gary motyl tells us which one. he runs templeton global equity. >> suzanne: the other big story today involved a new bidder for the big board. the nasdaq and the intercontinental exchange are making a hostile offer for the new york stock exchange. the bid topped $11 billion and comes weeks after the world's largest stock exchange agreed to a merger with deutsche borse. how does the battle play out? erika miller reports. >> reporter: talk at the new york stock exchange today was about the exchange itself. floor traders were not surprised that the nasdaq and the intercontinental exchange are making a play for the big board. but many specialists, including jonathan corpina, hope the nyse will stick to its original plan to merge with deutsche borse. >> i think everybody on the floor community is concerned and would be concerned if nasdaq did come in an take over this company. there's a history between nasdaq and nyse and they've been adversaries for so long that it's interesting to hear now how much the nasdaq would em

we'll also talk global investment trends, valuations and japan with our "market monitor" guest, gary motyl. he's the chief investment officer at templeton global equity. california's pension system for teachers, known as "calstrs," is deeper in the red. a new report shows it's now $56 billion short on benefits promised to its 850,000 members. that leaves the pension just 71% funded, and means the state will have to come up with cash. the shortfall is blamed on big investment losses from the financial crisis. the teachers pension will run dry in 2042, unless the state and its unions come up with a long-term fix. >> tom: officials in wisconsin are putting the brakes on implementing a law limiting collective bargaining rights for public workers. today, a judge there ruled the law was not in effect because it had not been officially published. republican governor scott walker had started to carry out the law earlier this week, but he agreed today to stop. however, the governor still sayp the bill was legally published. >> suzanne: most parents try to teach their children good habits. the same