oils and machinery, we have to let them come down. i really like the oils tomorrow to buy. i'm jim cramer and ild s'll see tomorrow. welcome to the show. spain's comparisons are greece are complete nonsense as its government faces a key reaction this weekend. >> in the u.s., the markets look to break their losing streak as investors wonder whether this could be the start of a much talked about correction. >> america versus the emerging world. will the u.s. win the top spot at the world bank or will the organization break the tradition and vote for an international a

candidate? good morning and happy friday. you're watching "worldwide exchange." great to have you with us this morning. let's take it a check of the u.s. futures, see how we're setting up for trade. does look like the dow will open higher by as much as 60, the nasdaq by 18 and the s&p 500 higher by about 7.3. this of course after stocks finished lower on thursday after a disappointing pmi figures out of china and europe pressuring the market p. even another round of better than expected claims data didn't add much support yesterday. in terms of the laggards, we saw energy and materials struggling. some of the defensives performed a little bit better. how do things look over in europe? >> let's take a quick check because this week so far, it has been overall neglect i have week for equities this europe. today we're manage to go add about a half a percent for the ftse 100 and cac. swiss market up by 0.2%.

0.6% in germany. so switching around on the trend of the week so far. spain's economic minister says any comparisons to greece are total nonsense. he assured madrid is fully committed to meeting its deficit targets. spain's ten year borrowing costs have risen and currently trading 5.53%. a victory in the densely populated troubled region would end over 30 year as social list rule and give significant mandate to press ahead with toucher austerity measures. joining us is henry dixon. henry, we have seen really since the beginning of february yields in spain continuing to tick higher. how much of a concern is it this to you some does it indicate that we are seeing these fears

around peripheral europe, particularly spain, or is this natural volatility? >> i think spain is the only major indices down this year. athens and italy will be up. spain is actually down this year, which i think the equity market is trying to tell you something is up. i agree comparisons with greece are inappropriate. the debt levels are not there. but what we do need is a more competeitive spain. spain needs that weaker euro. >> but we have seen yields a great deal higher than most. what do you think we should be looking out for next in a kind of post free year ltro world to get a grasp of how much these economies can get a grip with their debt? >> it's given us a three year

window to return economies to somewhere near that potential. the absolute debt level in spain is not concerning, and in three years time if they continue to do what they're doing now, the ltro has bought spain three years and the recent uptick in yields is surprising and i think what we probably need is confidence from the bond market that the political picture is improving if you like an while we have seen strides to do that, we haven't quite seen take effect with regards to austerity. when you see that, you have the self-fulfilling prophecy of lower borrowing costs and that should feed through well. >> picking up a point you made about the weaker euro helping out eurozone economies, how much would the euro have to significantly weaken to be a real benefit? >> we need double digit percentage. 10% in my opinion. in truth that is mois normally happens in regards to the printing of the ltro.

but i think it's a race to be the worst at the moment. it is not what it's weakening against and that's sterling and the u.s. dollar at this stage which is the concern. >> i'd like to jump in on this conversation, as well, and talk about the unemployment rate. obviously very high in spain even when compared to some of the other eurozone countries. how are they going to work through that problem and try to create a situation where they're growing to be able to move forward? >> the unemployment rate at 20 is terrifying. youth unemployment i think approaching 50 is absolutely appalling. and i think here and now this is actually the problem of the eurozone project is the portability of labor. if you were to take it a leaf out of your book in the u.s. and we had total portability of labor, the story i sluff 1849, a group of up employed workers made the trip to san francisco to dig gold. unemployed construction workers in spain should be making the trip in eastern europe to help

the mining company that has wage inflation. but the portability of labor is not there. the language is the key concern. and as i said, this is the big concern of the eurozone project. unions need portability of labor. here and now we don't have it. the only thing that concerns spain is i'm afraid a lower euro and that will definitely void the construction market because properties in spain will be that much more attractive. >> all right. henry will say with us. he's a fund manager and he'll be giving us more insight. meantime bank of america will begin testing a pilot program offering a limited number of mortgage customers facing more closure. b of a would take over the property title and forgive the remaining debt on the loan. in return, customers can rent their home for up to three years at or below current market rates. it's been tested in arizona, nevada and new york. taking a look at shares, they're

trading a little bit lower about two events of a percent. aig has repaid about $1.5 billion to the u.s. treasury closing out the investment, paying it down a year ahead schedule, but still oweses treasury and the fed $45 billion for the bailout that received in 2008. the u.s. government's stake in aig has been reduced to 70% and let's take a look at shares. down about 1.5% in frankfurt at 21.14. >> the bank has reduced pay tackages to reflect a weaker performance. credit sweet has reduced its compensation pool by 40%. let's get back to henry kicksen on.

you have 15% in financials. what correction are you moving? >> specialty financials, life insurance and i think obviously the banks. what we have been keen to do is actually with regards to life insurance, we see the bond moving and picking up in yields has been positive because it's all about the net present value of liabilities. and at bond yields pick up, i think that's very powerful. our biggest overweight actually relative to benchmark today would be specialty financials. i think we see a situation where the banks have rallied very strong and specialty financials look to be very much left behind. and i like the fund managers because i think we have a situation there with sensational balance sheets. in-death levels will surprise everyone. >> i don't see in your top ten any of the financial names.

>> they probably hover just below. i think in truth i can think of many financials that would be sort of just bumping up to the 2% level. i think many of them i probably like to spread the risk a bit better rather than making it a bold same in just one. >> what would have to change to further up in your holdings? >> with regards to paragon, we just view the portfolio as a competition for the capital. we've been a seller of banks. i can see a scenario where paragon could get there. maybe price weakness. and we always like to feel our way into he's positions, so expect a three to four stage

purchase structu purchase structure. i can envision being in our top ten towards the end of the year. >> all right. we'll leave it there for the moment, but i'm putting out some of the thoughts from henry on to my twitter feed right now. you'll find me @beccymeehan. and also jackie and you can click through to natalie, as well, and find out some of their thoughts. >> still to come on "worldwide exchange," chinese shares closing at one month low as investors continue to worry about a slow down in the world's second largest economy.

good morning and welcome back. time for your global markets report. let's start in the united states. does look like the dow could open higher by nearly 50 points, the nasdaq higher by 16, and the s&p 500 higher by 6 and containing and of course this after a tough day for the u.s. markets yesterday. stocks finished lower on thursday after those disappointing pmi figures out of china and europe. another round of better than expected initial claims data did little to add support to the

markets here in the states. so it will be interesting to see if we can break that momentum of the losing streak and get a positive turn. how does it look in europe in. >> pretty positive so far. we've had a negative week of trade until this point and most of the key european markets. but you have to put all these declines that we've had in the context of broadly higher markets in the past several months. today despite negative sessions for much of the week, we are seeing markets moving a little higher. the ftse up by 0.4%. similar moves to the up side for the dax. breaking through that 7,000 level adding 28 points today. the cac is up by 8 or so, and the ftse mib moving higher in italy. so that's how the equity markets are shaping up. in the bond market, a lot of attention on spain and peripheral european countries this week really. 1.9% is where the yield is on the ten year german debt. italy, we're looking at a level

of 5.1% for the italian yield. there have been threats of strike actually. country as the government tries to press ahead with austerity. and speaking of austerity and strikes, we have a general strike yesterday in portugal as the biggest union. country against the government's mans for job market reform there, too. 12.8% is where the ten year portuguese debt stands. lots of speculation about the possibility of another bailout, a second bailout for that country. and also the prospects for the requirement of greek sil debt restructuring, too, but no movement quite there. and in spain, the ten year is at 5.5%. since the beginning of february really we've seen he's yields in spain just ticking higher. certainly well off the record highs that we've had just a few months ago, but still just creeping up a little bit. but we can hear from the finance minister saying any comparisons with greece are ridiculous and we should expect volatility in the markets and that those spikes are just that. now moving on to the currency

markets, where seef aen few notable levels breached. euro-dollar trading higher, up by about 0.6%. 1.3281 is where we is an. euro also moving up against the yen at 109.73, dollar-yen 82.61, while sterling-dollar at 1.5894. the dollar has been trading at a three week low against the swissie, saying they will vigorously defend the cap of 1.20 per euro. also euro at a three week high versus the dollar, as well. so significant moves coming through today, christine. >> well, here in asia, a pretty lackluster session. lots of concerns about slowdown coming over in china as well as from the two biggest economies coming from the eurozone. all this sparking fresh concerns of a global slowdown and that's weighing on sentiment in asia. nikkei 225 down more than 1%. we had of course the jump in the

yen and that didn't help the exporters in this particular market. the shanghai market is down 1.1% because of that negative manufacturing day a earlier on in the week. a lot of investors are now bracing themselves for more negative surprises on the economic front when it comes to china. the hang seng, banks were weaker over this hong kong dragging down this particular sector, down 1.1%. elsewhere we had the taiwan weighted index. the resources were weaker, miners weaker over in australia. down three points and the sensex over in india, one of the few bright spots up 1%. so that's your global market report. apart from china, a lot of investors were also hoping for earnings surprises from big chinese companies to turn market sentiment around. but so far that just hasn't happened. tracey chang has some of those results. >> yeah, we got lots of earnings

yesterday, but we were right on the tick of earnings season in china. and while profits are largely growing, they're not always translating into market gains. however, china state construction rose as profit also inched higher by 45% to more than $194 million, earnings per share were up 31.5% p shares are down over 3% as a hand set manufacturer fox com international, the coma more than $72 million last year compared with a net loss of more than $280 million in 2010. and then our hong kong listed company china starch holdingses brought in 40% more in annual profit mainly due to growth in the sweetener segment. the result, the shares are down today. and lastly, china international marine containers, the company is actually the world's largest manufacturer of shipping containers, as net profit rose

23% to over $585 million from the year earlier on rising orders. back to you. >> thank you very much for that. jackie. coming up next on the show, ohio takes on the big banks. the state says it no longer requires the services of bank of new york mellon and state street following a lawsuit. we'll talk to the machine who issued the banks their walking papers right after the break.

ohio has cut ohio has cut ties with bank of new york mellon and state street. last week ohio filed a lawsuit against them accusing the bank of overcharging the funds in currency transactions. this follows legal action by several other state and the justice department, as well. joining us to talk more about will is josh mendell, ohio state treasurer. let's start with the lawsuit that's been filed. obviously you are trying to protect the people of ohio who have invested all this money in pensions and we've seen a lot of fraud really destroying the system here in the united states. tell me how you first sort of

learned of this and what let you to file the lawsuit. >> it actually started when i was running for state treasurer. this was a couple years ago. we saw some unethical activities in the treasurer's office in respect to state street bank. and we asked a lot of questions of the bank, did not receive any answers. and then asked questions of the then treasurer, did not receive any answer. and it just didn't pass the smell test. so when i became treasurer, we did a top/bottom review, we looked in every mook and cranny, not only where we could save taxpayer money, but also where we could institute a heightened level of security. and one of those places we found was the international custody of our state pension funds. these two banks, state street and bny mellon, held approximately $41 billion of custody of custodis toetodial a. that's a lot of money, three of the four fund has do

international work. and so we sound the alarm and the attorney general did a good thorough investigation, and about a week ago, they filed suit and we applaud them for going about in a methodical way, and authorize re manner. and my main responsibility in the treasurer's office is to protect taxpayer's dollars. to be a watch dog of taxpayer's dollars and the retirees and cops and firefighters and teachers of our state and we're doing just that. and, listen, it's safety ofly liquidity yield. it's safety and security first. >> absolutely. and we really commend you for that, josh. at the same time when we talk about the lawsuit, $16 million in funds that you're trying to recoup is also not a small amount of money. how could this have gone unnotice some had obviously you noticed it, but how could it have gone unnoticed if so long? >> it's a good question.

we asked that question previous pressure you are. and in will fairness, we were not the first ones to ring this bell or sound this alarm. there were other attorneys general around the country and other state pension funds were asking this question. so as we followed it and saw it develop throughout the country, we took a closer and closer look and came to the place where we just felt compelled to ask our attorney general here in the state of ohio to look into it. and so, listen, i'm a marine corps veteran. dy two tour high school in iraq and i'm not the kind of guy that will be pushed around. i have no problem taking on big banks. i have no problem taking on powerful interests to do what's right for the taxpayers here in the state of ohio. >> and obviously very commendable. but i just want to bring up the fact that, josh, you are also running for u.s. senate, as well. so are these policies and some of these feelings that you have, what you've done in ohio, are these things that you'll take with you to washington if possible? >> that's a great question. if i was a u.s. senator when the

wall street bank bailout occurred, i would have voted against it. i fundamentally disagree with. here in ohio in in 2008 and 2009, if a small business owners were struggling, guy at the end of the street who own as pizza shop or lady owning a hardware store, if there was struggling, there was no one from the federal government who came and bailed them out. so i thought it was wrong for them to do that for a small group of banks around the country. i don't think the federal government should be picking winners and losers and you better believe when i go to washington, i'll take on leaders in both the democrat and help side trying to use our tax money earned here in the state of ohio to pick winners and losers on the wall street and washington, d.c. >> and i'll just play devil's advocate and challenge on you that when we talk about the bailouts that we saw in washington. we do talk about the policy of 00 big to fail. how would you scale back some of these banks so they wouldn't be too big to fail and also how would you respond to a lot of the folks who have said the

bailouts really worked, the money's been repaid and it was positive for the the system, we were in crisis mode and that's what you have to do? >> listen, i believe in the free enterprise system. i believe free enterprise schl wo system works. when you look back through american history, it works. would there have been tough times for some of these institutions about if the federal government didn't bail them out some yes. and would some of those institutions have gone by the wayside or been acquired by other institutions? yes. but that's the free enterprise system, rusting the private sector economy much more than we trust the government. i'm not one who believes we should abolish the government, but do i bhebelieve that the go should be limit and we should believe in the constitution and flee enterprise system and allow that free enter price system to take hold and i believe it works. i believe that strong companies in any sector survive in the free enterprise system, those that operate with the highest

level of integrity, and those who don't go by the wayside. i think it's a system that works. and we also in america have a tradition of trying to treat small business owners the same way we treat large business owners. and one of my fundamental problems with the bank bailouts was it didn't do that. it said if you're a large institution and you're a large banking institution, we'll take other people's money, the hard earned tax money of middle class families throughout the state and bail out banks, but we won't do the same they think it for small businesses. none of these small businesses should have received a bailout the same as mun of the wall street banks should receive a bailout. >> small business is certainly the backbone of the country. dwl it is. >> thank you so much for joining us on the program, josh mandel. . deadline for the nominations for the world bank president are due today. the job practice decisionly gtr

america, but there are a strong number of international candidates. the current president is due to leave his post at the end of june after five years in the job. so coming up, exact target was one of three firms to debut state side yesterday. as more firms come it to the market, is it a sign of in-dian investor appetite building? we'll take a look.

spain's finance minute ser says spain's comparisons with greece is complete monday senno. and here in the states, the markets look to break their losing streak as investors wonder whether this could be the start of the much talked about correction. america versus emerging world. will the u.s. win the top spot he world bank or are will the organization break with tradition and vote for an international candidate? >> we have seen a bit of a turn around. the markets in the uk are still managing to raid up, but a flat trade in germany how and declines for the cac, ftse mib

and smi. small declines, but catching up with the direction of the week after a strong start to the year. >> and we're watching the puts here in the united states, as welsh and we're seeing a pull back in our picture. the dow would be higher by 33 now, the nasdaq by 3 and change and the s&p 500 by just about 4. so we're seeing still an up picture right now, but slight pull back there. meantime this was after a tough day for stocks yesterday. we did finish lower after that disappointing pmi figure out of china and europe. the markets really focused on that, so it will be interesting to 150e if we can break the losing streak. todd horowitz is with us. thank you so much for joining us. and let's talk about this losing streak we've been seeing. any indications that today could be an up day barring any major catalyst where he's markets can continue to forge forward?

>> good morning. thank you for having me on. the losing streak, you have to remember the whole year we're up 30% since october 4th. we're heavy in miners selloff. but we're having a selloff with no volatility which means the market is still very comfortable where it's at. a 78 point move in a market that's up 30% is really very low. this is not concerning at all. can we turn it around today? looks like the market may want to go up a little higher today, but i would think that we'll kind of hang in this range. but as long as we say above this 13,000 dow, i think we still look good. i think we still go higher from here. and as long as the volatility stays out of the market, there's no reason to think that we would start to go lower. >> well, let's talk about that volatility because bob pisani is always talking about the vix, but he says it's important to look at the vix curve because we're trading at low levels reits now, but as we go out in

the coming months, the levels seem to rise. do you worry that the volatility will increase and come back into the market? >> well, first of all, going out in the curve, it's like any other product or commodity. prices out farther will be naturally high are because of expectation of what possibly can happen. so that curve will come in just as it does in any other commodity or market. am i concerned when i look at the markets, i would hope that volatility would come back in, because as a trader, i want vol ilt, it makes it easier for traders to make money. as an investor, he you love a market that has no volatility because the market grinds higher because dull markets by themselves tend to go higher. but looking out this to the curve, i don't think that it's any concern at all and volatility, the vix right now at about 15, it looks like it's going lower. actually truly trading about 12 or 13.

i think it's a natural rate higher as any other product and i'm not concerned about that at all. >> i want to get your view on the asset allocation on your side of the pond and what you think might be happening to the bond equity switch. we're talking about it with a great deal of hope here in the uk. >> i'm sorry, i didn't hear the question. >> just very quickly on asset allocation, i want to get your view on what's happening with regards to the bond equity switch if you think it's happening and if you think it will be a relevant trade for the rest of the year. >> i think it will be a relevant trade. s stait is starting to switch a bit. we're getting a raise higher in interest rates are starting to take money out of bond market. i think you might have to see bernanke step in here again because the rates i think are getting away from them and they're starting to spread a little bit too far here. so i think that's part of an

issue. but people are pulling their money out of the bond market and now trying to go into equities and other asset aloe calocatioa. >> when we're looking at the s&p, as you mentioned, we definitely have seen gains this year and a little bit of a rally coming since the beginning of 2012. but we're still under -- we closed under the 1400 mark yesterday. does that worry you? >> no. doesn't worry me at all. we're in a market that needs a little bit of a pull back. you think about it, if you look at a chart, you want to sir stuff up, you don't want straight up moves. this is a perfectly natural selloff. and i had like to see a deeper selloff, i'd like to see more action in the market, but it in is a perfectly natural selloff. we can go down it 1370 in the s&p and still be in a solid up

trend. so i think will is mal and i don't think the 1400 level really means anything as a technician to me. >> all right. thank you for that insight, horowitz. >> let's talk about some of the other stories out there today. t-mobile cutting its workforce as it closes call centers in the u.s. why is this happening, patricia? >> the strategy in the u.s. hasr shaped. they're not in the right broadband spectrum to offer what apple users want and this is exactly why they had such a tough time, a lot of people leaving the company as customers. and alsos the call volume is going done and on top of that of course a fantastically planned possible merger between t-mobile and at and chlt in the u.s., just fell apart worth of a potential merger has not happened and this is exactly what they now have to try to

work out of themselves out of. so what they have done, basically they've announced we now have to restructure, we now have to put money into that system. and it will cost them a lot of money. about $4 billion trying to get into that expansion of their spectrum. they have quite a bit of money from the at&t break. but it will be a long road and painfulle stepping that the company needs to go through this in order to not only keep the number four spot if in the u.s. market, but also possibly starting to reincrease their volumes and also reincrease the customer base she havthey have. we're close to intra day lows and it is the technology shares such as s.a.p. and siemens

putting a little pressure on the market so far. >> patricia, thank you very much. up next, the world's most famous ship wreck is on the auction block. more than 5,000 items salvaged from the ocean floor are going up for sale. but if you want to make a bid, be ready to write a really big check.

it's been nearly 100 years since the titanic struck an iceberg taking more than 1500 people with her to the bottom of the ocean. and the world continues to be fascinated with one of the worst maritime disasters in history. on april 11th, more than 5,000 artifacts recovered will be put up for auction. the entire elect will go to just one winning bidder. joining us is president of the guernsey auction house. first of all, the timing. why now. and second, why just a one bidder? >> why now, it's the 100th anniversary of this tragedy and it made the most sense to the the owner of the collection which is a publicly traded

company. they've owneded the material for 5 years, having spent millions and millions of dollars in treacherous recovery efforts, but they feel their ownership time is up. >> and the one bidder issue? >> one bidder came about by a decision via court feeling that for historic preservation purposes, if this collection were sold individually, it would go to the attorney cornefour co earth. the ship itself is rapidly deteriorating under the ocean. and thistitanic. >> let's talk about some of the things that you've brought today. >> the range of 5500 objects, which by the way are in addition to substantial body of intellectual property that goes along with the collection. but these things her are here reflect shamall personal items, pair of gentleman's gloves, a baker's cap, china from the

three different classes of the ship, silverware. these objects along with jewelry, interesting handsome cherubs, on up to an enormous 34,000 pound slab of the hull of the ship. these were roughered by the way fr recovered from the debris field. >> and how do you value items like this? >> very difficultly. 2007, the court ordered an appraisal, which was a very serious undertaking. appraisers came up with a total much $189 million, but it's an auction. the auction is a sealed bid auction. people have to come to us this coming week.

>> and i'm wondering whether other bidders were also interested or was it just one bidder? >> i'm sorry, but the bidding is just now taking place. bidders can be individuals, corporations, museums or even municipalities. and we're talking to groups from all directions. >> typically what do the bidders want to do with this collection? >> that's a difficult question because each bidder will have its own intention. certainly the court expects that the collection will stay together in whatever hands it goes to that it will be carefully maintained and at least a portion of this collection needs to be shown somewhere in the world for the public to have access to it. but the intentions of a particular bidder are hard to

predict. >> and when we look at an auction like this in terms of the scale of the ger economy, obviously troubled economic times right now. but the bidders that are looking at these items i imagine are somewhat recession proof. do you imagine that when you look at an auction you'll get the best value for these as opposed to waiting and doing the auction at a later date? >> for the last year or so, prices at auction in general have skyrocketed. look at the art market. record prices all over the place. so quite likely people are investing in these forms of collectibles instead of other places for their money. >> okay. great. thank you so much for joining us. and also hathank to you henry f staying with us. home sales data is due at 10:00 a.m. and we'll bring you the latest forecast as we look ahead to the trading day on wall street. .

bachk bank of americaage opportunity to remain in homes as renters. bank of america would take over the property title and forgive the remaining debt on the loan in return, customers can represent their home for up to three years at or below current market rates. for nows being tested with less than 1,000 customers in arizona, nevada and new york. taking a look at shares of bank of america right now, we're seeing help trade abose

seeing them trade about a quarter of a percent lower. home sales forecast to rise to an annual rate of 325,000. we'll also have ben bernanke giving opening remarks at a fed conference at 1:45 p.m. at 2:30, atlanta fed president dennis lockhart will speak to students at georgetown university, so we'll be watching for that. still with us of course todd horowitz, and we'll talk about the day ahead on wall street. seems to be all about housing this week and we'll continue to get another data point today. what's your take on the housing market in terms of recovery? >> i think the recovery is going along okay. i think the numbers today will be better than expected or at least as expected. i think one of the problems we're still having is that the average american is and i will still having trouble getting

mortgage because of the spreads. and i think why this rise in interest rates will help. but i think housing will get better. i think we'll improve and as interest rates rise, i think it will free up more money for more people to get more involved and buy their house. >> we need get the growth going in the housing market to really be able to have a proper recovery. >> house prices go up, banks feel a lot better, but i was in florida will time last year seeing the housing market for myself because i was fascinated to see the price wars that we haven't seen in the uk. and i think we are in a scenario where he with can point to a steady recovery. transactions are picking up which is a vital sign to see.

so i think there will be good news in the months ahead. >> todd, i wanted to get your take on the bank of america news. how does it make you feel to think of a bank playing landlord? >> i heard the news myself and i'm kind of -- i think obviously they feel there's an advantage to them instead of rewriting the loans and forgiving the debt and starting over, any feel it's an advantage to become a landlord here. i'm not really quite sure how i think about it right here, but i would say i think the bank thinks it's much better to their advantage to do this than relieve debt and let the people rewrite their mortgages. >> and i want to pause there for a second. they priced the ipo at $16 a share, based in kansas created in 2005 by banks and trading 23ir firms look to go break the dominance of the nyse and

nasdaq. it has an 11% share of the u.s. equities market. it will begin trading on its own exchange today. todd, what is your take on this? we saw three ipos come to market yesterday that did quite well. a lot of appetite for this out there. >> i think people are looking for bats to go and we're getting action because there's money on the sidelines champing at the bit to get into the market and explode. you've noticed that the overall markets, the volume has been pathetic and low and i think people are waiting for these opportunity its. they're remembering in the '90s halves t that was the place where you could make the quick hit. so i think it's a good sign for the market which i think is a lack of volatility and the market is continuing to churn higher because there are good

signs out there. >> when we look back to the late '90s, people have that money on the sidelines and they want to invest in something. are you worried they're not looking at the fundamentals of the companies? >> i think that's a big case. everyone haeears ip ocht and typically at the beginning it works. fundamentals don't typically come in right away. a lot of companies haven't made a kind yet that are trading higher. but what we want to see is how they trade technically once they start to trade and then we can worry about if they can make money and go forward. but the initial trade, people get in and people want to get in and out and grab quick cash. >> todd, thank you so much for your time as well as henry dixon.

meantime, the movie business could get another big boost this weekend with the opening of the hotly anticipated sci-fi action flick the hunger games. fans were lining up for midnight showings in the u.s. last night. the movie based on the best selling blook ook is set in the future where teenagers fight to the death. it's being compared to the twilight and harry potter franchises. with thousands of sold out showings, some analysts think the hunger games could make upwards of $138 million in in its u.s. debut. and a quick look at the futures. a little bit of a higher open. nasdaq higher by 9 1/2 and s&p 500 higher by 2. and that pretty much wraps it up for us on "worldwide exchange." thank you so much for joining us. "squawk box" is up next. t.

at the top of at the top of today's headline, bank of america offering an alternative to foreclosures. it's testing a rental program in select markets. facebook is turns to ibm for help. and gop presidential candidates are storming louisiana today. it is friday, march 23rd, 2012. "squawk box" begins right now. good friday morning. welcome to "squawk