s., 12%, 13%. you would basically want to upgrade your portfolio. sell things that haven't moved, that are laggards and stay in consumer staples, stay in health care and utilities. >> anthony, where does the market go from here? >> we think that the economy is going to grow. not by much, maybe 2%, 2.25%. we think we'll have rates of return that are going to be single digit. we think you're going to want to supplement that with things like credit which will perform well in this environment. >> were you horrified by today's gdp data, not for the headline, which is very respectable, but for the fact that it was stuffed full of inventory gains which may well be temporary. >> simon, you're absolutely spot-on. 60% of the headline increase in gdp was in fact inventories. and we see there are a lot of other things in there that are

certainly on the weaker side. government expenditure is much, much weaker. residential investment was stronger. but it's such a small part of the overall economy, it didn't help much. so it was a little disappointing. >> remember, that mr. darst's firm was involved in this story. so keep your fingers crossed. facebook going public, it feels like the retail investor may have left this market. with facebook going public, would this bring -- i remember maria here when aol traded. at the opening, bang, bang, bang. could it be like that? >> my lips are sealed in the offering. in compliance with all the rules and regulations. however, i think the best aid to individual investors having continued confidence in the markets would be to get control of high-frequency trade, and no more flash crashes, michelle. to me that would be much more important than one ipo. there were a bunch of tech-related ipos that followed this last fall. a lot of folks are linked in

today through social networks, no question about it. and the movie and all that. however, to me, you want to feel we are working on a level playing field. and not competing against computers. >> can this bring back the retail strefr? >> we want to see our successful placements, they tend to boost confidence. of course, confidence means higher prices. and that means wealth and that's good for the economy. >> what about the valuation they're talking about? did that just make your eyes roll? >> i'm not going to comment. >> okay, guys, we'll leave it there. >> thank you for having us. >> see you later on. now, to trade we have 23 minutes still left on the clock there. down 45 points on the dow. >> some critics say that google's new privacy policy could lead to the end of anonymity on the internet. never knew it existed. are they right? could this hurt google's brand? >> the ripple effects of facebook's upcoming ipo. the winners and losers in the

social media space. that's ahead at 4:30. >> here are some of the standout performers today. but first, the "dividend." which of these stocks has nearly doubled so far this year? crocs, hovnanian enterprises, or us airways? the "dividend" pays off after the "dividend" pays off after the break. after they're burnt!

and saving at the same time.

just before the break as part of the "dividend," we asked which of these stocks has nearly doubled so far this year? crocs, hovnanian enterprises or us airways? now the payoff. hovnanian enterprises. the fd as has approved pharmaceuticals by injureian drug. the diabetes drug, this is the third attempt to get it approved. they already have an approval in europe which they received last june for their type two diabetes drug. we're waiting for the u.s. usda.

shares were halted around 1:45 eastern standard time pending news from the fda. they remain halted. and we will surely update you once they become active. one stock that is moving in response to this approval is novo nordisk. it named paula deen as their celebrity spokesperson. >> made a lot of news. thank you, seema. we've got about 18 minutes left in the trading session. a check on the nasdaq. the nasdaq composite on pace for its third win in four sessions, despite today's upset over the lacklustering gdp report. climbed as many as 16 points earlier. fell as many as 8. the vix right now lower by a quarter of a point, 18.32. on course for its seventh

consecutive settle below 20. last time it did that was in july. now, to another high-profile story in technology. no, it's not about facebook. google's latest move is raising serious privacy questions, while twitter is set to unveil a microcensureship program. >> let's bring in jon fortt and julia boorstin to dive further into these concerns. jon, hasn't google been sharing information already? >> they have, simon. so what's really new about this is, not that much. it formalizes some things they had been doing. it puts all the data in one bucket. google telling people they're doing that. but hey, i think the bigger deal here is the narrative that's being created. people are concerned about this, we've heard about the fdc possibly checking in on whether this violates some terms of that google had agreed to.

other google stumbles in the past few months, they had the issue revolving around google plus, facebook not happy about that. even some of google's normal boosters in the blogging community upset about that. they did some things with the chrome blog, promoting that, broke their own search rules. they did some things in kenya, as far as trying to sell the businesses that ran afoul of the rules. there's a sense amongst some people that google is setting the table for growth. so intent on that, that maybe they aren't focusing enough on their don't be evil mantra. that's what google needs to fight against is that perception. >> that would be trouble for them, because they themselves created it. not like your typical company that says, hey, we're in it for profits. but if you set yourself up that way, it's easy to get yourself knocked down. this new microcensureship policy, what does it mean, what does it say about its commitment to free speech? >> well, here's what it means. it means twitter would block

users from getting certain tweets in their country if those tweets violated that country's laws. in germany there are laws outlaug any pro-nazi speech. you would not be able to read it in germany. it is letting people know if it is blocking those tweets. so it will tell them this tweet was withheld and spread that information. twitter is really saying it is committed to free speech, but it's not immune from the laws. it has to follow the local laws in each country. the real question is, why is twitter doing this? well, for one thing, twitter used to have to block tweets around the world if they were ordered by court order to take them down. now, instead of having to have a global block on a tweet that was ordered to be taken down, they can block is just in that one country where that tweet is outlaud. the real reason they're doing this, is twitter wants to expand more internationally. twitter is currently blocked in chin a. it's unclear if these changes would inspire china to

be more allowing twitter to operate there. but the thing is, that twitter really wants to get into that chinese internet market, which obviously is growing. >> that makes a lot of sense. because it's huge. >> julia, jon, thank you very much for your time. >> we've got about 14 minutes before the closing bell. the nasdaq is higher by 15 points. >> gold has had a great week, rallying more than #% since wednesday's fed decision to promise to keep interest rates low through to late 2014. three years. we'll get the options action trade next. >> later, british chancellor of the ex-checker, explains why the uk will not back a financial trans action pact. >> how the major currencies are trading today. take a look at where we are in the euro. i'm trading everywhere... on one of the most powerful mobile apps out there. i'm trading here every day.

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i want to show you shares of

jeffries. the stock has taken a little bit of a move lower after s&p came out and said that it had revised its outlook to negative from stable when it comes to jeffries. lower by 35 cents. that's a decline of more than 2%. 1585. stock that had been very controversial as a result of comments made about it by sean egan, who runs a credit rating agency. now jeffries is dropping after s&p has revised its outlook to negative from stable for the company. simon? >> thank you very much, michelle. i'm standing here at the post of juniper networks. as you may have seen, jnpr has dropped on heavy volume today, after a handful of investment banks downgraded the stock. morgan teaguan said it's questioning the equipmentmaker's growth this year, cutting it to $20 a share from $25. of course, juniper's disappointing first quarter

outlook disappointing. raising concerns that weakness may last longer than expected amongst companies helping to manage internet traffic. you'll be aware it's already been quite a tough space for those that are within it at the moment. juniper has been in negative territory for the past 52 weeks, along with rivals like cisco. >> the fed pledged to keep interest rates near zero through 2014. let's get a rate on how traders are setting up for bouillon. brian, what do you do? >> michelle, thanks for the little fundamental take on the gld. certainly, gold seems like it's reversing its downtrend and ticking back up. i want to echo a bullish sentiment. we're always looking at risk management tools to use the investment asset classes. look at the gld trading at 21. significantly higher than a year

ago. i use a call spread rather than owning the stock outright. by buying the march 1 66 call, i can pay about $5.60. i can offset the cost by the call against it for $4. net between the two, i pay $1.50. basically what i need is the stock to go from $167.50 through $169 or higher. i would make $1.50. i'm risking $1.50 to make $1.50. you can do this three, four, five times on the call spread. a better way to risk manage your money. >> good ideas, brian. thank you. thanks to brian stutland of stutland equities. catch more tonight at 5:00 p.m. eastern time. coming up next, we're coming right back with the closing countdown. facebook's ipo could value the company as much as $100 billion.

that's more than bank of america, and nearly as much as mcdonald's. we're going to debate l that valuation can be justified at the top of the hour. you're watching cnbc. we are first in business worldwide.

we're either side of the flat line for the s&p. it's important, because we kind of like to keep the s&p in positive territory for the week. you're aware that the nasdaq and russell have done that. but the dow and s&p will probably be down over the week overall. anthony chan is here from jpmorgan. we were talking earlier about how the gdp is at a level of 2.8, but the bulk comprised of inventory growth. do you think that the gdp will deteriorate from here and do you think it will pull this market down? >> i think as you go into the first quarter, because of all those inventories, you are going to get a much lower number.

i think that the overall headline number in the first quarter will probably have a low 2% handle, as opposed to this number that was very close to 3%. >> do you think that will pull the market down? >> that's a long time from now. we still have a few more numbers to come out of revision. that's a long time for the market. >> anthony, have a great weekend. thank you for joining us. our own mary thompson will now count us out on the session. interesting at the end to be circling around the flat line. >> i was speaking to traders before i came down there, and they said the end of january tends to be seasonably strong. they say there's been some bad stock thrown at this market, but you can't really push it down. we've had a strong start to the year. >> not terribly good within that, yet we've rallied. >> not as good as in the past when you used to think there would be earnings expectations, or a greater percentage used to beat them. they haven't been quite as strong by that metric. but still, 59-point decline,

still up strongly for the dow. the s&p right now is actually looking to hold on to a gain for the week. the nasdaq is up again for the week. there are positive undertones to this market. >> it's quite rare that you have such big houses. we heard from morgan stanley earlier on. it's rare you get big houses, start of the year being as relatively bearish as they are. that's unusual to have the bulk of the market in that vicinity. >> that's true. that being said, there are enough "ifs" out there to cut any seasonal upward trend we see. maybe on monday we'll get news about greece. their plans to accelerate growth in that region as well. that will continue to overshadow the market. until there's clarity on that, i do think that what we'll see is the light volume that we continue to see. you know, we have a drift upward. but there isn't a lot of participation in the market. certainly the retail investor, it would be easy to deduce for

the retail investor. >> if you just tuned in, the big news is, we think facebook is going to file for its ipo on wednesday, and morgan stanley will take the lead above goldman. >> but goldman will have a significant role. and there will be a slew of others. >> you watch pandora floating, and it goes up, and -- it's like -- >> it could be one of those things where something wants to buy something for their kids, maybe they buy a couple of shares for it. i don't know. it could be, maybe not. it's a name brand. so that is -- and it's one that's familiar to all ages now. it's not just young kids who use facebook, those of all ages. so maybe that would give it an added lift. who knows. >> at the beginning of the week -- >> and the end of the week. >> indeed.