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tv   Street Signs  CNBC  September 19, 2014 2:00pm-3:01pm EDT

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level today. it is at 91.83 on the trading session. >> a very exciting day. i know you were down there right in the thick of it, sue. describe the scene. >> it was just unbelievable. that is the only word for it. that will do it for us. "street signs" begins right now. > . >> e commerce giant goes public at the new york stock exchange today. i don't want to disappoint the shareholders. i want to make sure they are making money. >> biggest ipo in history opens at $92.70. officially open at $92.70. alibaba becomes the biggest
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ipo ever but that is not all happening today. iphone 6 hitting the shelves and stock market hitting a record high and we are hitting on a heck of a friday. >> let's tackle big events one by one. what is now the biggest ipo in history? shares of chinese e-commerce trading on the new york stock exchange although they are off their session highs. let's get to the thick of all of the action. so much buildup to this ipo. the traders say it has all been worth the weight? >> no doubt. really an ipo that went off as tom farley described today as without a hitch. bob took you through the drama of the buildup of ten different indications to finally get to the point where the stock was ready to open for the first trade that happened just before noon. it opened at $92 and change. interesting price action since then.
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some will find that a little bit disappointing. now questions begin about where this company goes from here. can they continue to grow and fend off whatever competition comes their way. how do they address issues that investors have about the company from the management structure to being in china and where that economy is going. a historic day down here on wall street and one that really went off without a hitch. there is the jack ma side of things, as well. as you guys documented in the open of the show saying that forrest gump is his hero. how a former school teacher is now china's richest man accessing the most liquid and proven yet again the most efficient markets in the world. it is certainly a big day for the new york stock exchange. i think the real work begins. >> it is an amazing story of an english professor who starts an
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e commerce company and becomes a billionaire. that is jeff basos. stay right there. let's bring in linda killion. cio of investment capital. how big of a deal is this for mom and pop if at all? >> well, i must say that having watched the events of the day you can't help but coming away from the debut of alibaba with a reconfirmation that capitalism is the greatest expression of human enterprise there is. for mom and pop i think it is going to be a very interesting story as it plays out because now the ipo has come and gone and alibaba is going to have to stand on its own two feet as a strong fundamentally driven company. >> to what degree is this ipo a
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litmus test of the ipo market overall or just a case unto its own? >> as far as the ipo market is concerned alibaba's terrific debut today was certainly by the underlying strength of the ipo market as a whole. recall back to two years ago when facebook went public and the ipo market was very rocky and facebook had a very rocky debut itself. >> i think it is also interesting, guys, as you look at what the alibaba story means in and of itself what the other impact is some of the other big stocks based here in the united states are. brian, you mentioned jeff bazos. a lot of people are looking at comparisons to amazon and scrutinizing where yahoo goes from here.
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shares were down significantly today and that is one of the big questions that stands before us is what does yahoo do with the $8 billion or so that they are going to get as a result of this ipo? whether marissa mayer can prove to be a good allocator of capital i think the jury is still out in some respects from the big investors that i speak with those are the kinds of questions that are raised. there are a number of residual questions and effects that will happen as a result of the biggest ipo ever taking place here in the united states but the impact on other big technology companies out in silicon valley and elsewhere. >> i think it is fair to say that it is not just alibaba a parallel to amazon. when you look at all of the things that it can and will potentially do. going forward do you think the
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fundamentals are in place for alibaba to have the ingredient of success? >> here is another way to look at it. a company like alibaba, a huge market capitalization, enormous growth and very high margins, it is a very rare occurrence among ipos. institutional money managers are going to be looking at this as a unique way to create alpha. it is not in any of the indexes and won't be for quite a while and the etf that is going to be an owner of it is the ipo. here is a way for an institutional money manager to create alpha with a large cap fast growing company. >> is there any concern at all not to be teenage wasteland here. all we are talking about is china slowing down. china is stimulating the
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economy. here everybody is slathering over alibaba. aren't they exposed to what is now a slowing chinese economy? >> i think it is a good point and one that really needs to be taken seriously and consider what the effects of that are. the way that alibaba has been described by a lot of people is a chance to invest in china's middle class. well, if you do have an economy that is slowing, one that may be slowing more than people think it will, how could that not have an impact on consumer spending within china and what the impact could be on alibaba's bottom line? it remains to be seen but a question that needs to be taken seriously. >> while i have you, beyond the risk of the chinese consumer slowing down there are questions about corporate governance here and no voting rights to shareholders and lack of independent directors. are these issues we need to take seriously? >> i think we do. as big investors that i have
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been speaking with yes while they are all well aware of those issues it is not a deal breaker, so to speak. you had big investors who i would ask a question to. what do you think about the management structure? are you concerned about that? what do you think about the regulatory environment? while not dismissive of it it was not shaping investment decision. there were enough folks within the company to make some of those concerns just a bit. >> a real pleasure. thanks for sticking around. i will point out apple is trading at 3.5 times sales and twitter 30 times. >> so sorry about that. >> your read. >> you were in the thick of things. >> i don't know how to read. >> a dirty secret. >> i will give you lessons later on. alibaba founder jack ma came on
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earlier today saying the company he founded 15 years ago will be a win for u.s. small business. let's take a listen. >> there are so many things you have to do with our ecosystem not only helping small business in china, i think small business in africa and southeast asia, in europe, in the states, a lot of farmers need help. i think the money will be spent there. technology if we want to apply we want to apply this and help the ecosystem that can help the small business. >> let's bring in cnbc's kay rogers. if jack ma does succeed who loses? >> analysts say it will be some time before they win over u.s. small businesses in a major way. alibaba doesn't break down how many companies it partners with domestically versus globally.
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people who should look out is amazon and ebay because they control 10% of ecommerce. they would be players to watch out. it will probably be some time. >> i think when jack mafounded the company 15 years ago he said he didn't see alibaba as competing necessarily with chinese companies. he saw himself competing with silicon valley to your point. >> it is interesting we did a story on this earlier in the week. it is easier for businesses to break into the business to business model than the business to consumer market. to list the storefront it is $25,000. that is a really big chunk of change for a u.s. small company to not have anything guarantees in return. >> i am probably the only person in this building that went to the launch part in new york more than a decade ago. i met jack ma. i haven't heard about the company since.
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not being coy, does this matter for u.s. small businesses? it is a big deal for the stock market perspective. i heard about it when they filed. >> there is a ton of buzz in interest. they did launch 11 main, a site for u.s. boutiques and customers. that is the u.s. based business to consumer platform. it is still in testing mode. there is buzz because of the ipo. this is a long way off before they are competing with huge players. >> thank you very much. >> thank you. this is a jam packed friday. we have another big event right? the iphone 6 flying off store shelves. apparently flying out of floors in australia. we will head to the palo alto store for a live report. the one thing every iphone owner fears. and also later on larry elson stepping down as oracle ceo.
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it's 28 years in dog financing. ♪ mattress discounters a young boy walks out with the very first iphone. there is a rush of people running up to jack and here is what happened when i ran to jack. have a look.
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>> reporter: this is the normal iphone isn't it? >> normal iphone 6. >> all right. >> reporter: we are doing the reveal. >> all good. >> this amazing piece of video coming to us from my native australia, the first place in the world, one of the first people to get their hands on the new iphone there was jack and he dropped it on concrete. he did it on leave tv. the phone appears to survive the fall. a lot of those people estimates say half of the people to get hands on the iphone 6 are going to be selling them on chinese online shopping sites for nearly triple the price. >> i got my iphone 6 case yesterday. the phone arrives in a week. i tweeted a picture of my current iphone 5 in the iphone 6. you understand why i bought the
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case first. my phone is bent, cracked, the camera doesn't work and the microphone is broken. >> you need a new phone. >> i got iphone 6. i will let you know when i get it. apple ceo tim cook may care. he is opening the doors to the apple store in palo alto this morning. thank god it's not another store he would be arrested. josh lipton braving the crowds. is there violence? >> reporter: you know, a big day here not just for apple customers and fans but you can certainly argue for apple's tim cook. took over the reins there in 2011 and making apple his own with these devices hitting the shelves. cook was here at this store behind me in palo alto, california this morning. took the time to meet fans and shake hands and take selfies. i heard him asking people who were here all night if they were
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okay and customers really rushing in. some of the customers weren't just here for hours. some of them had been here for days. the first guy in the line got here on tuesday and now the question is going to be just how strong demand is going to be for the devices. i have here the apple iphone 6. row can see a bigger screen. it is faster. it has an improved camera and put a lot of time into improving the video and has a longer battery life. apple going to sell 10 million this weekend. >> i love you, i see you are holding up a phone and doing something with your fingers. all i can hear is a dude yelling into a bull horn. >> somehow protesters time it just when you are about to do a hit. i don't know if you have your schedule. we have protesters. it was dead silent but now looks like a couple of guys, maybe
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three or five with drums making noise. >> what are they protesting? >> reporter: not sure yet. i'm going to go talk about what the complaint is. i will have that for my next. >> right now what we got is -- >> and the phones. >> that is exactly what it sounds like to me and i am standing about six feet away. >> the late great comedian said i am against protesting but i don't know how to show it. >> thank you. meantime the iphone 6 could be apple's biggest launch ever. the stock up about 27% year to date and 50% over the past year. is the boom already priced in? let us bring in citi group's jim suva. >> a lot of the noise is long term demand generated. we think what we saw this
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weekend will continue. ewe know china hasn't yet launched it and we believe it will come online before chinese new year, not necessarily christmas but chinese new year. >> i think on monday we will get the first indications around 8:30 of how many were sold this first weekend. what are your projections? >> between 11 million to 12 million and expectations from 8 million to 12 million. the wide range has to do more with the supply constraints because demand we are seeing is very strong. we are expecting between 11 million to 12 million and consensus is 8 million to 12 million. >> why are there always supply constraints. they should expect demand to be strong. maybe they should have supply for way over what they think will be the demand. >> they get a lot of free publicity out of it and it is hard to gauge how much. you don't want to oversupply and have people say it is just a me
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too product. having a shortage helps spur more demand. this is a hard product to make. the seamless integration of the glass it is very hard to make. we believe volumes will ramp but demand is off the charts. >> could we make the argument -- i'm not making it, that is your job, that apple is under valued? the reason i say that is we showed a comparison chart. we had twitter at 30 times revenue and google. apple is at 3.5 times revenue. even as the biggest company in the world why isn't it getting more valuation expansion? >> we don't disagree. we don't think it is a debate. that is why we have a buy rating on apple stock. when we take it from sales to
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earnings it is compelling. if you exclude their cash they are trading at about 11 times earnings and market multiple is around 16 times. they are trading below the average company in the world we think it can go much higher. >> and price is $110. what is the biggest risk? >> the biggest risk is that this weakened demand is purely for this weekend. we think it will. having a great product for a launch is one thing. having sustainable for six and 12 months is another thing. we are keeping a close eye on do the lines and demand continue way beyond this year. >> thank you very much for joining us. just house rich is alibaba founder jack ma right now? we have that story and a look at larry ellison's world. and we look at yahoo in the
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wake of a huge ipo struggling down more than 3% despite getting richer because it owns a big stake in alibaba. we will talk more about it later on. your fidelity green line and you'll see just how much it has to offer, especially if you're thinking of moving an old 401(k) to a fidelity ira. it gives you a wide range of investment options... and the free help you need to make sure your investments fit your goals -- and what you're really investing for. tap into the full power of your fidelity green line. call today and we'll make it easy to move that old 401(k) to a fidelity rollover ira. what if we finally had that would be amazing. hey, what if we took down this wall? what if this was my art studio? what if we were pre-approved? shut up! from finding to financing, how'd you do that? zillow.
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another look at alibaba, the biggest ipo ever and that makes the founder jack ma, a former english teacher a very rich man. how much money could ma make today? >> billions. a former english major who flunked college exams twice is now the richest man in china and one of the top 25 richest people in the world. his shares worth over $19 billion and selling more than a billion so his total net worth around $27 billion putting him just behind jeff bazos. if shares go to around 105 he will surpass him. >> he is close. just in one day. we want to get your take on
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another big guy oracle billionaire larry ellison saying he is stepping down as ceo. he has plenty of things to fill his time. >> he has plenty of things to fill his time. i call it larry inc. the personal empire is bigger than many companies and managing it could be a full time job. his net worth around $46 billion. his big project is the hawaiian island that he bought in 2012. he is turning it into a sustainable green island with hotels and agriculture and bought the island's airline and owns the oracle sailing cup. remember the big victory in san francisco and he has his own yacht that is 288 feet down sized after 453. he owns dozens of homes from his estate and a dozen in malibu.
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new port. he likes tennis so much he bought a tournament. he has plenty to do. >> it is amazing that people don't realize the guy came from very humble beginnings, product of a single mother, absentee or unknown father. >> he was adopted. >> a lot of family issues there. really interesting story. let's flip it a little bit here. a lot of companies have a mandatory retirement age, ibm, a few others like 60 or 62 if you are the ceo you are out. we made a chart. oracle the stock from when larry ellisson was 60 to when he turned 70 a few days ago went up 244%. does this defeat the concept of ageism? >> it means larry ellison is superhuman. the energy level, competitiveness, engagement. he is just fire in the belly.
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this guy is always on. and that is why he can do so much and still run this company. >> aside from ibm wouldn't you say the trend to companies is to extend your retirement well past the age of 60? wouldn't you say 60 is the new 20? >> these guys are healthy. they are smart and especially with a corporate founder these guys know their business like no one else. so i think it is particular to corporate founders when you get outside of a corporate founder the age thing is more in play. he knows this company better than anybody ever did. >> in your esteemed opinion is it stupid to have a mandatory retirement age? >> you could have a great ceo who turns 60 and you force her out. that is stupid. >> it is like term limits. they are good things when you have bad people but when you have a great person you can make
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exception. sometimes having that as a rule is a good thing if you don't have a good ceo who you want to retire. >> or current ceo. not everybody thinks co-ceos work. we'll see. >> he had three presidents. i interviewed them about three years ago. i was pressing him on who the successor is. he yelled it out at me. it never came out after that. he likes that competition. you have herding cats. >> herding cats. >> literally. is that literally. >> absolutely. thank you. >> coming up, it is not all mega ipos, iphones and ceos. there are retail mergers today.
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welcome back to "street signs." the dow is up by 21 points. it was up by 84 points at the heart of the day and then went negative and come back somewhat. i think it will be the fifth straight day of gains, the longest winning streak in three months. but it is quadruple day in the options. you have this big story out there. the alibaba ipo. cnbc has been all over it for you. we had the first interview after the ipo. let's bring in scott walker from the floor. i imagine things have calmed down a bit. how frenzied was it down there? >> unbelievable. it was one of the moments in time. you mark it and you should acknowledge it. twitter was a substantial moment in time when it went public here on the new york stock exchange. general motors when it went public again on the new york stock exchange. i don't think i have seen
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anything with the frenzy and the atmosphere surrounding what we had today with absolutely. even art when i asked if he had seen anything like this in all of the ipos that he has seen and the crowds he has seen build around post after post after post he said this had a little extra zing to it and it definitely did. a big moment and an amazing moment when you consider the international angle to it. 140 chinese journalists here from more than 100 different outlets within china. the u.s. media contingent, a huge crowd literally standing still for the better part of 2 1/2 and building to 3 hours. when it opened just before noon there was a huge cheer. the stock went up. it is right about right now where it did open at 92.70. you can see it is a little bit below that. still a big day for alibaba shareholders, a big day for jack ma, the former school teacher
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comes to america and open his company on the new york stock exchange and a story we will be talking about for some time. >> thanks very much. have a great weekend. >> good luck to the washington football team. it's time for "street talk." first up we are starting with a celebrating this friday. what have we got? >> downgrading coty. the rating based on valuation given lower top line growth. their target $14. the stock is that 17.44. it is about 17% below current price. yesterday piper boosted target with an overweight rating. how can two analysts look at the same company and see such a different thing. >> the pair of vans and north face getting a little love.
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>> vf corporation. key bank thinks the company's buyout of timberland target price about 20% above current price. fireeye target. >> up and down, bulls, bears, not up much here. here is the call. they see more upside from here. an overweight rating on the stock. . raising next year's earnings estimates. one interesting note analysts cut their price target in shares from 70 to 45 back in august and have a buy rating on the stock. >> zion corporation from raymond james. >> they love the company's story. the 200 day moving average just over $29. >> last under the radar name for the week is a retailer i walked
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past this morning. >> what do they sell? >> ladies clothes. >> what kind of style? >> a little bohemian chic. a little more boho chic. >> a little more joni mitchell than courtney love. >> a little more accessorize. >> houston-based francesca's. 30% upside. zack's research downgrading to a strong sell following weak second quarter result. >> between alibaba and apple there is something that we think is a really big story that may be getting lost in everything. home depot said 56 million cards may have been compromised when hackers attacked the payment system. here is the real but. there doesn't seem to be a lot of outrage or coverage of it. it is not effecting home depot's
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stock. it had so many breaches. it is not effecting the stock for the longer term? we are always hearing about breaches whether it be a bank or a retailer. >> i agree. you got to wait. a stock price should be future value of earnings. when we see the breaches hurt earnings -- >> that is when it matters. >> some people say maybe it hurt target. thinks simply perhaps target is mismanaged and doesn't have the right product mix. when they start to hurt earnings then you have a problem. we are just about 22 minutes away from the next big event of the day, a relatively surprise news conference from nfl commissioner roger goodell. >> cnbc will bring that to you live and talk about what you can expect from perhaps the most pressured business leader in america today. do stay with us. we believe outg the competition tomorrow
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jersey but they had to go to the stadium today between 8:00 a.m. and 3 p.m. nfl commissioner roger goodell expected to make a statement in new york and will take questions on domestic violence abuse and the league's personal conduct policy. a lot of people would like to hear him say i resign but it is doubtful that will happen. more in manhattan as we await more. >> reporter: i would not expect to hear those words today. in about 15 minutes the nfl is going to start the press conference with commissioner goodell finally addressing the mounting issues within the league regarding domestic violence and abuse. commissioner goodell is expected to announce significant steps to educate teams on the issue through various programs. this is going to be a long-term commitment. we hear he will announce an overhauling of the personal conduct policy and will do that
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with the help of the player's union this coming in reaction to what has been a whirl wind week starting with ravens running back ray rice, video surfacing of him hitting his then-fiance in a casino elevator, that surfacing last sunday followed by scandals with other nfl players everyone from adrian peterson. this isn't the only headline today. this press conference coming on the heels of proctor & gamble announcing it has pulled the plug on a partnership with the league that would have seen its crest brand raising breast cancer awareness initiative with the league that would have had players donning pink mouth guards coming on the heels of strong criticism from other sponsors and other advertisers of the league everyone from marriott to nike to pepsi and
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anheiser busch all coming out with criticism against the abuse scandals though none of them pulling the plug on advertising. we will have to see what comes out of this press conference and keep you updated. >> thank you very much. the world of politics if you are a connecticut resident this is of particular interest. a jury found former governor john roland guilty in his conspiracy case. convicted of conspiracy in a case moments ago in connecticut. joining us now is brian b l billic bill billick. should roger goodell go? >> no. i don't think so. first what purpose that would serve roger goodell oddly enough
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given the current circumstances has probably been the most aggressive commissioner we have ever seen with regards to player conduct. player safety, the initiatives many times being panned by the union and panned by the players for being too aggressive. so unless there is something that we currently don't know, that proverbial smoking gun. >> here is what i think the casual sports fan or nonfan says. let's focus on smoking. it is hard for the american public to square how ray rice who we know what happened in that elevating pulling his then fiance out gets two days and josh gordon who is caught smoking pot gets a year. i think that is the problem that the american public has. >> they need to understand the policies by the league. first, and as reprehensible as
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these acts are you have to step back and remember the players have some rights. in josh gordon this was multiple offenses. with ray rice as heinous as it is and another issue as to why the video wasn't viewed by the league and the ravens -- but ray rice by all accounts has been one of the model players in terms of community involvement, the way he has conducted himself. so sometimes there is a disconnect there. that is no way condoning what he did. you are absolutely right. and the question is a fair one. what did we think went on in that elevator? it was errors between i thought you looked at it. that certainly has to be addressed and reasoned out as to how this fell through the cracks but to make that comparison between josh gordon and the league is going about as we are as a society reevaluating what
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our stance is on marijuana and that is going to evolve like many of the stances of the league. >> a lot of people have had outrage and said a lot of things about these incidents. at the same time does it mean anybody will watch nfl games less? >> not to be indelicate but you are smoking dope if you think they are not. this is the most powerful marketing machine in all of professional sports. they are taking a hit right now but at the end of the day there is a business aspect to this. i was listening to proctor & gamble. there is no question that once the league puts and we are apt to hear a little bit about the policies that roger will outline here at 3:00 i would guess that once these have done to a certain level that they will reinsert them back into mix. i challenge anybody to look at what the league does in any of these issues having been a part of the league on and off for four years other than being a part of the media now i will put
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up their credentials as an organization in terms of the schooling, the counseling, the resource that they put into trying to get their workforce to understand what their obligations are as team members and community members. the proctor & gamble if you were to compare the standards in terms of this and how proctor & gamble would have to handle the same incident i think you would find that the league is very, very proactive and as much so as any organization including congress as we just found out. >> coach brian billick i appreciate you taking time for us here today on "street signs." >> "closing bell" will be covering the news conference. it is time to get back to our top story. alibaba the trading day is not over. we are interested in where it will close. right now at 91.89, a gain of
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35%. >> we talked about it a bit but we will show you because it is tv and give alibaba the "street signs" treatment about how it compares to other big tech companies. you might be surprised including a company far more richly valued than even alibaba. we'll be back. want to change the world? create things that help people. design safer cars. faster computers. smarter grids and smarter phones. think up new ways to produce energy. be an engineer. solve problems the world needs solved. what are you waiting for? changing the world is part of the job description. join the scientists and engineers of exxonmobil in inspiring america's future engineers. energy lives here.
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. it's time for our sunshine stock which is going to be my stock of the week and it could use good news. it's up about 7% after the hedge fund starboard released a 294-page report on the company but then, of course, darden came back and had their own comeback to that. they have launched a petition asking parent company and starboard to listen to their concerns, basically saying it's getting harder and harder for those employees to make ends meet. >> if you haven't heard, it's alibaba is one of the biggest ipos in the country. dominic is going to tell us about the rankings. >> i know you like rankings and
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analogies. shares are around 92, $93. at $93 a share, alibaba is one of the biggest in the world. what does that equal? for perspective, take a look at this. walgreens is worth $60 billion. it takes four walgreens to make up one alibaba. also, oil and gas company, chevron, also worth around $245 billion. that means that alibaba and chevron, we'll call it equal in size, that's a pretty big deal. of course, we'll compare it to apple. apple is the biggest guy on the block. apple shares, take a look at this. $609 billion market cap. it would take 2.5 alibaba groups to make up one apple. $240 is a heck of a lot of money and a heck of a value for a
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company like alibaba on its first day. >> we've managed to put this in graphical form which is valuation. look at google, twitter, google, apple, 3 1/2 times. twitter is 50% more richly valued than alibaba. >> you know, it's interesting that you say that because there have been so many viewer e-mails and tweets that we've gotten as a collective group, myself included, about how overvalued alibaba is. i'm not going to tell you whether or not it is. but that stat is interesting. to put it in perspective with facebook, it could be even more richly valued possibly on some scales than what is happening with alibaba. >> thank you very much, dominic
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chu. something that you want to see if you're along. >> and we're waiting for roger goodell expected to address the media and country in a matter of moments. we're going to carry it live as soon as it happens. could he say that he's resigning? that's doubtful. but what will he say? stick around. [ male announcer ] automotive innovation starts... right here. with a control pad that can read your handwriting,
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. take a look at what the gold prices are doing. this is the dollar strength. it's been up for ten straight weeks. that's absolutely incredible. the dollar just keeps on getting stronger and stronger. >> well, let's get to our stocks of the week. >> yeah, let's do it. >> each week mandy and i point out a stock that stuck out to us. you may love mine. southwest airlines. up 3% on no news. that's always interesting. the etf, mandy, is down this week. love southwest. up 13% the past month. they did announce they are repainting their planes blue. >> looked a little like facebook. >> i don't think that's the reason the stock has done well.
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>> peabody energy is my stock of the week. unfortunately, it's down 7.5%. it's down over 30% year-to-date. it's been a tough business. coal miners doing it tough and they are downgrading from neutral. >> all right. so we are waiting on roger goodell, just a point of note, roger goodell is expected to give a press conference in 45-second time. cnbc will have coverage of that. i want to point out one thing which i tweeted out last night. and i feel like this somehow was appropriate today. ♪ >> big story that was dominating the markets yesterday, we didn't even talk about it today. thank you, alibaba. >> well, also, thank you, "no" vote. had it been a "yes" vote, it's all of a sudden on the back
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burner. the s&p is only up very, very slightly. the dow is up 42 points. it's up about half of the highs of the day. alibaba up by 34%. 91.19. so doing very well. welcome to the "closing bell." what a week it has been. our special coverage of the alibaba does continue. i'm kelly evans here at the new york stock exchange. >> and i'm bill griffeth. we got here so we could watch a spectacle of epic proportions. the stock opened at 11:53

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