i'm ross westgate in davos. >> and i'm kelly evans. we are waiting for the uk fourth quarter gdp figures. we can tell you that here we're getting the numbers through. and if i can just pull up the data now. a much deeper than expected decline. uk preliminary fourth quarter gdp shows a contraction of 0.3% on the quarter. this is not annualized. the annualized rate would put that at something better than 1%. 0.3% on the quarter. it was exactly national from a year earlier. that's larger than what was expected which was a drop of 1% which is a bigger economy by 3 cents from a year earlier. industrial production, construction was small, services were flat. mining and quarrying posted a drop of minus 10%. that was its biggest fall on record. so there may be a one off factor played here. government services, fell 0.1%. interegly, that rlects gi back from third quarter olympic cket sales. so if you were to take out potentially that decline of 0.7% and the 10% drop in mining and quarrying, that figure probably would have looked better. neverth

from davos, i'm ross westgate. >> i'm kelly evans in london. these are your headlines from around the world -- british prime minister david cameron promises to hold a referendum on the e.u. warning that a concession for the democratic leadership is wafer thin. >> if we don't address these challenges, the danger is that europe will fail and the british people will drift toward the exit. >>> google could light a fire under u.s. markets today as the giant's fourth quarter profits top forecasts on higher ad revenues. >>> and here in davos, bank ceos fight back against regulators in an exclusive cnbc debate, apologizing to scandals of the past but defiant it the role of the industry. >> i think there's so much misinformation out there that's used aggressively by people for their own purposes. we provide a service to you. we make a little money every time we do it. that's what happens. >>> and ceo confidence down for a third year in a row according to a survey here. despite markets hitting multiyear highs with lack of decisions in the u.s. weighing o

now back out to davos, ross westgate is joined by maria bartiromo. hi, maria. >> good to see you. thanks for having me. >> and that's a good place to start for our next guest. >> it really is. technology is where we want to focus right now on the heels of apple. john, good to have you on the program. >> maria, it's a pleasure once again. >> thanks for joining us. we're watching the sentiment around apple changing. >> what is amazing, our industry is very spartan. if you don't reinvent yourself every two to five years, you get left behind. apple is behind in the long run. tim is a very good leader. the key issue in our industry, i like what they're doing long-term. but this goes down every 20 years. leaders in our industry, they can't adjust to the market transition gets left behind. >> a lot of focus on how they're going to change the way they guide, right? >> well, that's a very well loaded question. but i think what it speaks to is when we were going that 30%, 40%, 50% during the 90s, we did levels set very low. as it might be in the mid single digits just for purposes of discus

i'm ross westgate. >> and i'm kelly echs. these are your headlines from around the world. >> inflation is growing the india central bank prefer easing. >>> the government steps in to contain home buying by foreigners in singapore. >>> and a major overall, boosting operate aing profits by 25%. >> and it's merger monday. watch group by terry winston's division by $700 million, but u.p.s. walks away from its 5.2 billion offer for tnt express. >>> all righty. it's "worldwide exchange" here and we are back in the saddle. >> and it feels good. >> and george osborne is making some comments. he's basically saying that it's an interesting starting point and he plays down the prospects of there being a straight referendum on being an in/out referendum, part of the eu, not part of the eu, which is mixed from where most people think they are. >> some of the surveys show the people becoming more worried about it and we saw those comments, what's his face, labor leader over the weekend saying that he's walking out of the eurozone. so clear

if you're just tuning in, i'm kelly evans. >> and i'm ross westgate. here are your headlines from around the world. >> if fed kicks off a two-day policy meeting. the central bank isn't expected to make any major policy changes. >>> investors decide on co-founder's planned board shake yumm. investors advised shareholders to vote against all the changes. >>> yahoo!'s shares rise after reporting better-than-expected earnings boosted by higher ad revenue. >>> and retail sales in spain plunge in december. the prime minister preparing for stimulus measures to relieve the pain of austerity. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >> well, these chips have been very deceiving for the last couple of days. yesterday they were in the green even though taking pair value in account. we were pointed to head lower today. it's the opposite story. they're showing red, but we're poised to open higher about 10 points for the dow jones industrial 500. the nasdaq looking to open a little lower. the s&p 500 just

i'm ross westgate. >> and i'm kelly evans. >> rio tinto shocks the market. the mining giant reveals it will book a $14 impairment charge. >>> and boeing hits more turbulence. this as top rival airbus gets set to report its commercial results within the hour. >>> the biggest retailer in paris talked about sales improving in the fourth quarter because of strength in its two biggest hkts. >>> and bank of america and citigroup will report earnings in the u.s. with mortgage lows expected to weigh on results. >>> hello and welcome to today's "worldwide exchange." plenty to get to on the corporate front. maybe things are getting better. >> so much corporate thus. much less of the european central bank crystal ball action. we'll get to all of on those stories. we're going all over the world to bring them to you. rio tinto's ceo steps down ask we'll ask whether the miner's mozambique actions are to blame for his sudden exit. >>> boeing is set to report 2012 orders. >>> here in london, we'll take you from the luxury road to the high street with december sales in focus

i'm ross westgate. >> i'm kelly evans. these are your headlines from around the world. >> spain sees a bigger than expected gdp decline in the fourth quarter. one of the most indebted regions asking madrid for more than nine million euros. >>> roche strides lower after posting solid earnings on strong sales of its cancer medicine. analysts warn about the loss of exclusive rights to a key chemotherapy drug. >>> game over for super mario and friend to turn a profit. nintendo unexpectedly swings to its full-year forecast to a loss showing a poor uptake for its wii u consoles. >>> see you in september. australia's prime minister sets a surprise election date saying it will create certainty for business. >>> okay. welcome to today's program. and you know, we spent all that time waiting for five. today it's about the ten. >> how long did it take you to come up with that? >> about ten seconds ago. >> very good. we're talking about mobile phones. >> yeah. >> do you think people can guess we're talking about the iphone 5. you're wa

. >>> and i'm ross westgate. these are your headlines from around the world. >> slowdown in germany wore worse than expected. annual gdp came in at 4.7%. >>> urging for actions, president obama and tim geithner say congress must raise the debt ceiling or cause irreparable damage to the u.s. economy. >>> and jump t to the top of the ftse 100 after third quarter revenue beat the forecast, burberry had earnings higher than expected. >>> all right. sorted out my mike issues. "worldwide exchange" is slightly different today because we're analyzing the first german gdp numbers. >> and i come to the u.s. where it's all annualized and we stick to the european data and it's quarter on quarter. given the context, we're still working through what all that means. >> exports in november, down 94.1 billion is where we essentially went. 98.4 billion was the october numbers. so exports in november driving down. and that gdp number is worth pulling out. exports for the year, up 4.1%. as far as production is concerned, it was up 2

i'm kelly evans. >> i'm ross westgate. the headlines today that we have from around the world. >>> two japanese airlines ground their 787s after a dreamliner makes an emergency landing. transport officials worldwide step up their scrutiny of boeing as safety troubles escalate. >>> helicopter crashes into a crane in central london. british police say there have been two fatalities. >>> it's a big day for bank earnings in the u.s. top reports from jpmorgan and goldman sachs before the opening bell. >>> a familiar pattern here for us in the last couple of trading sessions has been to see u.s. futures pointed lower only to enter the trading session and rally higher. typically a reasonably good sign of a bull market. but not sure we want to go that far. we can tell you that after extending its win streak to five straight, the dow is pointed lower today. the question just remains as to whether it will reverse gains as it has in the past several trading sessions. down 42 points at the open. the nasdaq and s&p also pointed lower.

i'm ross westgate. >> and i'm kelly evans. these are your headlines from around the world. >> costly cleanup, deutsche posts a bigger than expected fourth quarter loss. santander's profit dropped as it sheds real estate assets. >> a different story in japan where the stock market rally helped boost things in the third quarter. nomura's financial profit is up ten fold. >>> earnings fall short of expectations, astrazeneca warns of a tough year. >>> and boeing is sticking to the flight plan as its outlook rises. >>> all right. welcome to today's super thursday. >> i was going to say, if you thought the super bowl didn't come until sunday, you clearly are looking at the wrong kind of event. the financial markets, it's all happening today. tons of earnings. >> and jobless just.posted according to the labor office, the jobless change according to the reuters forecast was to increase by 8,000. >> the unemployment rate, i believe, improved in january. >> 6.8% versus 6.9% in december. the unemployment rate coming down and there were le

ross westgate is away. he will be back later in the week from davos and along with plenty of other people and a lot of great guests. it's a three-hour program. the first three hours, i think the third you'll have to flip over to cnbc to catch. we will be heading out to washington as the capital prepares for the inauguration of president barack obama. but will he spend the next four years at the mercy of republicans? we'll explore that. plus, we'll assess if israel could be medicining for a right coalition as benjamin netanyahu says he is prepared to work with the naturalist home. and we'll take a look at travel chaos across the continent as snow and freezing conditions cause plenty of disruption in the air and on the road. now, germany's social democrats are celebrating a stunning victory in lower saxony secured with the victory of just one seat. support for angela merkel's christian democrats fell by 657 percentage points, but the chance ler herself continues to ride high on opinion polls. for more on what

i'm ross westgate. and i'm kelly evans. these are your headlines from around the world. >> heavy metal profits brings the first u.s. company out of the gate with earnings season. but results will continue to be pressured by weak demand. >> samsung electronics operates a fifth straight quarter, but sales flip. >>> and government is on track for the austerity measures as angela merkel gives up -- for election. >>> and aig just finished off paying off its massive bailout, but the company is now weighing on whether to sue the u.s. government over that very rescue. >> now 2013. >> it's been so long. how long has it been? >> months. >> better make the most of it, though. >> two days. >> yeah. two days. >> then it's onward. >> anyway, look, we're here. i still don't know what time zone and country i'm in. >> there was snow, right? >> there was. it was beautiful. >> on today's show, we hone in on samsung in seoul. i'm all frufterred because you're back. the electronic giant will expand its lead over apple this year. >> and we've go

. >>> ross westgate is in davos. in the meantime, big news out overnight, this one for global markets. the bank of japan delivered what markets had been banking on with a joint commitment to double its inflation target to 2%. it says it will buy $145 billion of assets each month starting in 2014 with no set deadline to finish the purchases. all that said, the yen is strengthening this morninfor mot be disappointed, let's get straight out tore kaori enjoji. we're seeing again in markets a little disappointment. did the boj not fully deliver here? >> i don't think so. i don't think that's the right interpretation at all. i think this was an exercise in showing that the government and the bank of japan, the central bank are on the same page. they certainly delivered that. i think the fact that it's an open-ended asset purchase program, it was more than what the markets had been factoring in. i think the dollar/yen moves are sort of moving independently right now. and i think a lot of that has to do with the comments tha

i'm ross westgate. here with your headlines from around the world. the dollar treasury yields continue to prove surprisingly hawkish among concerns of some about the bank qe program. that may add more to today's strange jobs report which led to spectacular hiring growth. meanwhile, here in europe, composite pmi shows manufacturing in contraction territory. we'll look ahead to uk services pmi in under half an hour. this after the hsbc in china shows a slowdown the lowest since august 2011. >> warm welcome to you. 47.8, services pmi. it marked a five-month high. that mean the composite number has picked up slightly. the final composite number confirmed at 47.2, a little weaker than 47.3 flash, 46.5 in november. it is nevertheless the high since march. perhaps some tentative signs emerging that the eurozone economy may have passed the worst of its downturn, although recovery still looks months away. the december services business expectations up 52.5. it was 52.6 in the flash to slightly weaker on that particular point. let's get immediate reaction to w

are ross westgate is standing by in london. ross. >> hi, andy. good morning to you. global markets this morning, a little weaker ahead of the employment report. not by much as you can see, decliners outpacing advancers by about six to three. we bounced off the lower session for the day around 30 minutes or so ago. take a look at the indices. the ftse 100 closed at a fresh new week high. disappointing data out for the uk. services pmi coming in weaker than expected. we contracted. we thought we would get a better expansion. but we contract ed skomg in around 48 this morning. that suggests the uk has contracted in the fourth yaerter quarterback perhaps by .2%. so the words triple dip are being uttered in the uk. the sweat ya dax down .0.2%. the cac 40 down 0.47%. gilt yields have been heading higher. we've got gilt here. 2.098%. like treasuries, they're off to tresh eight-month highs on that yield. and, of course, we've been looking at a stronger dollar across the board. the real standout here has been dollar/yen. 88.26. there's now this continuiing expectation that th

ross westgate standing by in london. mr. westgate, how are you this morning? >> hey. we're good.nks very much. as you just saw joe point out, softer here. we have bounced off the session low a short while ago. and the german economics ministry talking about the forecasts for germany, as well. just helping us bounce off that primarily, saying, yes, we've had a weak fourth quarter. will be weak at the beginning of the year. they're expecting a much stronger rebound toward the end of 2013. so the footse 100 was down .5, currently down .3. down .3 for the xetera dax, down .1 as is the french market, ibex down .3%. the euro/dollar, we had an interview with ewald nowotny, the austrian central bank governor. member of the ecb governing council, as well. you see the spike -- we had the session chart, what i was looking for. you would have seen a spike up. we're currently trading at 1.3321. we're sort of 1.3220 before he dismissed comments from the euro group chairman yesterday saying the exchange rate was dangerously high in terms of euro/dollar. he said the euro rate was not a concern a

i'm ross westgate. these are your headlines today from around the world. shinzo abe is unveiling the country's biggest stimulus since the financial crisis. a cold snap helps push up consumer prices to a seven-month high in december. tech stocks are higher in europe led by nokia and s.a.p. after the stocks are expected to surpass the long-term target. stocks in the u.s. surprise the street by preannouncing earnings and unveiling its biggest corporate overall in a decade by cutting 4,500 jobs. jay you're watching "worldwide exchange," bringing you business news from around the globe. >>> welcome to the last "worldwide exchange" of the week. plenty to get through today. kenny will be joaning us for the second half of the show today. she decided she can't miss out on any more. also coming up on today's show, wells fargo, the first u.s. bank to report fourth quarter numbers, we'll have in-depth analysis from 1130 cet. shinzo abe launches the biggest stimulus package since the start of the financial crisis. >>> czech voters head to the polls. we'll have analysis

i'm ross westgate. these are the headlines. markets pull back from 20-month highs. a relief rally wanes out of a battle over the spending cuts and the debt ceiling. investors will start turning their attention away from this week's key economic data. we get a preview with the adp today. and another shot in the arm for china's economic recovery. services sector growth is at a four-month high in december thanks to the boost from construction work. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >> okay. warm welcome to you. it's thursday, july the -- january the 3rd and we'll just recovering a little bit after yesterday's rally. german's december adjusted jobless rate, 6.9% from november's figure. and as forecast. that's where we stand at the moment. after very strong rallies yesterday, dow 2.64%. european markets up 3%. something more of a pause today. let's bring you straight up to how we check in asia. sichuan joins us from singapore. >> thank you, ross. china's latest official services pmi for december came in

frankly, you can tweet@ross westgate. >>> now, still ahead on the show, could the housing be the bright spot for the u.s. economy in 2013? find out why the say the economy could be the real deal. here is a look at the heat map to see how european markets are trading. we are seeing weight on the index about 1.1% generally. we'll be right back. >> with hotwire's low prices, i can afford to visit chicago for my first big race and l.a. for my best friend's wedding. because when hotels have unsold rooms, they use hotwire to fill them. so i got my hotels for half-price! >> men: ♪ h-o-t-w-i-r-e ♪ hotwire.com >>> welcome back. pending home sales are due later today. they'll be followed by the case-shiller index out tomorrow. although we've been seeing a continued rise in reports lately, our next guest says a recovery for the sector is firmly under way. eric green joins us now, head of u.s. rates at td securities. eric, good morning. >> good morning. >> good, thanks. it's not a new idea that the housing market is recovering. i guess the risk here is that the recovery is already priced in. >> i t

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i'm ross westgate.a new five-year high as investors turn their focus on the fiscal cliff, the fundamentals earnings season kicking off this week. >>> banksing stocks on the rise in europe. the basel committee bow toes pressure from the financial services industry and relaxes rules to global liquidity requirements. >>> and air france khl denies reports it's looking to take over alitalia. a at a lia nevertheless has been soaring on expectations over a deal. >>> and if you're just joining us, good morning to you here on cnbc. sitting at five-year highs. no surprise to see us a little bit below fair value at the moment on the futures. we're currently, what, 4.5 points below fair value to the s&p. the nasdaq is currently some 6 1/2 points below fair value and the dow at the moment is 32 points below fair value. we have european shares closing up at 22-month highs on average on friday. the ftse up .5% today. it's down a third of a percent. the xetra dax down nearly .5%. the cac 40 down .5%. the ibex up around

i'm ross westgate. here are your headlines from around the world. chinese exports blow past expectations in december. raising expectations for next week's fourth quarter gdp. investors are still cautious ahead of the interest rates issues in europe. three issues, the new 2015 included a clause to make restructuring easier in the event of default. all right. welcome to the program. if you've been watching in europe or asia, you might have seen "squawk box" in europe today. we'll miss that. but she's done her day's work. tim cook is back in china for the second time in less than a year. we'll be back in shanghai for analysis. this is what the future looks like. no, not me, but in vegas where we view the latest gadgets at the electronics consumer show. we'll find out how mario draghi plans to shape the year. plus, the oscars, we'll look at the favorite to pick up the golden statue from los angeles at 11:40 e.t. lincoln got ten nominations yesterday. but first, china hs surprised the market with a very strong set of trade numbers. exports for december b

. >> i'm ross westgate. these are your headlines -- alcoa kicks off the earnings season with a better than expected report. the aluminum giant says it sees brighter times ahead in 2013. >>> and bank and telecom stocks easing the way as reports say europe's biggest telecom groups in talk to create a pan-regional network. >>> dish network throws a wrench into sprint's plans to buy clearwire, making a higher bid for the wireless provider and owner of valuable spectrum. >>> a report suggests that bankers will cave from pressure from the prime minister and double inflation targets 2%. >>> let's quickly check in with u.s. futures. the dow jones industrial average is pointed higher by 14 points this morning. similar gains, about three points on the nasdaq. a little bit higher for the s&p 500. we've seen a weaker tone to equities this week. but the report from alcoa last night may be helping to spur optimism. we like to ask our guests whether they see it as a reason to zig when alcoa zags when it comes to earnings.

i'm ross westgate. these are your headlines from around the world -- with the late night vote, the u.s. house passes a bill to avoid the fiscal cliff. but president obama warns lawmakers he doesn't want to go to the brink the next fight over the debt ceiling. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up through the laws that they passed. >> that budget deal boosts asian equities. stocks in hong kong and australia hit 19-month highs in the first trading session of the year. european stocks also cheered the deal despite more gloom from the eurozone where manufacturing activity has deepened its contraction. >>> okay. if you just joined us, particularly stateside, happy new year to you. warm welcome to 2013 here on "worldwide exchange." so the house of representatives passing a bill late last night to prevent huge tax hikes and spending cuts, helping the u.s. to avoid the fiscal cliff. the vote, 257-167. house speaker john

. ♪ >>> welcome to "squawk box" on cnbc, i'm becky quick with ross westgate.ndrew is reporting from switzerland. that's why we've got the mountain music. we'll get to andrew in a moment. first, the top stories. the common theme here quarterly results, shares of google getting a boost. earnings and revenue topping consensus and perhaps more important metrics, revenue from google's core internet business. it outpaced many analysts' expectations. advertising rates fell less than in proves periods. as you see, the stock was up -- this morning up almost 5% in the premarket. ibm shares jumping after the bell. earnings and revenue beating the street, as well. the world's largest technology services company offering a better than expected outlook for 2013. that stock, as you see, up by 4% in the premarket. also, we had advanced microdevices. it came in with a smaller than expected loss in the fourth quarter. the shares were rising in the after-hours trading. you see this morning down about .4%. here's the issue -- company's quarterly expectations in terms of the chip'

ross westgate is standing by in london this morning. od morning, ross. >> andrew, good morning to you. we're pretty flat in european markets as evidenced by the wall behind me. european stocks in general closing yesterday at two-year highs. the ftse yesterday closing above 6,100 for the first time since may 2008. so not quite the five-year high of the s&p but not far behind. we're seeing the ftse pretty flat as with most of these markets. you have been taking a look at these markets. we saw the 12-month borrowing cost at a three-year low. and today at auction, three-year yield in italy down a little bit. hitting under 2% at 1.85%. they raised 2.5 billion. that is the lowest we've seen on italian auction yields for that three year in march 2010. so continuing lower borrowing costs for italy and, of course, for spain we saw yesterday. now, the -- there we go. 1.9% is the cash market, as well, for italy. today industrial production coming in for november weaker than expected. certainly everybody is now expecting that we'll get headlines tal

ross westgate is standing by in london. ross. you've got a -- >> good to see you this morning. sorry? >> you've got a nice mix there of red and green. it's colorful for the screen, but all that red doesn't help, i don't think so. >> well, yeah, but if we pan out a little bit, andrew, you'll see it's pretty even stevens, andrew, decliners marginally in the lead. there's five roes of red here, 4775 row eggs of green. you would spec that the pause we got off the the big gains yesterday, not that dramatic. the stoxx 6 let you know is up .25% to the moment. smi, lux for the release tonight. the laggard, the ftse pretty flat, really. we had some good update today. some of these guys with down r down 4. r5%. the dax here only some 4% away from the record high that we've hit. 8,105. 7,755. not that far away. a lot closer to the all-time highs than other markets here in europe. so the losses we're seeing this morning, not that big. mining stocks are down today. they can look at profit taking after big gains yesterday, despite the fact that we saw official services pmi, manufacturing in

ross westgate is standing by in london. good morning. we haven't seen you in quite a while. you have a lot of red behind you this morning. >> we have, indeed, becky. i saw andrew more recently than i've seen you over there in davos. yeah, look, we are down. you can see decleaners outpacing the decliners. we're down at the session low. down around .0. the spanish market down 1.5%. that's down to bank stocks. they're all off heavily because of santander. santander is europe's largest lender in the eurozone. stock off 2.3% today. there's 2012 net profit more than halved hurt by big losses in real estate, write-downs and property assets. also key growth spots as latin america down, as well. they're setting aside another 18 billion or 19 billion euros for provisions in 2012. they said they may still sell some more addette az. there's a lot of restructuring going on, as well. the market has been focused in on the fact that they're going to raise their capital, but they're not going to do it with raising equity. they're going to do it by retyping their risk model. so a bit of relie

ross westgate has been away at davos covering the event. he'll be back tomorrow. i've been holding down the ship in the meantime. i think you get more out of it if you're there, but if you missed it, you're kind of like, yeah, life goes on. we're down by 0.04%. what's interesting is the extend to which people are talking about the rally over here, driven by the same kind of positive mood fundamentals if you want to call it that that's underpinning the rally for u.s. equities. you can take a look at the major indexes, but we're not seeing too much move. the dax, a little lower. but the ftse higher. so you can see there's not a ton of conviction here in these markets. part of it is that we're getting so much data out of the u.s. we've got jobs report friday. the fed meets tomorrow. we learned on friday, the european central bank is seeing people repay their crisis loans from last year. that does push up the value of the euro and to some degree make monetary policy tighter over here. we can quickly look at the bond space. italy did go to auction as we continue to see

i am actually chained to the desk here because ross westgate, lake-effect snow, is in davos and he will have the very latest out of there and "worldwide exchange" for the rest of the week. we'll also see maria bartiromo there. in the meantime, before that meeting gets under way, france and germany are celebrating their friendship treaty today. it's all about markets in japan and, in fact, we want to give you a sense of the trade that we're seeing, even here in europe affected by what we heard from the bank of japan this morning. now, markets are to some extent in the red across the board. there are few exceptions, but we're seeing declines of about a quarter to a third of a percent. the dax is down. there's concerns about deutsche bank playing into that, as well. the nikkei is shedding abo about .3%. this market has been on a tear as the yen has beakened. in the last couple of months, everything that we learn from the bank today has basically been signaled to markets. we know he wanted more stimulus. that's what we got from the central bank today. so while the buy the rumor sell the fac

ross westgate standing by in london across the pond. mr. westgate. >> hey, andrew. thank you very much for that. you can see after the gains we had last week, softer this morning. decliners outpacing advancers by a ratio of around 6 to 3, somewhere around that margin. the ftse 100, when you're a stock in general up at 22-month highs, friday, up .5%. right now, the if it is sfts is down .25%. we're not far away from the all-time highs on the xetra dax 7740.78 is up near the all time high. the cac 40 is down .5%. ibex up .1%. no doubt about the standouts, that is indeed the banks after the basel committee that supervisors bank regulation, says the liquidity cover ratio, which is the thing that forces banks to hold enough cash and easy to sell assets, they're changing that in terms of what they need to hold and they're extending the time schedule for which it will be brought in. they're also going to change equities, corporate tet, residential mortgage-backed securities. so what they can hold is going to be and there's, it's not going to come in now. they were going to

. >> i heard ross westgate earlier this morning saying that they have banned that phrase, kicking the can. i said it yesterday and i cringed as i said it. we overuse it completely. i think he's probably right. i like your tie. >> probably a year ago we tried to change it to something else. but i did cringe as i said it. >> eddie lamp ard is saying the ceo is stepping down next month citing family health reasons. chairman eddie lampert is going to be assuming the role. he had a 31.1% stake in sears holding. shares of sears during the last year, take a look at this. it's like going nowhere fast. pretty much has been the story of sears. >> can we take a look at that? >> i don't know if we can take what look -- was lampert never the ceo? >> there was a period where he was the this eo, but it has been minimal. >> this is a better look at what's going on in this company opinion you can see there in '08, there are 100 dollar stocks. >> it looks like lampert was really going to get it going. >> this is a better look at things. and i think if he did this -- i have to go back and look at when t