blet, tweeting, texting, no facebook if i win the bet i'm not going to get delivery, am i. >> thanks for watching "street signs." >> see you on monday. >> unplugged. >> hi, everybody. hatch pea friday. welcome to the "closing bell" at the new york stock exchange. >> how is your day going? better than the folks at best. they tried to open shares of their own company today and they have been unable to otherwise it's a quiet day, not a lot of volatility and we'll talk about

that coming up here. >> stocks are near the highs of the session. the dour and s&p trying to break a three-day losing streak. it looks like they will be able to but we are on pace since mid-december. we're trading on this friday afternoon. dow up 45 points the nasdaq at this hour is up 4, almost 5 points and s&p back above -- well, it was above 1400 now it's at 1398. >> bill, let's look at some of the story stocks here as we approach the end of the week. exxon higher today. crews rallying chevron was the biggest second for. take a look at the news on the

upside. apple is a big mover. once again, apple stock plunged today. 9% on ear roan yous trades made on the exchange to be halted. much more on this story coming up. and a potential new problem with the new ipad first, global markets on the first day of trading. stock exchange company priced at $16 a share. it opened at 15.25 and then was immediately halted. >> never traded again. >> never traded again. that still has not explained why and it's still halted. it's not reopened. bank of america launching its pilot program that it will offer a limited number of homeowners a chance to become renters. >> i think that's very interesting. >> innovative idea. they are getting some revenue there and at the same time it

allows the person to stay in their home. >> i'm trying to figure out who would lose on that but we'll go to diana olick. >> diana, with the latest on the bank of america rent tan program. first, bob, what happened with the ipo program? >>. >> it does look very good and when i'm wearing purple, when i'm going, i listen to maria. >>. >> that's swung and miss. imagine this. do you want to make a good impression, listed on your exchange and that's it. the immediate trades after that are like 2 cents, 3 cents, and obviously what we think

happened, they say it's coming. what happened? i think what happened was there was a technical error, obviously. the system seems to have not a little overwhelmed. >> perhaps. you mentioned the apple trade, too. there were questions about ear roan yous trades in apple going on. we don't know, but it's possible that the servers had apple on them at the same time and the bats stock trading as well and that may have been part of the problem. we don't know and hopefully we're going to get a clear explanation. this is a bit of embarrassment. remember, these guys are the hot turks out there. nasdaq, nyse, old school.

we're the guys who are hot. >> i was saying to some of the guys on the trading floor as i came out here this afternoon, how would you like to make an investment in bats? there's a super stigs on the and shank. >> you have golf on your mind. >> you think? >> guys literally dancing around here to finally see human beings playing things might get a little more play. we have a fragmented market system. that's a problem generically with the system. not with bats but generically.

and what is the transition period here? how does this play out? >> reporter: they are telling us that this is a short pilot program and it could expand out but they told us over and over again they don't want to be landlords. they will sell them off to investors with the renters in it. the investor comes in, they don't have to find a renter or a rental management company. it's a good play for the investors and bank of america is saying that if this pilot program works out and they get enough people that want to do it, because remember this is invitation, not application to do this, they will start widening it and selling it off to investors. >> maybe you guys want to weigh in on this as well. the amount of money on corporate corporate cash is 8% of the balance sheet. well above the 99 to 2000

average which was 3% that was happening between '01 and '07. 28% have 15% market cap in cash. so you're talking about huge numbers, bob. 3$3.7 trillion on corporate balance sheets. that's the reason that continually you hear investors putting money to work. >> apple has $100 billion. >> but two-thirds of it is offshore. >> yes. >> i have to say i was astounded to learn that it was offshore. they are not bringing that money back here. >> i wonder if that includes offshore money as well. i presume that it does. my bet, we continue to see a string of dividend increases and that is going to power the market with dividends. >> how about m and a? >> put it to work somehow. >> obviously they feel right now there isn't that much

opportunity out there. if the global market improves -- >> you'll see that foreign money come here. thanks, bob, diana. we'll see you later. >> let's get to the movers and shakers. courtney reagan is at the cnbc real-time exchange. court? >> bill, stocks are pretty positive. most indices in the green. we are mostly green here. many have answers than decliners going into the close. if you take a look at the sector breakdown, we're looking very positive it's not too terribly lower. shares of apple tumbling this morning when a single trade of 100 shares, we believe, on the bats exchange sent shares down 9%. a single sir kit stock breaker

went ahead and halted the trade. shares are still lower but by and large have recovered that loss. data the first quarter net orders fell 8%. the ceo says that the average selling price is expected to increase. kb home shares were down as much as 15%. they are down almost 9% again. pulte home in the red today. despite the fact that many are forecasting improvement in the housing market. maria? >> courtney, thank you so much. we have about 50 minutes before the "closing bell" sounds. we're ending the week on a strong note even though we had three days of weakness. >> and the volatility is still very low. it's fallen now to prefinancial crisis levels going back to

2008. one of our next guest is loving this environment and explain how investors use the strategies to rope in profits in times of low volatility. >> s&p 500 set for the largely weekly decline for december. talking numbers trade coming up. >> meantime, we have 50 minutes left in what has been a rather whacky trade and we will round up coming in a few minutes. >> as we take a look at the s&p 500 heat map, it's mostly green. you're watching cnbc first in business worldwide. how do you know which ones to follow? the equity summary score consolidates the ratings of up to 10 independent research providers into a single score that's weighted based on how accurate they've been in the past. i'm howard spielberg of fidelity investments. the equity summary score is one more innovative reason serious investors are choosing fidelity. get 200 free trades today

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welcome back. let's give you a check here, 45 minutes to go in the trading session. let's get a quick market check of the dow industrials. bouncing off this morning's 43-point deficit after new home sales unexpectedly declined. the dow is showing a quarter of a quarter of a percent. at the high it was up about 54

points. as you can see, a higher across the board on energy as oil prices again, trade up to 106.91. all showing pretty good gains here. over to you, mary. >> this concerns the venture between the two companies, that being morgan stanley and smith barney. as it stands right now, citi owns 49% and the other 51%. citi would consider selling the remaining 49% to morgan stanley in one fell swoop and morgan would consider this possibility, too. the problem is, and there is a problem here, the way the deal is currently structured would require a whole new set of negotiations for the stake that citi currently holds in one fell

swoop. it would require a whole new set of negotiations. as it stands right now, morgan stanley has an exercisable option at the end of may to buy 14% of the joint venture. and as far as negotiations on what kind of price that 14% might fetch for city at this time, those negotiations haven't been opened either, according to people familiar with the situation. maria? >> how important would this be for morgan, mary? are you talking about more assets under management? what is the reason behind it. >> first of all, morgan stanley has made clear that obtaining the 14 prz p% is a top priority for it. but eventually acquiring the whole brokerage unit, morgan stanley-smith barney is basically important in transitioning morgan from a pure-play investment bank to a

significant wealth management arm, a huge mortgage base with smith barney and it's a very, very important part of its long-term strategy. >> thanks, mary. >> sure thing. maria, we're just now hearing that bats trading, that tried to share trades of it is own company, tried to ipo its own shares today, had a debacle. they've just now announced that they will not get this stock. it has turned out to be an absolute debacle. after a rough ride for stocks this year, it's been unusually quiet. the vix and the fear indicator is tracking the least volatile period since 2009 when it

tumbled nearly 46%. so far this year the vix is down more than 46% making this period right now from january to march the least volatile period for the vix since 1991. but despite that, we're wondering whether you can actually trade this market and make some big gains. joining us to talk about it and vice president of equity investments at usaa. what is the message of the market here? why the low volatility, do you think? >> investors are starting to discount economic growth taking hold and because of that there are riskier assets. the lowest long-term average

means that the last time we checked, volatility is not going to be there forever. >> so you think it will come back? what do you do in a low volatility period that you don't do in a volatile world? >> it helps enhance returns over the long haul and it's a preferable way to enhance money. >> low volatility stocks, low volatility investment strategies will tend to outperform the broader market. it requires patience but the investment is things that people want to get into right now. >> you can look at the dividend players, low volatility stocks themselves as represented by the s&p 500 followed by the s&p low

vol index. >> what constitutes a low-volatility stock? is. >> a low beta or a mutual fund that will keep volatility low. >> if you've got some stocks that you trade in a low volatility period, we have microsoft, johnson & johnson and kraft. why those, necessarily? >> well, i completely agree with rick that in the long term, the low volatility and high quality wins, which is why these stocks highlighted are higher quality by nature. in the long run they win because of compounding wealth that they can accumulate over time but at the same time they are lower in their beta or volatility so they are not subject to the market that it gives you. >> you feel that volatility is coming back. does that mean you abandon these three at this point? >> no, that's what i wanted to

clear up. when you say low volatility, you want to buy these stocks when volatility is low because at some point volatility will rise because of the nature of the beast and because of that when the volatility rises, the lower-quality companies will underperform and higher quality companies will -- which is why you want to do that now. we look at volatility as an asset class so there are ways of buying this asset class because it is low. i.e., it's cheap. when it's cheap, you want to be buying some asset and buying protection through hedging through puts is a great way of accessing that as well. >> good to see you both. thank you for joining us. have a good weekend. >> you know, earlier, we mentioned all of the cash on hand of balance sheets. jpmorgan is today telling clients a list of companies that are high cash. i'll bring you those names as we go on. but many of them technology. he says the high cash sectors,

financials, industrial, and tech. we'll be back with those. >> higher dividends. >> dividends and buybacks. >> put it to work. >> exactly. we're 40 minutes until the bell rings. >> the biggest weekly pullback that we've seen since mid-december. we'll getting talking numbers on that. >> and then we'll speak with duncan niederauer and how anemic trading volume is impacting the bottom line. >> this is a look at how the dow has been trading today. a little more green than red. back after this. see your lexus dealer. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries.

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the supreme court will begin a three-day meeting on president obama's health care act. pete williams joins us live from washington. pete, thanks for being with me. >> my pleasure. >> so in a nutshell, can you give us a sense of how these three days of oral arguments are going to unfold? >> yes. it begins with an anti-climax on monday. the court asks whether it even has the ability to hear this case now before it goes into effect. there is a penalty if you don't get health care under the law. the question is, does that make it a tax law and does that mean the challengers have to come back in three years. so that's monday. then on tuesday the court gets to the heart of the case. that's the individual mandate, the requirement that all americans buy health insurance. the question is, is that unconstitutional or does

congress have the power, that the authority gives it, to regulate commerce to require that? opponents say, no, it can't be regulated, the obama administration says it's not just regulating insurance. it's regulating the entire health care market and the new medicaid requirement, extended it coverage violates the state sovereignty. so six days of arguments over three days. >> it sounds like what the court is ruling on is some of which is already in place and some of which is scheduled to come into effect down the road. am i hearing you right? >> what would you determine as

long-term? >> let's take a step way back and look at the chart from 1995 to the present. now, a lot of people have forgotten how close we are to the 2000 and 2007 high. so this chart has the make and feel that it wants to go higher and wants to test those highs. >> and nasdaq you wanted to look at as well. >> correct. >> that's showing more support than the s&p right now? >> it has a very similar feel to the s&p. if you take a look back at 1995 until now, we actually see the nasdaq broke the 2007 highs where the s&p is still underneath it. now the nasdaq is actually 30% below the longer term 2000 high. it looks like it has a lot more room to run higher. >> it sounds like you'd be putting new money to move forward. >> exactly. >> bill, over to you. holding on to gains, about 35 minutes left with the dow up 34 points, the dividend trade was one of the big market

drivers but our next guest is that there is still plenty of opportunity to profit from what have called an overcrowded trade in the dividend arena. and, later, find out why you should think twice about trusting that battery indicator on apple's new ipad. and as we head to the break, here's the s&p 500, both up and down this friday. back after this. tdd# 1-800-345-2550 the spx is on my radar. tdd# 1-800-345-2550 we're hitting new highs. tdd# 1-800-345-2550 and i'm on top of it all with charles schwab. tdd# 1-800-345-2550 tdd# 1-800-345-2550 i use streetsmart edge and its tools like... tdd# 1-800-345-2550 screener plus - i can custom build my own screens tdd# 1-800-345-2550 or use predefined ones. tdd# 1-800-345-2550 and i can trade wherever i want, tdd# 1-800-345-2550 whenever i want. tdd# 1-800-345-2550 the kicker? tdd# 1-800-345-2550 i pay $8.95 a trade. tdd# 1-800-345-2550 that's a deal in any language. tdd# 1-800-345-2550 open an account tdd# 1-800-345-2550 and trade up to 6 months tdd# 1-800-345-2550 commission-free. tdd# 1-800-345-2550 call 1-866-393-6174.

welcome back. bob pisani on the floor of the new york stock exchange. what happens if you have an ipo and no one trades? they've told us my question of the year what exactly happened before the close, if not, over

the weekend we've been talking about our producer just telling us that the dow has been trading in a 20-point range for the last 2 1/2 hours. unbelievable. >> and in a low-growth environment where investors have the greatest return on their investments? chief investment at bmos, he continues to like the dividend play and he's going to give us top dividend picks today. >> and also, by the way, jpmorgan is expecting companies to increase dividends and buybacks by as much as $250 billion for 2012. >> right into your play there. >> right into it. >> chief equity strategist gentlemen, thank you for being on the program. there was criticism about the dividend play last year. >> right. >> but it's piling into dividends and the performance was not fair. do you think the performance will be there as well as the

dividends? >> i think there's a lot of interest from both institutional investors as well as inothers. we're looking for not only other dividend paying stocks but those that can grow their dividends over time. that's one of the key tenants, to be a dividend income fund. >> what happens when the president allows the bush tax cuts to expire and dividend taxes triple? >> well, that is a risk. no doubt about it. on the other hand, obviously if they think their prospects are pretty good, they are going to grow them. when you look at the equity market, about all of the possible investment universe, those companies that paid dividends and grow them, they are going to be long-term holdings. >> the first down week since mid-december. is the rally over? what is going on? what do you think the message is here? >> i still think we're in the trading range. there has to be rain in everybody's life from time to time. there hasn't been any bad news

in the last two or three months and that's what has moved the market. people ex petted it the bad market and it didn't move. >> is this a buying opportunity when you see a dip like this? >> i think anything in the next few years is going to be a buying opportunity. i think the prospects for the next year and the year after that are good enough to justify buying at some point throughout this year. >> what about the risk of a global slow down? yesterday we were all about the global slow down because of china. do these factor into that thinking in any way? >> i won't say they are in the market because they are not entirely in the market. it's things we worry about. i know it sounds strange but i worry enough about things to worry about. they can hurt me but probably not as much as people think they can. >> you're out looking for black swans? >> they call it swan-itis. >> give us an example of a dividend that you like right now? >> one is discover financial services. that's a holding that was

upgraded today. we've held on to that stock for a couple months now, since december in the dividend income family. we hold on to nice dividend increases and they are able to beat earnings expectations in the most recently announced quarter. it sounds like there's opportunities there in terms of the delinquencies that they have noticed have decreased over time. >> we also saw philip morris. >> yes. >> and those are the leading sectors. what are the risks, from your standpoint, for the market? >> you have the tax policy issues that you brought up earlier. >> right. >> you have the number issues in terms of maybe sell and may. we have earnings reports coming out in april. we expect them to be reasonable. historically speaking, earnings reports as well as profit

margins are still above average. they are expected to slow down a little bit. >> what would you buy here then? >> i think high-quality big cap names. i like the technology sector, consumers, health care. all of those are dividend plays. i want somebody that can raise their dividend with a strong cash flow. there's not going to be that much growth. people need money and they need -- institutions need money. a lot of these endowments are tied up in long-term investments. they need regular income. i think there's a really good story that tommy had to say. >> in terms of the fundamentals supporting this market, are you expecting earnings estimates to come down? what are you expecting in terms of profitability? >> i think it's going to be a flattish quarter. i worry more about the outlook. there could be turbulence along the way but i don't think it's going to be tremendous.

most of the bad news is in. >> earnings? what do you think? >> i would agree with john. we're not going to see upside surprises but not too many on the downside either. i think the outlook is key and technologies companies in general are thinking about what to do with their cash that plays along with what we talked about. >> the top states for nonfinancial, corporate cash. 80% of the $1.8 trillion in total cash are held by nonfinancial s&p companies located in ten states. where do you think the leading state is in technology is the biggest sector. >> new york -- >> california. >> i should have known that, right? >> yeah, since you're from california. california, new york, texas, washington. >> who knew? she's full of this stuff today. gentlemen, thank you both. >> tommy, i'll see you later.

>> we have 20 minutes before the "closing bell" sounds for the day, for the week. nasdaq also positive. >> the risk on trade back on today our next guest says to expect it to head into next week as well. >> we get the bull case. why this year's rally could kick into high gear in april. and as we head to the break, here's how the treasury market has been trading so far today. back after this. >> announcer: but, first, before we go to break, the dividend. which chinese internet stock is outperforming the others so far this year? baidu, dangdang or sina? the dividend pays off after the break. and economic growth. north america actually has one of the largest oil reserves in the world. a large part of that is oil sands.

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this year. welcome back to cnbc. i'm seema moody. one stock getting hit is zin ga. the ceo planned to sell 43 million shares worth, about $591 million in a secondary offer. it is never positive to see a founder sell off shares. that's why we're seeing a drop in that stock. another company to focus can, a chipmaker, xilinx. >> seema, thank you so much. we have about 20 minutes left in the trading day. the market is rebounding from this morning's weakness. we had a 19-point drop earlier. the nasdaq is still on track for a sixth consecutive weekly gain. as you can see, nasdaq up about five points here. it was up about six at the high.

very close to the high right here. snapshot of some of the nasdaq winners include life technologies, vertex, and amazon. >> that's not the case for major averages. we're heading towards the worst week for stocks since mid-december overall. our next guest is still wanting to go along this market. how do you prepare the portfolio ahead of this? we have zon, director of institutional sales, and trading at gfi group to give us the trade going into the weekend here and into next week. so you're going to take advantage of the declines this week as a buying opportunity? is that what we're talking about here, john? >> yeah. we think the market acted really well with the negative news coming out of china and out of europe with the pmi weaker than expected. if this is the first down week that we've had all week we'll take it and move into quarter end. >> very, very low volatility. it's been a slow roll south here.

f financials, consumer -- >> overweight discretionary names, overweight tech and lightening up on utilities as well as energy going into next week. there's a lot of data coming out the following week. but good friday actually falls on the day when the unemployment report is announced. so that throws a little bit of a quirk into the calendar. other than that, i think that we have some elections in germany and spain this weekend. rej nregional elections. all in all, i think it's holding quite well. >> why the underweight in energy when prices are going up right now? >> well, i think that was one of the worst performers this quarter and one of the worst performers in the last month. so energy has been a little

volatile. i think jpmorgan actually came out today and exxonmobil. so that's really just a range. in terms of our weights, i think that underweight energy utilities is the way to go and overweight the winners. >> are you going to play fixed income at all? >> we had a nice rebound fix income. obviously some of the weak data that came out. but we just can't see with comments out of fed officials that say that even if employment -- the unemployment rate goes down to 7% that they are going to still keep the 2014 promise in tact. so fed officials that says that they are going to keep the pedal to the metal, it's going to be hard. >> last thing, home builders, we expect it to be good. it was not. home builders themselves have been rallying since early october. what do you do for them right

now? >> i think if you want to play the home builders, you can sell puts on the shb, the 20-level seems to be good support. we get lenore earnings next week. today, kb homes obviously disappointed but they sit more in line where they couldn't get loans to fund some of their business, some of their housing business. that led to a little bit of a decline than they were anticipating. so i think that's good. long term it means that credit conditions have tightened up. they are not giving money to people who can't afford the house and we'll have to go in and bail them out again. so that's a positive. but right now i think lumber was up 2% today. even though home builders were up, lumber was down. >> john, have a good weekend. thank you for joining us. >> have a good weekend, bill. >> maria? >> 15 minutes before the "closing bell" sounds for the week. we have a market holding on to gains. dow jones industrial up for the first time in weeks. next, how to push your portfolio

from the possibility of downside risk. and then courtney reagan? >> analysts are shaking up trading and some of those under the radar names but so, too, are the companies themselves. that's coming up after the break. ♪ when your chain of supply goes from here to shanghai, that's logistics. ♪ ♪ chips from here, boards from there track it all through the air, that's logistics. ♪ ♪ clearing customs like that hurry up no time flat that's logistics. ♪ ♪ all new technology ups brings to me, that's logistics. ♪

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welcome back. we have breaking news. bats has officially withdrawn and canceled its ipo. tried to take the company on its own exchange. the stock opened down and then was halted the rest of the day. now it is canceling that ipo. >> bob pisani here at the booth. what a debacle? >> they are going to be studying this for a long time. the ceo just put out a statement saying, in the wake of today's technical issues which affected the trading of certain stocks, including that of bats, we believe that withdrawing the ipo is the appropriate action for the company to take and for our shareholders. of course, this does not mean that there never is going to be an ipo. they could refloat the ipo at some other time. but obviously you can imagine trying to reopen the stock.

not at 3:00 today or at any time with orders in at $16 with what has been going on. the bids would simply not be there. everybody just wanted out at that point, i'm sure. >> one of the issues, and this is sort of talked about on the floor, but what are the ramifications of this? are we going to see investors upset that they wanted to have certain trades done and now they are all canceled? what are the implications of this? >> you wonder, they never did get a trade -- if they are going to cancel the trades that happened, you can argue that they were never publicly traded any way, right? >> well, i think the point to maria's question is, one of the reasons that they did cancel the ipo is to sort of try to end run the potential lawsuits that there would have been. there was really only one official trade there anywhere near the price for it. they night have faced lawsuits. here at least they are going to

try to limit the legal fallout. >> have we heard from the s.e.c. yet? >> no. there were reports that the s.e.c. was investigating this. >> you think so? >> well, i think the key point is -- but nobody should be gloating about this, either at the nyse or the nasdaq. this goes to questions about market structure and about the soundness of trading systems. this is a technical problem, obviously, not associated necessarily with any innate problem with bats. but obviously people are going to be looking into this more carefully. remember, you traded many different exchanges now. we have men different systems. >> you have humans down here making markets in stocks versus electronics. so it will give certainly, at a minimum, the fodder to be talking about. >> and trust us, bob, they have been talking about it. we've gotten a lot of people approaching us about this here. some wondering what is going to

happen and now they are wondering what next happens nor this trading firm. >> and what happens with the capital that they were planning on raising? where did that money come from? they still have the same issue in terms of raising capital. >> my understanding is that it was going to their backers. the wall street firms themselves. the merrill lynches of the world with the backers of bats. all of the money was going to them. i'm not sure there was any money at all for internal purposes at bats. >> bob, thank you so much. we'll keep watching that. we'll come back with the closing countdown. after the bell, take the pulse of the health care industry on the second anniversary of obamacare. the ceo of cleveland clinic will join us. [ donovan ] i hit a wall.

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s&p on track for the biggest weekly decline of the year so far. we go back to mid-december to find a bigger decline. the nasdaq and s&p are trying to avoid the second weekly loss, though, of 2012. let's review here. 1% decline, 1.1% now for the dow, for the week. we're not exactly talking a major correction here yet. we've had a very good run for the major averages going back to early october. so 1% decline. it's not going to be too hard. for the fixed income markets, we're starting to come lower. so for the week, the ten-year yield is down 2.5%. pretty big decline. the 30-year is probably a bigger decline because you get a big whip saw decline. down for the week. the yield coming that much lower. price of oil heading steady this week. down a tiny fraction after volatility. up in the $108 range earlier in the week and now we finish below

$107 per barrel. gold this week was trading like the bond market for a time. it was trading more like a hedge and for the week it's up a fraction. today it's had a pretty good run. again, it's been acting less like a risk on trade and more like a hedge, like it traditionally does. the s&p, consumer staples, discretionaries, did better, technology was up there. nobody loves utilities anymore. it was one of the best performing sectors last year. there it is. down for the week. the financials among everybody's favorites right now. telecom services, health care, materials, these are the weekly numbers now of the s&p industrials and s&p energy for the week. tommy huey -- >> they are good dividend payers. >> they are. they had the run last year.

>> what happened? it's like literally using this phrase here, they turned a light switch off on the utilities at the end of the year. >> look at apple computer. we have all of the air space. you look at the technology sector, cash rich, opportunities to pay dividends and they have to do something for the cash. >> speaking of apple, it now pays a dividend. do you like apple here? >> i do on some respects. some of our future you'll funds, yeah, but there is the entry point in valuation and so forth. so we're trying to pick and choose where we have the opportunities that look at where the right point is. we owe some funds and some we don't. >> do you like the sector that has suddenly found favor and has been a leader of the market so far in 2012 but there's still plenty of questions about their business and regulations that are coming their way from the federal government.

frankenstein as jpmorgan would call it. >> others have a few problems that they need to work through but where there are problems there are opportunities. so we're going through that. our fixed income analysts and equity analysts are sharing and collaborating and talking about where the best opportunities are. >> but the expectation is that more opportunities will be coming, right? >> i think so. all of that comes into play and fixed income and equity securities. >> speaking of income, do you expect rates to go much higher for here? >> we're not following what the fed says. the fed is saying, look, consumption hasn't caught up with the jobs market quite yet. i missed what chairman bernanke said earlier today. if he said something insightful, i missed it. >> trust me, thanks, tommy. we'll see you later.