it's 11:00 a.m. on wall street, and "squawk alley" is live.

of course, oil had a remarkable morning. was up almost $2. almost all of those gains are gone, and that may have been what's leading to some of the equity weak innocence the middle of the session. we'll talk more about that later on today. one of the big corporate stories, of course, shares of twitter. dropping 5% this morning. jack dorsey is expected to be named permanent ceo. three months after returning to lead the company that he co-founded on an interim basis, sources telling read code that an announcement could come as early as today. outspoken shareholder chris has

been taking to twitter calling on the board to support dorsey and on monday said the biggest shareholders of each support jack as ceo of both twitter and square. it's time. sacca will join us later on in the hour after having been up late. we know this because twitter tells us basically his entire schedule. this is going to be one of the more interesting corporate intrigue stories of the quarter. >> you have jack dorsey, who is running square. the only other comparables to someone who has done that, steve jobs and elan musk, which jack dorsey may well be. >> sure. >> both companies need someone to take them by the horns. >> and i think what you touched on as far as the board's communication, for me, is the

real issue. the spotlight is at twitter. if swrak has to perform somewhere, it's twitter. >> we'll kick that one around as well. apple is the other story that is raise soming eyebrows today. some marked weakness even as the tape is not to great. there's been some is bearish

news flow as well. suppliers have been worried about apple downwardly adjusting its chip orders, and in some cases the sources say apple has done exactly that slightly for december. >> there is little precedent for this in human history. the complex computers that this company is creating. >> tim cook has said be careful about taking one data point and drawing conclusions about our entire supply chain. that's what this report is. i would be skeptical of reading

too much into this based on the scale of what apple is doing and the preparation that knee had for this particular cycle. they've had two weeks of preorders before the launch this time. >> that's to fund the upcoming splilt on hp ink and hewlett-packard enterprise. i'm talking to traders this morning in the bond market who are saying the spreads of these bonds are widening. some traders ended up with more debt than they maybe expected. you have put in for a certain amount. you're told it's over subscribed, and you end up with more in your portfolio than you necessarily want. people are saying maybe that's an hp story, but maybe it's indicative of a slowing corporate bond market. maybe we'll see the spiget slow

for buy-backs. we'll see. >> that's pbl what leads to a lot of criticism. of course, after laying off or saying they'll lay off close to an additional 30,000 people. in the midst of laying off xleez as we get into the holidays. >> when you look at hp ink, which is fighting a very bruising margin battle in pc's, printers not performing as they used to either. >> and we will see exactly how those two companies go it alone in just a matter of days. we are getting news out this morning about credit card processor first data planning to raise up to $3.2 billion dollars in its forthcoming ipo. it plans to use that money to

start chipping away at its massive debt load. speaking of debt as well, that debt load amounted to $21 billion as of june, and, of course, much of that is associated with its leverage buy-out back in 2007. at the time it was one of the biggest such deals before the financial crisis. $29 billion. first data expects its ipo to price between $18 and $20 a share. that would value the company at the high end of that range $17.5 billion. of course, it is a large number. it has been the largest ipo this year. still, carl, it's far shy of the total valuation when it did go private several years ago. >> people talking a lot about the high profile names that we're looking for in q4. soul cycle, square potentially, ferrari. >> univision. >> there were a lot of issuers that were waiting after the september federal reserve

meeting to take the temperature of investors. we will see what happens after that will october meeting. >> meantime, as we said, auto sales coming in with a torrid pace, so we've gotten big numbers this morning, but phil has more, including toyota. hey, phil. >> up 16.2% in september. that is just a smidge under the edmonds estimate. another double digit gain for another automaker. most are now saying, look, we thought the sales pace for the month of september was going to be $17.7 million. it's going to be closer to $18 million. may even be above $18 million. in fact, jp morgan out with an estimate within the last half hour saying that with half of the auto sales in sflo the one

exception volkswagen. we'll see what numbers they report. the expectation is for a slight decline. the only major automaker expected to report a decline in the month of september. guys, back to you. >> yeah. hopefully we get that sometime soon, phil. thank you. when we come back, an inside look at the state of the global economy. world bank president will join nuss a cnbc exusive. plus, it's one of the biggest financing routs ever. soft bank leading a $1 billion investment in sofi. the ceo will join us live, and more on jack dorsey at twitter. don't go away.

sfloot president is in d.c. giving his curtain raiser speech. let's send it down to sarah eisen with d.c. with him right now. sarah. >> thank you very much, kayla, and president kim, always good to have you on cnbc. >> thanks for having me. >> you have just given a speech hfd the big meetings in lima on inequality. just one of the issues that world leaders have to tackle next week against a back drop of slowing global growth. how do you see the world economy right now? >> well, you know, there's a lot of head winds. there's no question that growth is going to be slower for emerging markets. you know, a big part of it was -- is the fact that

commodity prices continue to be down, and a lot of that has to do with the slowing of the growth rate in china. also, there's a lot of anticipation about eventually the fed fund rate will be raised and interest rates will go up overall, and it will be harder for emerging markets to get access to capital. all these things are giving us a sense that growth will be slower globally, and especially in emerging markets. >> you like the imf have urged caution and patience when it comes to the first interest rate hike. yesterday managing director christine lagarde at the imf told me it's not time yesterday. do you think a rate hike would be premature. >> at the g-20 finance ministers meeting stan fisher said you have to remember we're going from absurdly low rates to incredibly low rates. that's not the reality for meerjing markets. what happens is that temperaments change. people move quickly.

>> countries, for example, that have really committed for reform probably will do better. india, for example, has been so committed to reforms. they may do better as opposed what happened during the tantrum in 2013 when the value of their currency just dropped. >> that will whip up the head winds even more for emerging markets. >> have you told this to fed chairman janet yellen? >> we have made it clear that we think that the fed fund rate rise this year will have very serious negative effects for the emerging markets. >> would you rather see them wait until 2016? >>. >> on the other hand, these countries are so connected, and moreover, markets don't react rationally. they're not really looking at

the fundamentals in these emerging markets and getting out or staying in. they're moving quickly on the basis of sentiment, and that could hurt unnecessarily even economies that have good fundamentals. >> so far we've seen russia. you just downgraded your growth outlook there. brazil, turkey get hit especially hard. who are you watching? who is the most vulnerable? >> any of the oil and gas producers are already in a terrible situation. i mean, you know, it looks like to us that the rate -- the price will be down for a long time. >> competent expect the price of oil will come down. this is really a serious issue for those oil and gas exporters. brazil is having a difficult time right now. sentiment will surely move against them. >> what's happening is that china is slowing. wlits a good thing or a bad thing it's hurting the companies that trade with china and export

commodities. we have your pmi reading today showing critics and a little better. have we seen the worst of the slowdown in china? >> you know, china. we work very closely. my predecessor did a wonderful report, china 2030, that outlines exactly what they're doing now. when you change your growth model from investments and exportsz to one that's more focused on consumption and services, that's a huge sift. when you shift so dramatically, something as fundamental as a growth model. >> it's of a higher quality that they think they can sustain for the long run. they're on this path. they've maintained it. they've continued to make reforms. a couple of things. you know, the demand for services in china has shot up. consumption has gone up, and the housing market is destabilizing. none of this is unexpected for us. now, will there be bumps in the road?

sure. has this affected commodity prices overall and affected the emerging markets? absolutely. this is the direction they're going, and we agree with it. >> that's why some of the consumer names, even apple, n e nike. >> what do you think of the global response to the crisis? is it sufficient? >> you know, sarah, i came to this country as an economic refugee from an extremely poor country in 1964, which was the republic of korea, south korea. on the one hand, i think that there's a lot of very interesting discussion about shouldn't we be open to refugees? economically for countries, advanced economies, that have a quickly expanding elderly population, that have a shrinking work force that have a low berth rate, bringing in refugees -- well, even in the medium and short run, you know, turkey of the new businesses started in turkey, 26% last year

were started by syrians. the areas where syrians have settled are growing faster than the areas where the syrians have not settled. there can be even short-term economic benefits, and we are trying to explore that right now. we're saying what can we do in lebanon and jordan, for example, to help them create jobs for the refugee that is will also benefit the jordanians and refugees. this is not easy. sfwha one of the things it's done that's really good is it's helped everybody in europe focus on what we can do more. we've got to get better at creating jobs for refugees, for instance. we have to provide better education. we have to create better situations around syria.

then i think it will slow the flow of refugees. >> thanks so much. sarah eisen. great interview down in d.c. up next on "squawk alley" chris sacca joins us. a cnbc exclusive in just a moment. i asked my dentist

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>> phil lebeau working through this in chicago. hey, phil. >> hey, carl. an increase of 0.6% in september sales for volkswagen might be a bit of a surprise. for the last two weeks, basically for the month of september, dealers for volkswagen could not sell clean diesel models because of the stop sale order, because of the rigging emissions and the software of those vehicles, and many people said, look, nobody is going into these vw

dealerships. they did sell vehicles last month. in fact, their sales had a slight increase year-over-year of 0.6%. that might be some indication, carl, of just how strong auto sales overall were for the month of september. again, we're on pace for sales potentially at a pace of 18 million or more for the month of september. one more time, volkswagen just slightly positive. 0.6% increase. back to you. >> all right. thank you very much, phil lebeau. back to the big story of the day. of course, that is twitter. dropping 6% after news that jack dorsey will be named permanent ceo. an announcement which read code says could come as early as today. joining us exclusively. chris sacca is the founder of lower case capital. good morning. >> good to see you, carl. >> a lot of reports out. can you confirm any of them? >> i can't confirm anything, other than i'm highly confident we're going to get jack dorsey in the seat as the permanent ceo. >> if this is so obvious and to you it has been obvious for a long time. why did the board initially say

otherwise? if you look at the history of the company, it's the outside board members who fired both of the founders from this company. yet again, i'm not shocked. i'm as upset as i have ever been, but i'm not shocked by the board continuing to screw it up. >> so, chris, if the board is the problem, it's not the board that's changing no matter who the ceo is, should that. >> is he great at building a talented board full of smart, successful, and challenging members to keep the company moving at its best. we don't have that at twitter right now. i think we're going to see that for sure. >> it's something to keep in

mind that as much as jack and evan have been serving on the board, they were completely shut out by the last regime here. their suggestions weren't necessarily heated. we get both of the key founders of the company back in and engaged and moving this thing ahead. >> if this were, in fact, good news for the company, you would think the stock would be moving up. instead it's down about of%. the performance would be another arrow in their quiver. what do you say? >>. >> we might have lost audio in chris he's ear. can you hear us? >> highly confident. he is not the only person

critical of this board. he too has been critical of this board. the board, we should note, only has eight members on it. spencer stewart which has been leading the ceo search for twitter put out a report a couple of months ago that the average board in the united states is 11 people. >> steve jobs got criticism for how he stacked up the apple board when he came back as permanent ceo with larry ellison and other folks. the fact is that gave him the running room that he needed to do some very controversial things, including the apple retail stores which a lot of people thought were doomed to fail in the beginning. marissa myer has done a decent job getting activists off the board atta hue. of course, her critics aren't too happy about that. the question is whether jack would be able to do the same. >> i think we have your audio issues resolved. one of the perils of live

television. >> maybe you guys should use periscope. >> we thought about doing that. jack, his prior tenure some argue is being romanticized. why do you argue we're not painting a better picture of his tenure than it really was? >> he left years and years ago and has gone on to build a successful company who along the way has grown a lot as a manager, as a leader. you know, this isn't a hypothetical situation. he has been back in charge of twitter now for over a quarter. during that time, we've seen the product road map accelerate dramatically. they are launching stuff. they've redesigned the main ios client, and you've seen buy buttons available to over a million merchants. we have deep universal linking, the google partnership. they're starting to monotized logged out users, and we've seen phenomenal growth in the periscope product, and this is all happening under jack. if you go talk to the employees there, they'll tell you the product process is unstuck for

the first time in a long time. these are the things that only a founder -- with founder gravitas can do. between jack and adam, i think the activision is there, and the execution is there to inspire the employees to get a lot of the stuff done in a way that nobody else can. >> inspiration is one thing, chris. the bottom line is another. i'm wondering how you think we should be interpreting the fact that this stock is down 5.5% on this news. >> there's over 40 plus million shares short on this, and so there is a deep seeded interest in keeping this thing suppressed. i don't think anyone should just buy it on faith today. i think we're going to look at a quarter that i'm expecting them as an outsider to do quite well. this company is moving in the right direction. to bring the team back in that grew is exponentially in the

first place, i don't doubt their ability to make this work again. you have a company where it's 66 million americans that use it every month. that's more than watch the nba finals, the mlb finals, and the nhl finals combined. this is a mainstream attention company, and if you start to monotize not just weights whatting that the client, but what's happening logged out, you have a bohemath here. >> chris, one of my frustrations, of course, covering the financial end as well as the technology, and as people look at the stock price and assume that that reflects everything that's going on with the company, the twitter stock is down over the last three months. more than 28%. >> were you team jack from day one, as soon as you knew that twitter was looking for a new ceo? if not, what was it that convinced you along the way and your communications with management with employees and really is he the guy. >> i have been team founders from the beginning. let's get the guys back in that can see the future of this company. right? i wrote an 8,500 word memo a few

months ago about the obvious things that should be done now, the things that should have been done for a few years, and it's only the founders that can see so many years in the future to know what we need to do to move this thing forward. i have always been deeply in support of bringing that team back in. you know, adam bane is a key component. i hope they will elevate him into a bigger operating role. nobody knows how to execute and sell like he does. so i have always been advocating from this team from the beginning. >> chris, have you been contacted about joining the board? >> no, and i won't join the board. i mean, look, you get all the support from me you want as an outsider here. you'll get my memos. you'll get them privately. you'll get me making noise. like, there's no shortage of opportunities to be in touch with me, but i think there is some incredible board members here. i think they can bring in some powerful women, some people of color, some really successful business leaders. i have no doubt that with jack there, they'll be able to attract how incredibly high caliber board members that can give this company a chance to get out of its own way. >> we are looking at a slate of

the board right there. you call them a disaster. are you singling out any members in particular? >> i haven't been impressed by most of the outside board members. peter curry is the one leading outside search committee right now. it's beyond frustrating. i think to the extent to which he has left a lot of the management team in the dark, the caliber of candidates he has been talking to outside the company, this entire process, the press release saying that twitter would only work with somebody who is committed full-time to it, all that has just been inexplicable and motivated by something that i don't think has been in the best interest of shareholders. >> are you saying if someone different were leading the search committee for the board that they would have been able to bring in higher caliber outside candidates for this job? >> i don't think there are actually other counties for this job.

i think everyone has known that. i think the employees have known that, the major shareholders have known that, the founders have known that, the management team has known that. that's the thing. if you look at who is in the column lined up and in support of jack and adam to run this company, there's literally one or two people lined up in opposition to them. we've heard from rizvy and kingdom and myself. we've heard, you know -- we know the board members who support jack. >> huge stake holders that say they really like to see jack run both companies. when you have everyone around the table at both companies pounding for this, it's amazing that this board has still gotten in the way of it. >> employees love him. partners love him, and we've seen already the improvements he

has had even as an interim ceo in three months. >> chris, the landscape for twitter has changed dramatically over the past two, three years, and you need to look no further than instagram and even what's app to see that. twitter in social was once mentioned right up there with facebook, and now the argument always has to be facebook is a completely different animal. don't compare it to twitter. these subsidiaries, these branch-off from facebook, including instagram, now growing at a rate faster than twitter is. what is twitter's necessary path from here, and have you outlined some of this in your writings in the path? when you compare it to instagram and you look at the growth rate, and you look at the advertising possibilities, how do you square that? >> well, look, i am -- i was an original stain gram investor, and i am incredibly proud of what the team has done. tepid of the day i want a

twitter user to monotize. i know how to market to them. they opt in to be following brands. now with the buy button there and the opportunities, if i'm an investor and if i'm a marketer, i want access to a twitter user. mau's monthly active user is not the only judge of the reach of a company. twitter has a much bigger reach than any of those peers that it often gets associated with on the mau basis. do the pervasive nature of tweets in the news across television, et cetera, is something that twitter will get better at starting to monotize. it wasn't an emphasis forever, and you'll see things like that inevitably start soon. i'm bullish, and if twitter weren't such a hot business, then facebook wouldn't keep trying to copy aspects of that business. >> we've heard that before. finally, i assume you're going to take some of this fire and pour it into shark tank. >> i'm excited to be -- i filmed a few episodes of "shark tank" and filmed a few more recently. i live sitting in the shark

chair, and, frankly, you knowing, if you are a fan of the show, i'm sure you find yourself shouting back at the television all the time. when they gave me the opportunity, i was, like, wait, i get to go on screen and fight with o'leer where i and cuban? that's a dream. really excited. i think many my first episode comes up at the end of the month, and capital wait. >> well, you'll definitely give people something to shout about. chris, please come back soon. it's good to see you again. >> yeah. thanks, guides. >> chris sacca there talking about twitter. europe closed about five minutes ago. simon is here. >> towards the end of the session we turn sharply negative, particularly for germany, who is down 1.5%. a lot of the stocks that have done well recently, glencore, even deutsche telecom in negative territory. the broad market moving to the down side as you can see. one bright spot today was the oil majors. as brent approached $50 a barrel. we have fallen back from there, but you can see they're higher on a number of the second line companies. the engineering companies within oil and gas have also done well.

tele is a real stand-out. they went through the six-month review of the situation. unchanged with the banks, and can you see the result there. i do want to mention mr mr. draghi's -- this is the vehicle through which he bought cable activision and had some difficulty raising debt. today they embarked upon the equity proportion of that capital raise. it was supposed to be $2 billion. it looks to be at $1.8 billion. the stock is down almost 10%. of the telecom companies, they're down across europe. that may have more to do with what the u.k. regulator is saying. guys, back to you. >> when we come back, you just heard chris sacca talk about twitter, and now -- the gillette mach 3 turbo

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good morning. i'm sue herrera. here is your cnbc news update at this hour. russia is defending its military actions in syria. speaking from moscow, president vladimir putin denied russian air strikes who killed civilians and justified his cult's bombing of non-isis targets. the center of hurricane joaquin is passing over the bahamas. >> joaquin to pick up speed and turn towards the u.s. coast.

>> and some dog treats sold at dollar tree and dollar general stores are being recalled over salmonella fears. the recall involves gooden fund beef hyde chicken sticks, and consumers who purchased those treats are urged to dispose of the product or return it for a full refund. you're township date. back to "squawk alley" and kayla. >> thank you so much, sue herrera. as we've been discuss, read code saying that jack dorsey is expected to be named twitter agency permanent ceo as early as today. meanwhile, twitter shares taking a huge hit. down nearly 6%. here's what investor chris sacca on 2013's board said just moments ago about the board. >> this board has been a disaster from the beginning. if you look at the history of the company going all the way

back, it's the outside board members who fired both of the founders from this company. those are the founder who's took this from zero users to 200 million users in just a few years. since then we've seen professional managers come in and go sideways with this. yet again, i'm not shocked. i'm as upset as i have ever been, but i'm not shocked by the board continuing to screw it up. >> for more let's bring in "new york times" columnist and author of hatching twitter, nick builton here. business insiders, henry as well. gentlemen, welcome on to both of you. nick, let's start with you. you were on the times story earlier this week that reported that the momentum was growing for jack to be in this role, to serve at both twitter and square as ceo.

jack was around 70, 75%. i think it's as far as we know about jack. jack is very influential on the board. it's how to influence the board, and he has been involved in the company in one way or another for the last several years. one thing i think people are forgetting is this isn't the first time jack. it's the third time. he was pushed out in 2008, and he returned in 2011 and was pushed out again, and this is his third time coming back. i think that this is really, really going to be the test of whether he can actually run this company. >> chris sacca just said he is not necessarily pro-jack. he does like jack, but is he pro founder overall. what is there to be said, henry, about the founders coming back to run the company? >> well, somebody needs to take control with an incredibly clear activision about where this company needs to go. they have been stalled, moving sideways for a couple of years.

it's clear that jack probably has that activision. the real question here with jack is if he is named, is he going to be a part-time ceo, and what i would say there is no. he will continue to run square for a little while until he can disentangle himself and then go 100% with twitter. if he is not willing to do that, the board is crazy to make him ceo, and you do all the comparisons you want to steve jobs and apple. he ran two companies. all fine. that was a very different situation, and this is highly unusual. there's one other example of this. i think, in fact, jack has to come in, transition out of square, take over, and let us remember this is key with apple. the first thing that steve jobs

did when he came back, he worked around for a couple of weeks, talked to everybody, and then he went into the board and he said i've talked to everybody. here's what you need to do. i need all of your resignations today, or i'm not coming back monday. the entire board had to quit. >> i tell you what, nick, that's a great point to be made. when you listen to sacca say there's nobody else that can run this company, i just -- i have to ask you. that seems short-sighted to you? there's literally no one else that can do this job? >> i don't think there's no one else. there are a lot of people that can do this job. sacca will say whatever he needs to do to up the stock because he oejz a lot of it. i think there are dozens of candidates out there. the board is a daster.

it has always been a disaster, and no one can make a decision. there's no one clearly in charge. there is a clear lead, and there always has been. with twitter the only way this company succeeds is if the ceo has complete control. that's never happened before. whoever has been ceo has had some sort of interference. if the board is completely wiped clean. >> you said earlier there might have been better candidates. give me a couple of names. who would have been better? >> there's a lot of names that are out there. there were people of google that were floating around. you know, we reported that beth from ge was someone. there were people internally at twitter, adam bane was definitely talked to about the position.

>> i don't understand, henry. you talk about one of the -- maybe it's not the biggest market cap in the world, but this might be one of the more high profile ceo jobs. ultimately they will die, and the business side won't matter. you got to have a clear. you got to understand what that activision is and where you are going to go. you have to have huge confide e confidence. >> facebook are great at what particularer is good at. you will find somebody. people communicating. it's a medium. it's not about the technology side as. . not algarhythms, so forth. jack has it. the question is can he

disentangle himself from square? if the commitment fully is i'm just going to do both, twitter is done. he has to do 100% on twitter within a we're. maybe he can move that gradually. >> we'll see -- for now, guys, we'll have to leave it there. nick builton at the new york sometimes and henry from the business insider. thank you both. >> what a storm. let's get to the cme group and get to rick santelli and get the santelli exchange. >> well, thank you, carl. you know, there's a lot of talk today, and we talk with jim bianco about this an hour ago. the market is not convinced, not pricing in, not trading as though they expect any movement in the nearby next several meetings. maybe a topic that has been overworked. i don't think so. it goes to market signals. market signals can be flawed. as a matter of fact, i have a great example of how they are

flawed. i'm going to have a cnbc santelli exchange extra that's going to be posted soon with the title who are the big guns trading treasuries? and the treasury market might be one of the markets who signals or lack of signals that the fed listens to whether they admit it or not as to whether they do or don't do specific activities like normalizing. this would be interesting. we came very close to violating 2%, but we held it intraday. hasn't happened basically since the 25th of august. it really goes to the point. market signals are complicated to read, especially considering the current environment. maybe those market signals will trade for a different foreign policy response. mr. putinen still going in, and

there's still a lot of anxiety in the middle east? why am i bringing this up? because if i ask any investor on this floor or trader, how would the economy do better, how would jobs be better, how would interest rates move up on growth, they say energy. it's all about energy. 13 senate banking committee within the last hour and a half or so, at least that committee approved removing the export ban. all of that is important, and it could be market-moving. back to you. a billion dollars led by soft bank. the ceo of that company will join us in just a moment. i asked my dentist

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>> we'll ask him what to expect and the fed heading in to the year end. will the return make a stock a good bet? plus, one wall street firm says the time to buy biotech, are they right? the experts -- john, we'll see you in a bit. >> sounds good. thanks. >> sofi from funding from soft bank. how is this latest round of funding going to grow their bus? when can we expect an ipo? the ceo of sofi, and, mike, let's start with the ipo question. we expect to see one by now.

welcome to "squawk alley." what is this latest round of funding? what does that do for the prospects? >> i think that it gives us time and some option in terms of when we want to go public. i think that it's phenomenal endorsement of soft bank on the sofi's business model. more importantly on the activision of sofi, and what we're trying to do in marketplace lending is not be the original nation arm of a bank. >> we've been an innovator of the credit side of the universe.

we've created student loan refinancing, and it's a problem that didn't exist. we've been pioneering the 10% down mortgage for super people prime bore roers like san francisco and los angeles. what the cap will allow us to do is continue to expand and experiment on the credit side. introducing new and ino vative personal loan product. it's also going to allow us to move to the other side of the balance sheet for our members. an issue in wealth management and account services and we give a holistic solution where people can leave their existing banking relationship and just work with sofi. >> michael, a lot of times when we see companies in this space raising that much money, it's to securitize, or is this more for a head count for some of those types of expansions? >> wrau. so we're obviously been profitable for two years. this isn't a raise that we're

doing. sfwlo what that capital will allow us to do is take initiative that is might be 2017 or 2018 and bring them into 15 or 16. we see significantly faster loan growth, significantly faster development, significantly faster innovation. we're growing at a rapid clip. we've got about 400 people today. we'll be triple at the end of next year. it also helps as sofi as a legitimate counter party to different financial relationships that we have for long financing. >> mike, we just looked at your valuation. $4 billion. it's always hard to generalize about competition in this space? lebding club on deck, they did employ public. their values have been cut in

half. >> i think we have a different model than on deck and lending club. obviously we're very appreciative of both in pione pioneering and bringing a lot of recognition into the marketplace. lending space. if you look at our model, it's really a lifetime value model to our members. >> high cost capital side. >> mike cagne rshgs we to lee it there. ceo of sofi on that round. >> thank you. >> when we come back, stocks continue to struggle awfully close to the lows of the session. dow down 175. we'll talk about that when "squawk alley" continues.

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things started to fall apart once ism was soft and worse since may of 2013. then oil lost a lot of its gains. currently up about 13 cents. that's it for "squawk alley." for us let's get back to headquarters. scott whop ner, and "the half." >> thanks. welcome to the halftime show. let's meet our starting line-up for today. a game plan today that looks like this. jack's job, twitter said to be set to name co-founder jack dorsey as permanent ceo. that according to recode. we'll ask our panel of experts if it is the right move and what it means for the stock. buy biotech. one firm says now is the time to go in and buy those names. see if our group agrees. it is our call of the day.