stabilize. >> we were 45.5, 46.5 and now down to 46 is the market playing into all of this? >> it probably playing a role in it for sure. things are moving around quickly. it hard it's hard to pin it down at this point. >> 10% would be a typical amount to open a stock with 25 you're dealing with a million -- 15% >> with what's happening behind us, we're narrowing the indication by another 50 cents >> a new indication? >> 45 to 45.5 is about to go out. we're getting a little closer in terms of finalizing that final price. >> i would anticipate very heavy volume at the open >> well over 20 million, we were

tripled the shares and above the 10% threshold, which is a very strong indication. >> there is a syndicate to market the shares and that syndicate has to dissolve. they have it say we have distributed the shares and we have to dissolve the syndicate >> that happened before we even put the first syndication up the underwriters have spent a lot of time with investors, they have their syndicate, they place the shares, the syndicate breaks and we figure out selling publicly >> there's probably 500 institutional invest o aal inves involved what happens from this point on? >> you have investors all over the spectrum, whether it's

people watching the program, whether it's institutions looking to establish a position, whether it's people that got allocations looking to build their position or sell, all of that interest is coming in as the changes, as the jofr all market changes, the market has changed a lot sense we started this process, people change their intent in their profile. >> i wanted to show you something. you traditionally have the ceo do the first trade and this is called the first trade ticket. they will fill in the price here and give it to them as a souvenir darrell will be doing that as a momento. >> we're still awaiting uber's opening trade at the nyse.

full-time coverage of the uber ipo, the biggest company since facebook to go public. nd case, j indication, 45 to 45.50 >> that's suboptimal i nope they're goiknow they're defend this. it's a terrible day for the market there some people who say i'll buy a little bit into uber, some people will say i'll wait. >> you've heard of uber before, you had made your decision about what you thought it was worth and now you get to get in at the price that everybody else on wall street is pretty much

getting in on. from a certain class of investors' perspective this is not a great thing, but if you knew you were probably going to buy in here if the price want too high, you didn't want a pop. >> if you're that savvy, you may be aware that the president is basically saying we're not going to deal with the chinese then you say to yourself i like this but, boy, what happens this weekend? what happens when he said he's going to retaliate do i want to own uber over a weekend when he might retaliate? maybe i'll wait monday at a certain point the uber market and real market are coalescing and the real market is getting killed. >> if you're looking for a stock that doesn't have a ton of china exposure well, uber, they have exposure in different areas but unless

you're looking to sell stuff in general and you're interested in buying uber, this price is better than the price you would have got i don't knten on a bet. >> i think there are animal spirits that are going to be very tamped that they're at 5-- not at 50, 55. to be fair, the president did signal that maybe there's some hope >> tweet was the money they'll get will be better than anything

they have have gotten. >> we said at the very beginning of this market not the best week for uber to -- perhaps they picked the wrong way >> i don't mean you can't foment anything but if someone said you need a 46 peyer coming in right now and sweeping and that would change the psychology. you need someone willing to pay a little more and that would do it you need that. where is that guy? anybody have that person, that man, that woman? david, do you have someone there? >> i'm not running the book here >> okay. because that's what's needed right now, a little mojo >> they had some demand in the 47 change. >> where did that go >> well, it faded with the -- >> the institutions say have i a

great chance to get in but the institutions are really skittish about this weekend if you're not, you're kind of brain dead it's in the a great thing to know there's not going to be retaliation this weekend >> if you looked at lyft and felt smart for not buying it, if you're a savvy investors, you're going to look at this and say this is a different story. >> i totally agree with that >> speaking of lyft, i agree with that. that's not helping >> breadth is no good. s&p is on track to decline every day this week. has only done that once so far this year. >> and it's still not really as

oversold as i would have thought it would be. there are a bunch of companies that -- you look at yelp i don't know if you looked at the yelp conference last night that was terrible. that intel meeting is still kind of hanging over people as being a benchmark as a bad analyst >> let bring in former twitter ceo dick costello. good to see you. >> high, folks good for having me >> would you be nervous right now? >> the thing i would say about dar and the thing that the company loves about him is he's just calm and cool and collected. he's not going to freak out, he's not going to get nervous. there's nothing better at a

company than a ceo who is going to get up in front of them and project a sense of calm and resilience and this is just another day in the life of the company, we have a long road ahead of us, uber is not going anywhere, there are great margin contribution and once we get through the price wars with lyft, we'll be in great shape. i think that's the message he's probably relaying to the company and will tonight and next week and they'll be fine. >> what do you see, dick, as the biggest challenge for uber >> well, the massive losses. they jump off the page at you. if you think of uber vis-a-vis lyft, you'd rather be the bigger fish in a war like that. i think uber's in great shape, they'll be fine, they'll get through this and when they come out of other side of the pricing

competition, as the professor said earlier when he was on, as long as the price of the fare to j.f.k. doesn't go up to $93 from $43. >> a challenge that we don't always think about sitting here on wall street is employee morale in a situation like this. if people hoped the price would be higher and they viewed this as a validation of their calculation about being there, it can be a challenge internally even more than externally. >> you couldn't be more right. i think people overlook that these employees are now living in a world where the stock for the first time not only goes up but its will goes down when you haven't been through that and you've been working at the company for four or five years and everything is to the

right, it can be a -- there are a lot of people who love boast travis and dara. two different styles of leadership dara, great person to be taking the company blackright now he'll be fine and get them settled and focused. >> do you know who is at an all time low is lyft >> you created a very exciting company, and it has been more abused by our president than i ever thought did you ever think one day that the way that we would learn about pretty much everything

involving any arm of government that matters is through twitter? >> no. the first time -- no and anyone who tells you differently is kidding themselves the first time was in a staff meeting on a monday morning and my assistant came in and said it's the white house on the phone for you, my first thought was what did i do? i didn't do anything no one saw that coming it hit us as surprisingly as it hit everyone else. >> you have the beginnings of it seems as an underdog story, which i did not expect at the beginning of this year this was probably the biggest stock that we were expecting to come to market in 2019 it was soon as being this sort of overlord of the ipo names and yet the story that's forming with the market doing what it's doing this week with it pricing it low end of the range indicating that to open much

higher than that if any, what does it do to the next silicon valley ipo and startup to go public sm. >> i was thinking about that it just a bad day. it happens to be coming out on a day with the u.s. and china, what is going to be happening over the weekend, if there will be any deal. however, i think folks like slack who are doing a direct listing and growing revenues 100% year over year in a very, very bullish enterprise software market will be fine. companies look we work on the other hand, you know you guys have been talking about how well they've been doing but i'd be

worried if i were them >> dick, i think that's a real key point to hone in on here because we're talking about companies like uber, lyft, we work, that have never been through an economic downturn if the trade war continues to flair up, what happens to these companies? >> again, going back to my earlier comment about we work, you would have even bigger concerns about something that is essentially a real estate company. i think people will take a pause on companies like we work. a company like slack, it's an internet software company, i

don't think you'll see any reluctance for them to go forward with their plans >> i'm curious in your experience, what was the transition like going from private to public? >> the biggest change and i think it's even big are than people anticipate is the difference in the way employees think about the stock price. you go public when you're a private company, it particularly in a company that's in hyper growth and uber has been, the stock price changes every six months and on goes up. so you have just this constant sense of confidence about what's going on in the company. once you're a public company,

the stock goes up and down in the same day we had priced at 26 and closed around 47. i got back in front of the company this night and said great job while doubling the value of the company tonight while i was in new york. i tried to use that as a message to the employees that, you know, highlighted the day-to-day, moment-to-moment price is no longer going to be attached to what you're focused on and working on right now so get used to it. but that's an easy thing to say and a harder thing for people to internalize. >> especially in your case when a couple weeks after that you were at 75 do you remember that >> oh, yes, i do remember that >> thank you, good seeing you.

>> that's john thane >> what is it, a reunion >> he's a board member i noticed him sitting there. >> we are looking for uber to start trading any moment now, the price indicating between 45 and 45.50. jim, i wonder lyft and the way it tanked a couple days after went public, have an impact on uber are we going to get another zoom or beyond meat, like one the one it looks like we're going to have >> i've been focused on slack. now lasion got kid and then it

was recommended and put it all the way above. slack's now got a chance to be able to do better. so the analogs you speak of are so right if uber holds here, you're going to say i had a chance. >> and there's a new -- 44.50 no that mean they broke no no david? david? come in. do you hear me >> one says 44.50, one says 45

so those who bought the stock -- >> look at this market, though >> it's not something you'd like to see with an initial public offering in terms of that. so actually off the lows >> that would be >> i said this hell week would be bad i didn't think it was going to be this hellish. >> haiti's town. >> i may have to leave soon. wow, yeah. >> feels like the crowd at one of those election things where you know the candidate's going to lose. >> ooh, i like that. >> returns are coming in

>> i've had many in the old days when i support candidates, i can be on those. hey, you want to go get some pizza? what's going to happen i'm supposed to say what's going to happen. i'll say it's bad. >> we'll get you some pizza if you all hang tough would us. >> it's the worst day to bring a company black. if you thought ten days ago that the president was going to be trashing -- you know, we had dick costolo, he's very interesting, right the president is saying things -- he's saying things that are -- this is the united states of america so it's a little different he's very ahead of himself i was watching this morning. he's kind of saying this may be the break we.

>> there as a lot of people who thought it was going to be good, including many industrial people >> the no rush tweet this morning, we had a deadline end of march we thought this was going to get wrapped >> sure. a lot of the stocks that i follow related to this stock, b uber, they're still going down the dow being the president's favorite indicator >> let's go to bob pisani. can you explain that latest indication, what it means? >> well, there's a lot of volume out there. typically up which means that interest so we had 46, 48,

45 1/2 to 46 1/2 now we're at 44.50 to 44 or so. it's a tough time for the company to go public the important thing here is demand is still fairly high and this is a poker game it is buy low, sell high there are people trying to buy the stock at a low are price that's exactly what investors are supposed to do the people who had been given the allegations, they want to sell them at the high are price. but there are hundreds of ips constitutional investors that would pick it up at a lower price. so people wait around at the very, very end when you think you have 80%, 90% of the allocations already in, or a little bit below trying to figure out where are we going right now. it's obvious we're coalescing

somewhere around that that 10% holdout could mack it sit here and then you'll get a few more and you'll be down to 5%, they'll hold out, you'll make another bid and it could go on for i'll take it, bob. thank you. roger, i'll start with you you've been critical of the valuations of some of the tech unikorns going public.

what do you think when you see this indication below the ipo price for uber >> well, my understanding is that the allocation of the shares went disproportionately this was simply a sly/ity man thing. when you have most of the demand or a dispoe portionatly involved there. i think bob's point that institutions are looking for low are prices obviously there are but there are long-term issues that should give echb pause. when you raise $8 billion on the

ipo, by definition you are swamping the market with supply. >> parsing that out, it's been a rough day and a rough week in general for the markets. all this uncertainty around u.s.-china trade how much of what we're seeing with uber as it gets ready for this first trade the fact is you are talking about a company that is facing a number of crisping but this is a lot of money and the question is where do they figure it out? do they do it through go and as roj said, they're raise as lot of money to me when there's retail

investors involved and not institutions, that says a lot to me >> we now have an indication 43.50 to 44.50 now, this is -- this priced at 45 that was the low end of the lower are and certainly for a stock would with this amount of hype and recognition behind it jim cramer, do you remember the last time weep saw something like this on a day this big and the market in johnson and a brand in big >> no doesn't happen very often. look ever. sfch i've had many people e-mail

me at the last hour saying i was given at the last minute i was given some uber. that's not what i had thought. i thought it was supposed to be tight as a drum. that's certainly not the indication i'm seeing procter go up, procter & gamble there are people playing bets to say this is going to be a not so great da john, the answer is wow, no. >> they may be trying to shake out some of buys are, shake out some flippers. maybe it going to be a while i don't know but you maybe want to try and shake them out now >> you want me to say it should be 44, 45? >> it a train wreck. >> that is not helpful

>> the performance of lyft, which has just worsened throughout the session is obviously pressuring >> where are the medallion cabs trading? >> it was a a joke >> this deal is not going well for real upon important reason one is that there is an unlimited plo for of in. there will never be any blo back for drive they've dumped a ton of money with really, really bad fundamentals going on right now and lift has gone out and been a

turkey be plus you have all the stuff going on that they are realizing what is happening here with has to indications. to roger's point, these long-term challenges and risks, be they execution related or regular tore has to ideas that these thing are going to go up and to the right at some tount the billions in losses is something that's normal to worry about.

and then there's driver's pay, around competition, around self driving. the question is is it worth these insane valuations that silicon valley put on it it doesn't mean it not a great and i realize we can talk about the autonomous veebs, but in terms of the most rahal ubl i guess asset that they care a as may i think the core point, which is that the m for not just the basic ride sharing but eats and freight and all of that. the question is what is that business going to earn in the

long run is it a high-margin are low margin business? >> i look at this and i think these but of there's no ability for this many to prevent competitors from diving in that on parp sooms to have done everything pretty conservatively they said that they tried to go with investors who were going to holtd the stock for a long period of time they priced it at the low end of the range. it a brand, a company that's a house hole name already and yet the way this is opening doesn't look good. >> no, it doesn't.

>> what sorts of things are ub. >> well, it depends on the money in a it been inembassy pb and now this want blpt popping beyond me just a few days ago. >> if so you can bet on certain things and not mack money, but the challenges this company faces are very difficult and the answers are not --

>> it still a great concept. the blackmarket just put up $ 8 million. nm think it would nominate betwe between. >> bob, we're going to lean on you again. tells what's going on there. >> we're close to 30 million railroad, 10% is very typical, 18 million shaurs. woor close here. think people are still -- it the last to tn%.

>> i went to $le 8 typically i will sao 100 to 250 mhow lift has traded poorly, as well the fact that we've had extreme mash tilt in the last week all that makes it difficult to do and we got new indications here, just let me check here i heard just yell out a minute ago, 42 to 43 are new indications that we're hearing about right now. i think the important thing here is we're probably 90% of the way and the holdouts themselves are simply waiting for a opportunity to buy at lower.

ehave an nrp the who so it those holtd outs a are sitting it tonight doing in, just coop waiting, waiting, they think they'll get close, put in a low are bid. if (seeing who issing if to put in and how much they'ring if to throw in at the re end of the game it when they say "all in?" it up to the designated mark maker over there calling and working with morgan stanley to determine the book is frozen once that happens, everybody stop, no more bids or offers, we're closing this off and we'll open ten seconds later but we're not there yet.

carl, one of the things i normally hear, "we're getting close, we're getting close" and i haven't heard it yet something could happen in the next three, four minutes but i haven't heard anything imminent. if we do, i'll get back to you immediately. >> i know you have to run but what do you think they're saying in the valley about this today >> i think everyone understand the difficulty after lyft. i think they're watching it carefully. but uber is an unusual company can't lump all of them together and i definitely think theit might be worth something ls and that's what's going on here. everybody's like i don't want

it, i don't want it, i don't want it about the economics of this business pretty much. >> cara swisher, greatin side as always >> jim cramer, how do the bankers get this so wrong? there's a road show, they decide what the range is going to be, uber goes at the low end of the range, which seems like the prudent think to is this the w newmoney is something, you may be saying we're going to punish the nonbelievers and then we're going to push it up. that's the only way that this day can be salvaged is just say

you know what, the heck with you nonbelievers what matters isn't where it opens, it where it closes. if that's where i was, i would say let them all go guns blazing. >> so where would it need to close for that to really be the case -- >> blast this back to 46 someone will say jim just said it will close at 36. into nor approach is let's warch out the se -- wash out the sellers and have the buyers come back. it very tough to pull off but that's what you need >>. >> i think it's a bad day.

there as a lot of stocks going down really padly today that are temperatu temperature. >> by the way,you've never seen a big group of people -- >> roger mci don't think strategically, i think that's really wise. i believe there is something real to all of these ride sharing businesses just have always believed that the market's knows that this was

a high margin business and flmt because because laft is now viable smsh and and that's the moment to when it will start to make as soon as economically but they both need war chests as large as possible. in uber's case, that's doubly true because they have all these other initiatives to fund. >> you make it sound like their only problem has been where thennon going given, i'm not privy to the insidish oo here

look pits going to be match. in she's just going. as you say, it's a capital mash story patch match. >> speaking of, david, in way that lift is it going to be public and it going it be in in a if any so it

hard to imagine in any way that this becomes anything other than i think an acquirer to roger's point. you think xmno no dying a cans. >> youring about prb almost right now is they tonight have the assets the n now that they've got this jaunt twrathey were having som

volvos there and testing with different chips. you thinking what do they own? you get -- >> but they have not talked at all about wanting to own the automobiles. >> no. >> the entire business model >> in my opinion that's a mistake. eventually it going to be autonomous pu. nchbl and broccoli on the other side >> for more on this and the process that we're watching un

as you recall, lyft stock did go up on the first day of trading, bringing a into entry point forshort sell we you're going to see below the ipo traes be itfor thos people who were long ub are may

snm ((tuesday is the settlement date once it. getting that lpe pds willly pickler, thank you roger, i waentd to go pb it was said on cnbc that elon musk is wrong on the robe owe taxing

timing, would you expect to see a tie-up like that, look tuzlaif you what i know is that when your market voolthey end of the day, you want to have sop as when aol bought. from n when first starting and you're trying to go as rapidly

as possible. at the end of the day investors have got to have something that they own if you have a brand in the asset-like business proposition that prevents competitors from succeeding, don't have to worry about asset or they need to have some sort of control of the cars because without there of competitors coming in and superly duplicating the model at a slightly lower price and community is pushing back on them >> certainly the bear case spilled out. thank you, roger jim, before we let you go. >> they got a hold here but north of 40 because then they won't even be able to do that blitz i'm talking about. it will be too far away and it will point out the rest of the

market is quite bad. it's not like this is johnny come lately. it might have been nor environment where people would have said, i'll hold on to it but this is going to be a not great weekend because you're going to have lot of tweets back and forth. >> i was going to say get ready to read some obituaries for irrational exuberance this weekend. >> this was a nice rally back up the stocks that are breaking down now are the darlings of the nasdaq so this is right in keeping with that >> there were questions about uber's decision to do this on a friday does that look like a good decision now because you get to tack a breath or a bad decision, as you were just saying because of the tweet volatility >> it just that confluence i feel bad for what's happened here because the confluence is just so nasty.

you couldn't -- this is exactly the opposite -- if you're the underwriter, this is what you don't want both for uber and for washington you're getting them both this 42 bid, they got to find a way to open this thing they have to force the opening, get these sellers gone but they have to open it now. >> we're starting to hear activity from post five. are we getting cholose >> i heard 45 million, 42. the book was frozen. so we're not here yet. but a little bit of murmur went up amongst the traders le -- 80% of bids and offers and

we're getting closer it may open below the indicative price of $45 there is this concept of an overallotment that we don't talk about but this is the offere a 15% over allotment to other shareholders or people who wanted to buy at that point. if the price opens below, it's quite possible that morgan stanley would simply come in, buy at the lower price and deliver those additional shares to the people who were in the over allotment and that's one way, for example, a syndicate or morgan stanley may be able to stabilize the price. i have no idea when it's going to open but you should not assume that if it does open below the initial price it will necessarily close below that the lead book runner has some ability to stabilize the price and be in there as well as people who are just simply looking to buy it lower, so just hold on one minute here. hold on. they're yelling -- the book is frozen

the book is frozen we have just opened. 35 million opens at $42. uber priced $45, 32 million shares, opened at $42. and you can see trading just above that right now $42.34 obviously, guys, this was not what they wanted the price below but i think the most important thing from the point of view of the executives that are out there is the deal got done in a very, very difficult week. $8 billion floated into the market, one of the 10 largest ipos of all time and of course the whole issue of lyft floating around here as well. carl, back to you. >> they want to work -- you know, this is what i said that they want to do. they want to clooen out all the weak hands and then walk it back up which is the only way to save it because holy cow there are things called unicorns behind this and if you don't want them shorn, you're bitting it all behind it.

we're walking it back to $46 and we're going to nail it there that's what this must do if this does not want to be the end of the unicorn era. >> we got a thumbs up and a smile from dara. it remains a name that you would not be into. >> it's $50 is what i said you could make a case for it, right, zoom and pinterest, that's where you could make a case for it but look, they're not dumb -- these people who run this thing, they're not done they know the stakes they get rid of it and they walk it back up and you say what jon said, you had a chance at $43 ahead of some of the big boys. >> zoom and pinterest, by the way, not doing so bad as you might expect pinterest is down, i believe, just over 2.5% looking at zoom, let's see its -- is that up? looks to me like that's up a couple of percent. this is not a market that's entirely down, but i guess we'll have to see how much of what happened with uber today is

about the market and how much of it is about uber's business model and getting ahead of the hype >> these guys are not -- they know what's on the line here now, can they do it? i mean, there's a lot of bad -- they gave a lot of stock to people who are thrilled they are only down $1.5 but it is a way to do it i've seen it done when i was at goldman, okay, we're going to wipe out those bad guys and come in with ten big buyers and they got to get the ten big buyers but they can't wait too long >> no. >> buyers have to come in. >> listen, it does -- a point jon made earlier, it does give retail a rare opportunity to get in below the price that the institutions paid. >> isn't that something. >> i can't remember the last time we've seen that, certainly not for a profile of this magnitude. i don't recall zenga >> just kidding, david they got to stabilize it here. their whole game plan has to be to walk it back up >> to flush out the flippers >> and walk it back up >> real demand, including from retail, of course, who now has an opportunity to buy something

below the price. >> you know what it is >> what? >> a journey >> it's a journey. >> and with that, you know what? >> you got to go >> three solid hours of television, not a single commercial break >> with the mic, rushing up to get the tony, look, i haven't done that since i covered a homicide in 1978 >> you did a good job. >> question is, jim, are you going to get an uber >> i'm going to take it. what i'm going to do is go get a taxi medallion >> did you want to promo who you g got? do we know >> yeah, i got -- i have live person, which i hope i will be by 4:00. >> jim, great work >> yep, they didn't do it yet but i want the stabilization thing. they're going to offer dividend, carl maybe a 4% yield >> not seen a yield -- >> maybe dara's already thinking about a stock buyback. >> good-bye. have a great weekend, everybody. i think i'm going to go out to

silicon valley is and see if there's a pulse. >> roger, thoughts as we get these opening trades >> my understanding is that this ipo, the allocations went disproportionately to retail already so to david and jim's point, i don't know that you can count on retail investors being as excited about buying it under the ipo because i think many of them got allocations and possibly bigger allocations than they were expecting so just, again, just a word to the wise, we should just -- we should pay really close attention to where the interest is. >> indeed. roger, we are continuing to watch this stock trade the last indication before it opened was between $42 to $43. right now it's a bit closer to the $42 than the $43 and we just continue to watch every tick, looks like it's getting defended at $42 let's talk again about the psychology among other start-ups, hot names that were expected to come public.

every one of them, arguably, less hyped than uber >> agree >> does this say the ipo window is not as wide open as everybody thought it was a few days ago? >> you know, john, ai've always been a skeptic about the notion of ipo windows as being a determining factor in reality. >> there it is below $42 >> it affects people's psychology a lot, right? but i look at this and great companies can go public in any kind of market, and there are some really good private tech companies out there, some with really good businesses it's just a question of getting the valuation right. are the expectations of the sellers, the corporations, the boards of directors, properly calibrated to the market environment they're in but i think there will continue to be ipos as long as people are smart about valuation and the one thing they should remember is that we are at a relatively speaking very high level of market, you know, of the markets. we've been in a long bull market, and you know, it's

possible if you wait too long that the market will be at a lower level and that would be worse than what you have by taking a little discount >> roger, thank you very much. roger helping us out big time today as uber is now close to $41. bob pisani, what's going on? >> i'm here with joe mccain, in charge of the trading for citadel securities joe, everybody said here the important thing is to get it open, we got it open but it was below the original price tell us what it was like to open this >> we ended up opening it at $42 and it's been moving up and down around that range since. we ended up opening it on about 33, 32 million shares which as we talked about earlier was really strong interest and as all that interest came in, the price was moving around a los which is why it took a little while to get to that final point. >> what are we to take away, normally 10% is what you typically see on an opening, 8 million, we got almost 20% what do we take away >> i would say more broadly,

there was obviously buyers and sellers that matched off at that price level so i think it was just very strong interest in participating in that opening transaction. >> people ask me a lot about the role of the lead book runner and the syndicate itself in stabilizing the stock once it trades there is this concept of the over allotment where they have sold an additional 15% of the shares can you explain to us how morgan stanley, which would be the lead book runner here, might stabilize this stock >> yeah, i don't want to speak for them, i'm not sure what their exact plan is but yes, the idea is that the stabilization agent has these additional shares that they can use to help dampen volatility, especially on the downside, by being able to offset a lot of or any sell orders that potentially come in. >> so they could potentially come into the market, buy at the lower price, and deliver those shares to the people who had those over allotments and by doing that, essentially acts as a stabilizing agent. >> exactly hence the term

>> any thoughts on what this says -- i talked to one ipo buyer that said i know there might be disappointment but for all of us who were buying ipos in this year, this 200 amount, this is good news for us because this is a little notice to everybody else to be careful how you price it and those of us who want to buy ipos are happy because we want the lower prices >> yeah, i mean, look, it's still a strong valuation i think it's a healthy price as we talked about before, we had a healthy amount of volume and a healthy amount of interest so i think broadly it's a successful transaction and a good sign for the ipo market >> okay. joe mccain who was here, long morning, did open. carl, back to you. >> bob, thanks one note here, you can see bottom of your screen, the treasury secretary has made a quick comment to some reporters, i think, said that china talks are done for the day we saw the vice premier leave ustr's office earlier and that talks were, quote, constructive. we'll see if that has any impact on the broader markets we're still down 305 on the dow. let's get to "business insider" cofounder and ceo henry blogett.

your thoughts going into this opening print? >> well, obviously, it's not ideal for anybody. i think for the company, though, they got a lot of money, they needed cash so they're much better place than they would be if, say, the trade talks went terribly, the market crashed and they were shut out and this is very recoverable there are many great companies where the ipo broke the price very quickly, amazon, facebook famously, in the long-term, it didn't matter at all, so it's not what anybody would have wanted you'd want a pop to 10% to 20% up, something like that, but it looks like it was opened about where the equilibrium was. the stock is not being wildly volatile so overall i think even though they can't say it, uber management is probably pleased that they got the deal done. they needed the cash >> yeah, henry, trading with a $42 handle on this uber stock right now, in terms of how much of this, and we've been having this debate all morning, about how much this is the broader market and all the uncertainty