to the united states but truly extraordinary considering where we are today after taking that kind of hit. america the great, america the resilient. breaking news. facebook ceo mark zuckerberg set to deliver his first public comments since the ipo. we will bring you those comments as soon as they begin. you see the stage there awaiting for participants to walk out. let's turn to our traders here. what does zuckerberg need to say tonight to restore confidence in a stock that is down 15%. >> we can monetize mobile. i don't know that is what he will say. i don't expect that at all. i think he shouldn't focus on

the stock price. that is beyond his control. he shouldn't have investors focus on it much the same way that he doesn't focus on his stock price. >> the problem is it looks like he is not delivering on fundamentals either. you are the only one here on the desk who can make a case for owning facebook. >> i do own it through the weekly calls. i think what he needs to do is go back to where this company was six months ago. i don't know if that's possible. if he can i think the stock has been beaten down so much there is a lot of upside from here. when this ipo came out the price range went from 28 to 34 to 28. now down at 19 and change. if we get some sort of direction from mark zuckerberg i think the stock can rally. >> it is 100% where he has to be. he needs to get back to the idea

about facebook, what made everyone excited and clamor to get a piece of that ipo. where it was a year ago. now you get people back to being excited about the name versus we have all had a chance to look underneath the hood now. there is too much speculation. >> i think people lost confidence and trust in him. it's not his responsibility the price of the stock. it is his responsibility to create the vision that he is excited about it. if he can do it it will do a lot for the stock. >> let's bring in business insider and host of yahoo's tech ticker. he has been following the ipo since the beginning. this could be and i emphasize could be a very important moment. what do you think zuckerberg needs to do? >> i think he should stay away from the stock. when we went public we knew the

stock would be volatile. amazon over 17 years now ultimately the stock will take care of itself. let me talk about what that vision is. if he can say something about how mobile is doing well that is hopeful. he does not want to get in the business of apologizing and holding people's hands when the stock goes down. he can't control that. >> let's check in with julia live inside the conference where we are awaiting zuckerberg. what are you hearing about this interview? >> we do expect this interview to start any second now. the security here is incredibly tight. there are about 3,100 people in the auditorium all buzzing about whether or not tech crunch founder will really push zekerburg on the ipo. facebook stock has gained over 7% since tech crunch announced that zuckerberg would be

speaking here. we don't expect any major news but zuckerberg is sure to address the broader questions for what the company has been focused on since may. he will talk about mobile growth with the stock drop threatening to impact employee morale. we have to keep in mind that the audience is a particularly techie one. it is full of entrepreneurs, venture capitalists and developers. zuckerberg will probably be focusing on product more than he does focus on ad models and profit. the speech is minutes away and we will be continuing to monitor. >> let's go back to henry. i said to you initially this could be a very important moment for facebook stock and for its share holders. do you think it will be? >> no. i don't. i don't think mark is going to say anything specific. i think he may make general comments it's hard and disappointing. it is not going to change what we do which is focus on the

business and our users and our customers. he was incredibly clear about that before the ipo in the shareholder letter and everything that he said. i think if he changes that now it would be a sign that facebook is obsessed with the stock price and will worry about that. i don't think he wants to send that signal. >> i want to see how traders are positioning themselves going into this event. mike murphy is one that bought up calls on this. >> this is always one of the most active single stock options. i think mike murphy is joined by a lot of other options traders. usually we see it and the gap has changed. we are seeing more trading. under 110,000 calls traded. the gap between the open interest. there is about 1.1 million. >> we should note that we are watching them. it is the founder of tech crunch and mark zuckerberg. why don't we listen in?

>> it's been like this all day. a few more people in here. i think they want to hear what you have to say. first of all, welcome to tech crunch disrupt and thanks for coming. >> thanks for having me. it is good to have a chance to be here. >> this venue probably looks familiar. it is such a great venue. you probably feel fairly comfortable in this venue. >> you get a lot more people in here than we do. >> okay. so you're ready? i have a few questions for you about the ipo to start. you went public on may 18th and the stock has lost roughly half its value since then. >> just get right into it. >> is it awkward? if you could have done anything differently with hind sight would you have? >> well, you know i mean the

performance of the stock has obviously been disappointing. and we care about our shareholders and the commitment that we made is that we're connected and we are going to do the things that we think are going to build value over the long term. and over the next three to five years i think the biggest question that is on everyone's minds that will determine at least our performance over that period is really going to be how well we do with mobile. we have been in this quiet period for the last six months or so since right up to the time when we were getting started with the ipo. a lot has changed. six months ago on mobile we hadn't launched our new set of apps so we were in a bad place there. literally six months ago we didn't run a single ad on mobile. i think it is easy for a lot of folks without us talking about the stuff that we are doing to

really under estimate how fundamentally good mobile is for us. that is one of the main things -- this is the first time i have spoken since the ipo publicly. it is misunderstood how fundamentally good it is on a bunch of different levels. there are more users obviously. the second is that per person who is using facebook on mobile, there is more engagement and spending more time. per amount of time people spend on mobile we think we will make more money than we do on desktop. you can go through all three of these things. number of users it is fairly obvious. a lot more people have phones than computers. 5 billion people in the world with phones. facebook mobile users growing quickly. on engagement we see mobile users are more likely to be daily active users of facebook than desktop users. they are more than twice as

likely to use facebook six out of seven days of the week. there is a lot we can do there. those stats are before we launched the most recent version of the ios app. the number of stores people have consumed have doubled on that. >> just to slow you down. >> feel free to cut me off. >> i want to unpack everything you said. it is going to take a while. >> we have 20 more minutes. >> there is so much to unpack. jump back. i want to get rid of the ipo question first. it is interesting how much you talk about mobile, though. >> go for it. >> when you went public you said we don't build services to make money. we make money to build great services. you really meant that. let's talk a little bit about that. >> you said i did mean that. >> it seems like you really

meant it. >> we really mean that. you know, the statement we don't build services to make money, we make money to build better services really goes to the heart of the philosophy that we have in running the company. there is no doubt we are a mission driven company. we exist and wake up in the morning. the thing that gets us excited is making the world more open and connected and the things we are doing to build that. you can't just focus on that. since the beginning of building facebook one of the core things that i have learned is that in order to do this we have to build a great team. in order to build a great team the best people want to work on a mission that they believe in but they also want to make a bunch of money. we want to build a platform. we need to build tools so that developers can build what they want. we want to have a business model that works for them.

advertisers produce a lot of the content. a lot of what people do on facebook is around pages. that content is in the system. so building a mission and building a business go hand in hand. and it is definitely true that the primary thing that makes me excited about what we are doing is the mission. i also think that from the very beginning we had this healthy understanding that we need to do both and we are about doing both. >> with the stock price fluctuations are you finding that you have to be creative in incentivising employees to stay? is there a morale problem? >> it doesn't help. but look i think that there are a few things that are important to keep in mind here. first is that facebook has not been an uncontroversial company in the past. it is not like this is the first

up and down that we have ever had. i think that people at facebook are fairly used to at this point the press and folks saying good things about us and saying bad things about us. we have a pretty good compass in understanding here is what we need to build and stay focused on. i make it a point when i think people are being too nice to us to get up in front of the company to say we are not as good as they say we are now. when people are too critical i say we are not as bad as they say we are. i think people understand that. what really motivates people at facebook is building stuff that they are proud of. this is universal. it's really hard for people to wrap their heads around i'm building something that 950 million people are going to use. i'm building something to show to my friends and family and i'm

going to be proud to do that. when we release apps, the new version of the messenger and ios integration and camera app, that is not only the stuff that drives morale inside of the company but drives a lot of recruiting. a lot of people come to us and say i want to work at this place because you build that. so that's the second thing. and then the third thing is we haven't really done anything on equity or anything like that in order to incentivise. the way we do compensation is we translate the amount of cash we want to give you into shares. if the shares are under valued or valued less than you think in the future then you will get more shares. i think the real question some people are going to look at this

and maybe some people leave. i think it is a great time for people to join and it's a great time for people to stay and help them out. i think we are seeing that. >> can we talk product now? they like that answer. i want to talk about product. i have been rough on the company as others have over mobile in the past. i said it was the achilles heel. some of your mobile products are the worst i have seen in my life. >> we are very self critical, too. >> is mobile a strength and an opportunity for facebook? or is it your weakness? >> really it gets back to what i was saying before. mobile, there are going to be more users. each user will spend more time and per amount of time they spend we will make more money

than we will on desktop. there are a lot more people with phones in the world. more engagement. we are already seeing the stats that mobile users more engaged on a daily basis. since we did the new version of the ios app which makes what we are doing competent we have already seen double the amount of feed stories that people consumed per user on a daily basis. we have seen already being ahead on mobile compared to desktop. i'm really optimistic because mobile is a lot closer to tv than desktop where on desktop we basically for the past five or six years we have had these right-hand column ads. we had the ad team that worked in isolation to build this service that any product team at facebook can use. you are building a product and you can put these ads on the side of the product.

it has been great. on mobile that is clearly not going to be the answer. we will not have ads on a separate column. the ads have to be more integrated. what we are seeing is each of the product teams at facebook are taking ownership of that. we are seeing great mobile products developed. what we are seeing already even with the early mobile ads that we have is they perform better than the right-hand column ads on desktop. the question is getting there. there is no doubt that some of the stuff -- we have had missteps on this. part of the first question you asked me was what are some of the big mistakes we have made? when i am introspective i think the biggest mistake we made as a company is betting too much on html 5 as opposed to native. it is not that it is bad.

i am on long term really excited about it. we actually have more people on a daily basis using mobile web facebook than we have using our ios or android apps combined. there is no doubt that we went for this approach. we built this internal frameworkt that we call face web which is this idea that we can take the infrastructure that we built out for pushing code every day and not having to submit to an app store and building web code and translate that to mobile development. we were never able to get the quality that we wanted. we made this decision two years ago to go in that direction. it took us six to eight months to build face web. another four months to decide it wasn't going to do it. and then we had to start over and start rewriting everything to be native. that brings us to where we are now. we burnt two years.

probably we will look back on it saying that was one of the biggest mistakes that we have made. we are coming out of that now. the ios app is a big one. >> i want to unpack that a little bit. you said that it was about two years ago that you actually decided native is the way to go? is that right or less time? >> two years ago is when we decided to basically bet completely on html 5. that is when we started building face web and got into that framework. >> you have been listening to ceo of facebook mark zuckerberg touching a lot on the question of mobile. that has been the key to the company's decline. we see the stock up by about 2%. mobile he emphasized the fact that mobile has been fundamentally good for the company. the users tend to spend six of

seven days a week using facebook on mobile devices and says if people spent more time on mobile they will spend more money on mobile. for now the stock was up 2%. we will have the reaction so far about this interview from a business insider. julie on the ground at tech crunch as well as our panelal of traders right after this break. 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 and explore your next investing idea. ♪ ♪

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welcome back. let's check in with julia on what we are missed during the commercial break. >> reporter: zuckerberg straight out of the gate addressed the stock price. it was the first question from michaelal arrington. they do care about their shareholders. right now zuckerberg is talking about mobile. they are getting into the weeds, some of the mistakes that facebook made in not developing mobile apps in the native android or native apple languages. basically saying that the mobile app was terrible for a long time

which is something facebook recently started to rectify with the new apple app. they are talking about how mobile is getting better and making comments about how mobile is a massive financial opportunity. one of the things he has been focused on in the past is the rule that facebook wants to play. today what he is talking about is how that fits with what facebook can do in terms of making money. that is something that a lot of the analysts have been saying that they want to hear how facebook can reconcile. digging into the mobile issue. >> let's check in with business insiders henry. you said you didn't expect this could be an important moment for facebook shares. session highs up more than 2%. what happened here? >> i thought he was good. he certainly acknowledged that they are disappointed in the stock price. he said we care about shareholders. and then he made a very

optimistic comment about mobile. he said we think we can make more money on mobile per user than desktop. as users transition to mobile it will clobber revenue. he did it without promising anything this quarter. i thought he struck a good balance. as karen said in the beginning he has to tell the story again about what facebook can become. >> let's continue to listen in to mark zuckerberg. >> so you've closed the instagram acquisition. what are you going to do with it? >> it is a super talented group of engineers building this amazing product. they just crossed 100 million registered users. they're killing it.

the history of how this came together. the way i got to know kevin is they started off building on top of our platform. they had just a great open graph integration that made it where you can take pictures with instagram to facebook. it is great. they did a really good job with that. and one of the things that i like to do is all of our big developers i like to reach out and get to know them personally partially because i am really interested in entrepreneurship and helping other entrepreneurs and i want to get to know people doing great stuff on top of our platform. over the course of ours discussions we built a road map of stuff we can do together. then this tension started. they were starting to get distribution from facebook. from them it was how much they want to bet on one company

providing distribution. that became the strategic question for them. on the flip side for us there is the question of how much we prioritize the thing. there is a list of cool things we can do. we can help them grow but this might be specific for them. we will probably get to these things more slowly than we want to. i brought up the idea to kevin that maybe we should join and become one company and do these things quickly. we are going to execute on the features that we decided earlier. our mission is we think instagram is amazing. we want to help them out with whatever we can but we have no agenda in terms of making them go into our infrastructure. i think it is a waste of time. we are just going to do the things we would have done if they were an open graph partner. they can do a lot indirectly

because they have access to our code directly. >> i clearly mistimed drinking the water. >> i just stopped awkwardly. >> you did that on purpose. i'm not sure if i'm allowed to ask this question. i have been bugging you about a facebook phone for years. >> do you believe me yet? >> i don't believe that. of course i believe you except that i don't. i think that maybe there is a secret group inside of facebook that is building like hardware phones. it is such a juicy story. i hope you can come out and say we are definitely building a facebook phone. >> no. see that's always been the wrong strategy for us. it is such a juicy thing to say they are building this phone. that's why people have wanted to write that. it is so clearly the wrong strategy for us.

we have 950 million users soon. it is growing quickly. let's say we built a phone. we are not. maybe we can get 10 million people to use it or 20 million. it doesn't move the needle for us. the strategy that we have that is different from every other major technology company which is building their own hardware and operating system, apple, google, samsung, amazon, we are going in the opposite direction. we want to build a system which is integrated into every major device and things that people want to use. there are three major platforms for us. there is mobile web which i said before is huge for us. no one is more integrated than us on mobile web because there is a limit of how far you can go. on ios we want to build a great app. the last release we did was the first step. it didn't innovate on design so

much. it brought us to a place to do more stuff. the integration that apple announced before is a big piece of that. it is going to make it so that ios can integrate with facebook a lot better. we see eight out of the top ten ios apps and half of the top 500 and more than 100,000 are integrated with facebook. that is with the current stuff we have. so that provides a really good opportunity for us to go deep on ios. android we can go deep on our own. there is a lot of hooks in android that you can use as a developer and do really interesting stuff around. >> there is no question that you spend a lot of time thinking about mobile these days. it is clear that this is top of mind to you. >> yeah. i basically live on my mobile device. we have been listening to

mark zuckerberg. as for the facebook phone that had been so rumored in the press of late he said it is so clearly the wrong strategy because it will not move the needle for the company. we are seeing the stock climb above $20 a share. 2012 is where the shares are currently. just quickly seems to be delivering. did we just need a little bit of mark zuckerberg genius to come through in order to be reminded? >> certainly in terms of confidence and taking on mobile. remember it's all about the execution. next year's earnings versus google. we'll get the answer on the other side of this break. much more from the conference straight ahead. make sure the news keeps coming with thinkorswim by td ameritrade. use the news links breaking stories with possible breakout stocks,

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let's go back to julie for what we might have missed from mark zuckerberg. >> michael arrington continues to press on the facebook phone. he did go into detail for the

potential for surge saying facebook is doing about 1 billion searches a day and not even trying. there is potential there and they are continuing to invest in search. i'm continuing to monitor and will be back with more. >> the stock is at $20.17. mike murphy simon baker asked you a question that is how do you manage the trade that you put on? >> we bought this position through weekly call options. i think based on what zuckerberg is doing right now it is way better than i had anticipated. i'm thinking a lot happens between now and tomorrow morning at 9:30 when the options market opens. i don't see why i wouldn't want to add to this and look for a continued bounce. anybody watching at home is saying this kid we made fun of with the sweat shirts sounds like he may have some clue as to what is going on with this

company. i think he is doing a great job. >> he usually comes across as socially awkward. he is not having that at all. look how excited he got when he mentioned that he likes to get to know the developers. he has to realize that share holders are equally as excited to get to know him. that is what they want to see. >> you sound like a convert. >> it is 80% of buying a stock. what did people want to buy the ipo off of? they wanted to buy it off of perception. >> we should highlight the headline, comments on zynga. he said it is a fundamentally strong company. we see a pop in the after hours session on shares of zynga. he could deliver in terms of everything that investors want to say but it is much more richly valued than a google. >> it is why you want to make

the money in the short term. a lot of people are still down 50% and will be happy if the stocks go back up to 37. there are really serious problems out there. this is a real business. >> much better chance for facebook to go from 20 to 40 than google. >> let's go back to the conference and mark zuckerberg. >> it's about mission. people ask -- we go through these waves. there are times where everyone in the world thinks what we are doing is awesome and usually they are too optimistic and they are writing stuff. and then there are times when people are super pessimistic. you know i personally and maybe this is a perverse thing. i would rather be in the cycle where people under estimate us.

i would rather be under estimated. it gives us good latitude to go out and take big bats and do some things that really excite and amaze people. >> are people under estimating facebook right now? >> i think a bunch of people are. it is hard for me to say overall. over the long term i think there is a huge amount of interesting stuff that we are working on. there are all of these long term projects that i can't really get into right now that we are retooling to work on. we are half way through that cycle. i want to build good stuff. when you look back ten or 20 years from now the legacy of this company should be that we have connected everyone in the world and everyone can share all the stuff that they want. that's a lot. that's a lot to get excited about whether it is fun or exciting. some days are hard. some days kick. >> on behalf of all of us thanks for your time, mark.

>> thanks. >> mark zuckerberg wrapping up his first interview since the company's ipo back in may in terms of share price this interview was a success. we see the shares popping by more than 2%. his last comments zuckerberg emphasizing the mission of the company. he says he hopes the legacy of the company is that they connected everyone in the world and would rather be under estimated. we'll have the traders' take on all of these comments straight ahead. parties. i'll have more awkward conversations than i'm equipped for because i'm raising two girls on my own. i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us.

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let's break down the comments we just heard from mark zuckerberg, comments that sent the stock to afternoon highs. we have traders and julia at the conference. were you blown away by what zuckerberg had to say? if you were an analyst would you be upgrading the stock tomorrow? >> i thought he did great. i thought he showed people why he is a great ceo. he is. he has done a fabulous job.

he did a very good job of hinting that facebook is being under estimated and mobile is huge. he said i care about shareholders. he danced that line where arrington read him the language where he wrote product is more important than money. nicely finessed that. i thought he did a great job. i think the big issue with the stock is it is expensive. you have google and apple less than 15. >> that is exactly the point you had made prior to this. there is a difference between delivering and what it's valued at compared to some of its peers. >> unless you think he is able to monetize mobile and no one else is then the valuation difference to me doesn't make sense. >> the gap essentially narrows. the assumption would be that google is able to monetize at that rate, as well. wouldn't you rather be in the

lower valued stock than a facebook. >> there is nothing changed from watching him tonight. what has changed is getting back to the word perception. he feels comfortable in his own skin and feels confident. investors need to know that the ceo is confident about the name. when he mapped out it was a three to five year time arising he thinks he will be around for that long. he says he was not going to sell the stock for at least a year. it was less lawyer talk and more human talk. >> perception is important in terms of shareholder willingness to stick by a track. >> it was a little embarrassing. it kind of came across that people are excited and back on track and it is all about execution and can he execute. >> i think it was interesting

when asked about morale problems and he said it doesn't help. so that leads you to believe that there are some -- obviously we know there are but for him to comment on that that is interesting to see -- >> what else could he say? no they don't care? >> he could talk about the mission. he could have said i'm surrounded with a bunch of people that believe in the product and the stock price is secondary to them. he could have lied. that is what a lot of ceos would have said. >> i think the first part where he talked about the html and where they made a mistake going that route. we may be spoiled right now on this desk and everywhere with apple trading at such a low multiple. everybody is talking about the multiple on facebook being so expensive. i traded this stock for the rally on this news. a stock trading 30 times earnings there are a lot of companies that trade at much

higher multiples than that. not everybody will trade like that. >> julie i want to go to you. we are saying here how investors are so excited that this might invigorate people. what was the mood there on the floor? >> reporter: i think the mood is very positive. you can hear there is a lot of talk as people exit the auditorium. i feel like we are hearing a fundamental shift in the way zuckerberg is talking aboutt the business. he was talking about his mission and how he wanted to change the world. this is really the first time we have heard zuckerberg talk about how making money is part of his job. he is paying attention to share holders and saying he relates to employees and their frustration. >> continuing to monitor the stock in the after hours session. can it hold this pop? we have a lot of other stories to cover including apple.

could this be the new ipad? we are taking an inside look at the latest products tonight. stick around to get a special sneak peek right after this.

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let's talk tomorrow's big story. apple. rumors are surrounding the new iphone. jonathan, what should we expect? >> there is a lot of rumors about tomorrow. i think it is basically just going to be the new iphone and some new ipods. i think the ipad mini announcement will come in october as opposed to the event tomorrow. >> are there going to be any surprises in terms of features of the iphone 5? >> i think a lot of people have a very good understanding of what is coming, a taller display, a thinner phone, 4 g. global, as well. i think it is more about the refinement of the product and not something that is completely new and unseen. >> we talk about trading the suppliers all the time. any new suppliers in there with samsung and apple butting heads? anyone that will surprise people when you pull the phone apart

tomorrow? >> i think probably the usual suspects. i don't think there is nxp in the phone. i think it is pretty much the same. samsung is doing the chip. i think sharp and lg are doing the display. you might see apple moving reliance to other manufacturers. >> we have a couple of pics of what looks to be the new ipad mini. >> it is said to be seven inches. the really important thing to look at with the ipad mini is that it is not just a 7 inch tablet. there is about 40% larger screen size. apple is most likely going to position this as a big factor in usability for seven inch devices as opposed to android seven inch tablets that you see on the market. does it seem like traders are positioning for a bigger pop

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after news taxpayers are in kramer's going to the man behind the government sale. outperforming mutual fund counter part. both funds are overseen by bill gross. with a break down managing director for index publications. we have addressed this before and have come to the conclusion that it is because it is smaller and more nimable. it looks like that divergence in outperformance is getting

smaller as time goes on. what is behind that? >> a lot of people are saying the fund has grown. it is about $2.5 billion now and too big. the total return mutual fund is a quarter of a trillion dollars. that is big. $2.5 billion is small change. the mutual fund has caught up with the epf. if you think about bill gross's perspective he decides he wants to get out of mexico. he can sell that by the end of the day. he might have a $20 billion position in the mutual fund. you are going to see them track closer until he has a big change of mind and then you will see the portfolio shift. >> was there bigger performance early on and a narrow slice is that it came closer. >> it is outperformed by about 3 or 4% since it launched.

the etf has lower fees. >> the bottom line is you still want to be in the etf over the fund? >> absolutely. it is bill gross's playground. it is his best ideas fund. that is where you want to be. >> we appreciate it. this country was built by working people. the economy needs manufacturing. machines, tools, people making stuff. companies have to invest in making things. infrastructure, construction, production. we need it now more than ever. chevron's putting more than $8 billion dollars back in the u.s. economy this year. in pipes, cement, steel, jobs, energy. we need to get the wheels turning. i'm proud of that. making real things... for real. ...that make a real difference. ♪

how did i get here? dumb luck? or good decisions? ones i've made. ones we've all made. about marriage. children. money. about tomorrow. here's to good decisions. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there.

it is time for the final trade. >> facebook still about 20 tomorrow. roll them up and out. >> up and out. >> auo. they are going to the supplier for the glass made for smaller ipad coming out in october for apple. >> simon. >> envision motion sensing technology coming soon. >> bank america upside calls to take advantage of the frothiness we have seen. >> dunkin brands. the stock has pulled back into the 28 range back above 30 today on big volume. looking to take out the high from middle of june. >> thas