the ipo market has been a little slow for 2015. that eating the biggest, it is still small for a u.s.-listed company. they are going to have to compete with the likes of a paypal running in this area as well. been trying to work its way up the food chain and find some of these higher-margin customers. emily: we have been talking about square but the western remains what is going to happen to twitter? i spoke to john kelly from "vanity fair" he said they bagged dorsey to take the ceo job at twitter and he refused, apparently because of his obligations at square. john: we learned at one point earlier this year, the board didn't just act dorsey to return, they egg him, according to someone who was in the room. we are watching with bated breath to see what happens, but asked tonfirm he was take the job at some point earlier this year. do you think jack dorsey can do both jobs? mike: jack dorsey is an exceptional executive, a man incredible work ethic. if you have ever worked for a aretup, there are folks who .0 x in their ability to lea

what is liquid holdings tell us about the rest of the ipo market? time to be cautious about the dogs that are out there. we are seeing more money-losing dot comd ipos since the bubble. scarlet: what would you be worry up -- wary of? neil: the companies with related party transactions, those that are roll up's that have no real history of cooperating. ata lot of cases, you look what these companies -- do they really have experience in this case? scarlet: you have to do due diligence. >> do your homework. scarlet: thank you for joining us. you can read his story on bloomberg.com. the ipos that have not been doing too well since the frothy piece of the tech boom. we keep an eye on the markets off by 2.5%,&p 500 the dow industrials losing 2.4% and the nasdaq down by 111% points. ♪ scarlet: it is new in san francisco, 3 p.m. in new york, 3:00 a.m. in hong kong. lisa: this is the bloomberg market day. ♪ scarlet: good afternoon. i'm scarlet fu here with alix steel. alix: we have to get straight to the markets. the dow is down over 400 points. scarlet, you a

this is the renaissance ipo exchange traded fund the ticker is ipo. renaissance capital is an eef fund manager. this particular etf which is in the white line is the performance line year to date. the orange line is the s&p 500. you can see early in year they tracked pretty closely. all of a sudden ipo started to outperform. just before the market really took down we saw a downturn in the overall ipo market. now at least the s&p 500 is out per forg those oips. it's possible that the ipo pipeline is going to dry up and that's got some investors concerned. the reason why is because as you guys just pointed out with your alibaba discussion a lot of high profile ones over the course of, a, the past year or so have seen their share prices dip below their ipo price. alibaba is one of them. you take a look at some of the other high profile ipos as well. take a look at some of these other ones, for instance, etsy, down 10.5% and that's just since their ipo. take another one here, this is box on the clouds storage side of things also below its ipo price as well

that's the big giant ipo. i have a feeling, that's going to be the big ipo.robably airbnb. the question is, they all want to hold it off from talking to them. there's no reason. they have the money, they're like public, but they're not. we had a good interview with mark andreessen where we talked about that a lot. the idea, like why do it now when they have the ability to do what they want in a relatively private way. >> what a strange turn that is. >> finally kara, you wrote about ellen powell this week, she wrote a piece for wee re/code, about dropping her appeal against kleiner perkins. she wrote i have a request for all companies, please don't try to silence employee who is raise discrimination and harassment concerns. instead, allow balanced and complete perspectives to come out publicly so we can all learn and improve. >> walk us through the die nam ices, why it's not going forward. >> it's costly. moving on with your life. i talked to her sensibly yesterday. she's gotten attacked online. and you know people who attack her think it's okay to call her na

the ipo is said to be japan's since 1998. is also the largest deal of a government entity since 1987. sources say underwriters of the ipo will earn $191 million in fees. ministryl hire a bureaucrat to hope to diversify the $1.3 trillion portfolio during his seven-year tenure at the fund. the president says insurance hasn't made any decisions on the development of overseas business, but it is considering it because it's unavoidable. in china, bloomberg gauge is indicating china's growth rate could be stabilizing. the china monetary conditions index improved for a second month in august, the first back-to-back gain since 2013. episodes of improvement in the past have indicated either an acceleration or stabilization and economic growth. china has been on a campaign to relax monetary policy as the slumpy models through a in exports and a downturn in investment growth thanks to an overhang of debt. china has seen five interest rate cuts since november. now the best bet for a pickup may be continued gains in consumer spending, alo

morgan stanley got the nod to lead japan's biggest ipo of the century. the tokyo stock exchange has approved the november ipo. 80% of the stop will be offered to individuals. chase will coordinate the international sale. singapore ends in the poll. all 89 seatst time are being contested. former southeast asia correspondent is life there. we are an hour away from the polls opening. how are things looking? >> pretty quiet. this is the culmination of nine days of vigorous campaigning. tens of thousands attended rallies even on weeknights. singapore is no longer apathetic the way they were described before. in the last election in 2011, the ruling people's action party won by a slim majority. lots of issues being discussed, high cost of living and health foreign talent competing for jobs in the country. thisrime minister has said is a critical election that will set the tone for the next five to 20 years. this will be the fourth generation of leaders. the opposition is saying more checks and balances. the opposition accounts for less than 10% of the 89 seats

so after the facebook ipo, the -- a month went by and almost every ipo done over the next month did quiteand those included service nel and palo alto networks. so what we have to see now is the balance of power has to shift between the issuer and the buyer. the ipo investor has to make money and that's how we will get out of this. we will reset and it will be better for ipo investors. >> does this environment favor companies with high prior valuations or more modest ones? >> the higher valuations will be the problem because those will have to be reset quite significantly and i think that is part of the slow down because no private investor wants to mark down their portfolio. it's like selling a house when you thought you were this and you're down here. that will require portfolio mark downs. we expect to see a contraction in liquidity on the private side which has been so overfunded. every $10 of private funding, only a dollar coming out of the ipo market. it's a big imbalance that has to be resolved. >> kathy smith joining us there. now let's send it over to john. what are you up to? >>

colin: we have been pretty cautious since the ipo in the stock. would agree with comments around the value of the data and the real-time information platform. that's the longer-term perspective. i think where the rubber meets the road is that twitter has overly focused on monetization rather than the product. what we are seeing and hearing is that there is a sense of urgency, as sarah said, there is an effort within to work really hard on the products and applications. we will see that to the balance of the year with some new products and application enhancements. emily: when it comes to square, there isn't any indication he is leaving square, either. sara: this is a company when you have filed for an ipo and square has not said they are going to go public -- it's harder to make these big executive changes. it's a company that matters very dearly to jack dorsey, as does twitter. he has been splitting his time about evenly between the two. for the ipo, it is a concern. emily: sinan, what are your main concerns? jack dorsey is doing both of these jo

they were spending by tech companies fueled by the ipo market. looked like a product to the increase, but it wasn't -- productivity increase, but it wa productivity increase we are seeing right now are big spending by these private companies that have unicorn multibillion dollar valuations, who are spending a lot of i.t. goods, but maybe those are not long-term changes in productivity. it is just short-term spending by a flush tech company. mark emily: cory johnson, our editor at large. we will have to leave it there. bloomberg intelligence's chief u.s. economist. a lot to talk about. thank you for joining us from new york. i do ask marc benioff what he thinks about the fed leaving rates unchanged. coming up, how it impacts sales force. our full conversation coming up. ♪ emily: welcome back to a special edition of "bloomberg west" live from salesforce's big annual conference, dream force. i'm here with dave elkington. inside sales is a real live unicorn. -- real-life unicorn. dave: or stallion. i do not like the unicorn moniker. mark you emily: u

the shares are below the ipo price and it could get much worse on monday. we'll tell you why. but first to the story of the day. >>> stocks tanking. closing lower by nearly 3 hub points. it is now back into correction trt. and the s&p and dow getting hit hard. 1970 was steve's level. i said, listen, now we should trade up to 2035. didn't make it there yesterday. but it got there close. i think we traded up to 2020. to me, and we talked about this as well, if the fed raises rates. >> the knee jerk would be down and the exact opposite happened yesterday. and this will continue. and i will remain and say we'll test the october 14th left we saw a year ago. >> it was a selloff but we did have relative outperformance by the nonproxies, utility and reits. >> and we did the presentation on how utilities react well if they raise rates an that was counterin tuive. but i wouldn't expect them to react well if we didn't. because i thought it was a risk off, and it would have taken a couple of days to slap back in to have people hunting for yield again. so i was shocked they reacted well now

jonathan: i want to talk to you about the ipo in this environment. n -- in an environment volatility, do you expect people to pull back from your own bank? what are your views on the likelihood that that could be pulled back as well? , at this this front juncture, there is no change in our clients behavior. we have been working actively on ipos. markets have to stabilize before we provide them with the best opportunities. there is a silver lining around any cloud. with violations going down slightly with the current correction adjustments, probably it will be much easier for sellers and buyers to have a renewed trust. we are positive on the transactions and ipos we are working on. jonathan: to wrap things up, we talked about stabilization and how that will help the ipo, m&a environment. it is been central banks that have done that job for market participants. when you look at the ecb, nevermind the fed, is in their work just beginning? banks i think the central played a major role in stabilizing the market. we have to keep in mind the situation in 200

the real story? is this company going to have a strong ipo? think this company, based on what i understand of their fundamental economics in their core business, they've done an amazing job at getting margin that no one else can in the small business segment and that is tremendously impressive. i believe that bodes well for their ability to serve that customer segment with new products, and that is where i believe square's core growth opportunity is -- offering small businesses an increasingly large enterprises more services beyond payment processing, whether that be lending, food delivering and ordering, a host of acquisitions that they have done recently. the ability for them to generate margins in their core business that other folks have not traditionally been able to bodes well for their ability to serve that core segment that they are in with lot of success beautifully designed products that other folks are not able to achieve. emily: that is interesting coming from you -- you worked at paypal. alex, what are we seeing when it comes to ot

>> we haven't sold any stocks since the ipo. terms of how we feel about the company since the ipo, look, i think we're a long-term role on e-commerce. e-commerce is one of the sectors in china that we feel can weather just, you know, just about any economic storm that we see because of the consumerism that's going on in china. in addition, i think there's still a lot of head room for alibaba in modernization. reason as a percentage of the gmv, they're very low relative to their piers and even some of the international competitors. i think there's plenty of room on the modernization aspect. lastly, i think the valuation extremely attractive. if you take a look at the company, you take out the cash, you take out some of the strategic investments, even if you value some of the investment bankers are valuing it at $10 billion to $15 billion, it's only trading at 16 times next year's earnings. this is for a company that's at scale and growing almost 25% to 30% per year. for us that's a really, really cheap stock. >> haney, we're look

ipo, the more mobile it is to change in market conditions. tors have mainly been looking at companies going public not as generic ipo's, but specific companies, saying this company has got great growth potential and is willing to pay a higher multiple, and companies -- less compelling stories erik: thank you very much, jay ritter and jeff solomon. all was good to see you. the sunset dragged the dow down to its worst month and more than five years is set to worsen. matt miller is back. matt? matt: take a look first off at where futures are trading. the s&p and dow here, down 2.5%. looks worse than it did 10 or 15 minutes ago. the trajectories down for had badafter china economic numbers. they failed to proper the numbers. european markets are down as well. it will come around to us it looks like a the open. a couple analyst notes, one of them is an upgrade in the market that may not do a lot to support shares. i want to tell you about it nonetheless. it is an airline upgrade, and industry i follow very closely. andsche bank has come out said it

we are focused on the status, revenue companies versus the pre-ipo companies. you say your biggest competitor is the handshake. guest: for sure. we decided to launch the mobile now instead of years ago because we have so many customers that in the early days were on blackberries but are now on the iphone. a lot of our customers are constantly on the road. in a market like today's, where the competition for deals is just incredibly fierce, our customers want to be able to respond right away to a seller when they are reaching out about a deal. being the first to respond to a deal, we have done the homework on it and you actually have a 19% greater chance of closing the deal if you're the first person to respond to the seller. being able to put the deal flow in the palm of your hand when you are at a conference or on the road is a big consideration for our customers because the competition has gotten so tight. emily: what is your view on the m&a outlook right now, given the volatility we have seen in the stock market? do you see m&a speeding up or slowing down? gu

guest: i think it is built on the public markets and the availability of an ipo future. as long as we have that we will continue to have lots of funding in silicon valley and elsewhere. the one thing i will say, yes there is a lot of money out there by having tried to raise a bunch of it myself it is not that easy. emily: "the wall street journal had a piece today about unicorns. you probably have hedge funds and mutual funds investing in you somehow. they will feel the pinch when interest rates go up. could that affect things? guest: absolutely. i'm in the lending sector. we make personal consumer loans. we are at the bleeding edge aware interest rates could intersect with start up support. the consensus seems to be that rising interest rate environment, it is not like hedge fund money goes away, but i will say we should prepare for higher rates and pay higher costs for the debt instruments we take on. if anybody is out there now and you are in the middle of a venture debt financing or a commercial loan process you should seek to get that button.. emily: what about china

logosite has posted the from a person claiming the ipo logo resembles the one they pitched in 2011.they try to contact and talk to the office and did not get a reply. the office has released an official statement saying they have never transacted with the , that a of that website making those allegations. imagine, a lot of reaction on social media with people saying, how can the ipo enforce property laws when they have broken it themselves? is up: we will leave that for them to answer. yvonne: that is it for us. stay tuned for "asia edge." our guest on today's show, the jp morgan chief emerging markets strategist. you are watching bloomberg television. ♪ phil: i'm phil mattingly. donald trump's appearance with stephen colbert last night -- mr. trump: really smart, really great, they actually use the word genius. hillary, who has become very shrill, and i have better hair. do we agree i have better hair than he does? ♪ john: he has better hair than i do. on the show tonight, a pontiff, a poet, and a potpourri, but first, a poll.

firstdata could be the ipo. -- the ipo market has been quiet. iers for perdue. is how long its took twin bill the newest devices at apple. here is a roundup to mr. cook himself. >> huge morning. fornew models and new bands ios2pple watch with watch bringing creative visibility right to you -- right to your watch. the ipad pro. the future of television, apple tv. and the most advanced iphone's we have ever created and the most advanced in the world, 6s and 6xplus. the new phones do not hit stores for a couple of months that brad stone got his hands on one yesterday in sanford is the. >> remember the old iphone that you bought a year ago you were so proud of? that is now the outdated model. iphone has just introduced the new model. they are designed unchanged from a year ago but under the foot is a new engine. it is 70% faster than the iphone 6. it is touting a new feature called 3dtouch. touch,perform a deep something new happens. you get a series of shortcut. press hard on the mail app and rite an options like w e-mail. apple calls this live phot

ipo. first data could go public. that is the transaction processing company. ut $5 billion ipo there. -- eight caribbean company is eyeing an ipo this year. we will be really paying attention. olivia: welcome back. let's look at some of the top stories. australia is getting a new prime minister, it's fourth in two years. has defeatedull tony abbott. turnbull had condemned management of the economy. the german vice chancellor says germany can take one million migrants this year. eu ofbreaking down the voters policy. germany is bringing back porter call -- porter control. there are sound reasons behind the change. >> you have to do it safely. that means that in. i expect temporary closure is to facilitate a better vetting process. you use big data searches. you look at social networks. you can't do that with 10,000 people a day. you slow that flow down. i think that's how we do it safely. olivia: slovakia is joining germany. the former traders sent to jail for interest rates is appealing his sons. while found guilty working at citigroup. he is serving a 14 year p

at the big board, penumbra celebrating its ipo. the nasdaq, fighting childhood hunger in america with habit and nokid hungry. >> you know, look, i think we're -- when we listen to the health care companies, the combinations are extraordinary. i like those. at dream force yesterday, much of what was going on in technology is to make it so doctors, hospitals and the customer, the patient, never thought of them as the customer before, will be able to have better decisions being made which will save money for the system. and also make the customer better. there's so much progress out here. it's so hard to be negative out here in san francisco, guys, as the tape indicates. there's so much invention, too much progress. but i understand futures are down because of europe. we have to let all of this sort out. a lot of people were talking about a retest. i find that going back to the august lows, i don't think it can happen. i recognize the fact that seasonally people wanted to buy now and trade later. let's look at prices that have come do

joe: we had a chart of the ipo index. a measure tracking the price of ipo's, and it has collapsed -- recent ideas have -- ipo's have collapsed quite a bit. when you talk about these comps, you have to adjust down. alan: that is why i have been saying all along, the unicorns, we have not had a unicorn , but that's because that is not our strategy in terms of how we invest. although everyone would like to have an anomaly, you know, something that surprises you. but when these unicorns only have one exit opportunity, which is to go public, when they get to a certain price, the number of potential buyers is very limited. they will be affected by the normal metrics that affect a public company. the revenue growth, the profitability, how it compares to other comparables. you see a readjustment in the public price or aftermarket price. alix: we have not seen a tremendous amount of money in venture capital -- the second quarter was the third straight quarter of $72 billion plus. these numbers are completely staggering to me. what

the ipo will rally the company at 1.5 billion pounds. it's up in london similar to the ftse. credit suisse is off. it is expected to sell its u.s. private banking according to a swiss newspaper yesterday. this is part of the strategic review launched in july when he took the helm. it's off .8%. abb is off a half a percent. the chairman said he's not interested in splitting the business. finally, shire is up .75%. last month its unsolicited proposal was rejected for being too low by its target. >>> airbus is set to open its first jet liner production plant in the united states on monday and this is a move to help the french plane maker increase its market share and cut down costs. let's bring in stefan pedrossi. stefan, what do you think of this initiative? >> reporter: it's a significant investment for airbus. it has invested $600 billion to build this facility in alabama. airbus thinks it's going to be the most efficient factory in the world. it will produce mainly the airbus 321 which is the longer version of the most selling model 320. it will have the capacity to build up

i've been skeptical since the ipo around all the hype. it's interesting. at this level if you believe the chinese growth story, the hilgdz class growth story, the faster acceleration, e e-commerce. this might get people interested. >> they can't gain market share. if you see an acceleration on rev 23450u, absolutely the multiple will expand. >> when you have deceleration and concerns, the margin is high, multiples tend to compress. that's where they are. the lower it goes, the more attractive it is. if you buy yahoo, you get to capture the momentum of the spinoff. yahoo would have done better taking the tax hit and selling the stake outright. do you have to stay away from yahoo because that is so unclear and what was the alibaba affect that was a positive affect is now really casting over that company. >> i own yahoo, legacy position from the 1990s. i won't say too much. the key for yahoo ultimately as a company is reaccelerating its core business, and everything else as you suggest is just sort of a derivative of alibaba. >> live shot of the speaker's bal

most of the ipl's that hit in the market that ipo market has fallen from prices more than 20%. l be a bit of a tough they'll. yvonne: what is their position? ben scent: it is doing well. the next income -- is the adjusted net income doubled. the market position is interesting. different from the u.s. where there traditionally known for the space museum. the dinosaur movies for kids. and china, as they have been known for sharon commercial films. they are showing a hollywood blockbusters. yvonne: oh, yeah. why are they focus on china? ben scent: the main reason is an economyis such for film. it will eventually be the biggest of box office receipts in the world. most of the cinema are built. imax, u.s., if you want you have to do a lot of upgrades. they can get the latest, greatest technology from the beginning. yvonne: bring on the popcorn. joiningt, see what for us. come up next, president xi jinping had to the u.s. and we hear from his top four official. -- foreign official. ♪ david: headlines around the world pretty israel and russian said they have worked out a way to -- arou

the ipo market is a telling indicator. they haven't been strong this year.ou bring in these retail investors and that is what they go for and they have been burned. before they were doing well. what has changed, it has become much harder for inexperienced traders. alix: you will see the bloomberg ipl index didn't come inside my ipo index, it has done nothing, it is lower year over year. joe: you have all these companies. one area that has been getting crushed, that gets no high but has done well, tobacco stocks. the rally in the tobacco stocks when compared to the s&p 500 makes the s&p 500 look like a straight line. alix: that is crazy. guest: do you realize how many hedge funds have their butts kicked by people just line and holding tobacco? that is the industry. the profits are 20 full over the s&p 500. -- 20 fold. it is understated because the dividends are higher. alix: when you look at the global markets what keeps you up at night? guest: north korea. they just restarted their plan. it is an outlaw regime. a bunch of gangsters. the regime is becoming in

emily: do you think he will go through the ipo? james: i think so. he is the figurehead.e needs to learn how to change. emily: your opinion is controversial. investors, it seems to me he has support. james: absolutely, he does for now. when he is talking 15 years from now that would be surprising. if he doesn't learn how to manage these complex issues with so many constituencies, five years from now there will be talked about how to get to the next level. if that happens you will get credit for saying it first. star, the entourage adrian is a believer in crowdfunding. he raised funds for one of his films. i caught up with him and asked what hollywood can learn from the tech community. adrian: i have been curious about the opportunity to have equity in the long-term upside of the successful project given to the crew and people below the line. i'm interested in exploring that, especially now that things , budgets are shrinking. there is not money to go around. and my social values, to support and enrich the everyman, the little guy. let's give them an opportunity to benefit

emily: cory, how do you expect this impact something like the ipo -- how do you think this will impact likely ipo pipeline? cory: look, as long as the fed is keeping rates at historic close like zero, investors are always going to be pushing someplace -- for some place to find yields. if they cannot find yield buying companies that have cash flow. they will look at ipo's and venture capital money. carl, what makes me wonder, also, the last time around the dot com bubble, we saw big increases in productivity that in retrospect were not big increases. it possible that the productivity increase we are seeing right now are big spending by these private companies that have unicorn multibillion dollar valuations, who are expending a lot of i.t. goods, but maybe those are not long-term changes in productivity. it is just short-term spending by a flush tech company. cory johnson, our editor at large. we will have to wait. our chief u.s. economist. a lot to talk about. they give for joining us from new york. off what herc beni think that the fed leaving rates unchanged. how it impacts sales for

he amassed so many outside shares, he was the biggest outside investor by the time of the ipo. y made news by outlining his vision for the future of twitter, addressing the possibility that twitter sells to a bigger company like google or facebook.

it recently fell below the ipo price of $26. k over to you. >> landon, thank you so much. >> now china has put on a lavish display of military might as the country holds the first ever parade to mark the 70th anniversary of world war ii in the victory there against japan. eunice is in beijing. so a big display scene. >> absolutely. a very big display. this was a major show case event for china. it comes at a very critical time for the chinese leadership. for the chinese president mainly because the leadership here has seen a loss of credibility among the international community for the way it's handled. the stock market plunge as well as the currency devaluations. this really provides an opportunity for them to sure up political support domestically and to project power. to project military power in the region as well as beyond. the troop level was massive in central beijing. 12,000 troops marching. there was a foreign contingent that marched as well for the first time and military hardware was on display. some of which we have n

the ipo could take place next year. the timing and size has not been decided.e are back with dan suzuki of bank of america merrill lynch. before the breakdown we were talking about market indicators are pointing to that there is so much bear sentiment -- bearish sentiment in the market race. you take a look at the percentage of stock that has fallen 10% within six months that just keep on rising pretty that orange line is the s&p and the purple line is how extreme selling has gotten. these indicators aren't working. i think the percentage of companies down more than 10%, or if you want to use 15% or 20%, is correlated with how far the market goes down. don't think that tells you what will happen from here. what you need to see to get those things to reverse is any signs that growth is stabilizing or improving. once you do you can see a violent move upward in the market. joe: it's been a mess in the markets ever since the fed pulled. it's caused a lot of confusion, people almost seem upset by it. what's the connection between the fed not hiking rates and the sel

the size of the ipo, the massive size of the alibaba ipo was so offer, thecondary lack of secondary offernotion the lockup is off suddenly mean so many more shares coming to market. this is a lockup x duration like we have never seen in the public market. so many shares are now available for sale. available that many for sale, what are we thinking about the leadership at alibaba? ?hat are they to do y not to be confused with si, the rapper. mark: no. scarlet: he said no. cory: those guys have a great not to sell. but you do have other investors importantly who have sold in the primary offering of shares during the ipo who were pre-ipo shareholders who are now able to sell shares. they are now stered. when you look across that the universe they now consult stopped. with so much out there, so much of the wealth concentrated in that, they have artie shown or expressed dere to get out of that position at a higher price. can you tell us what yahoo! plans to do? planning to sell off its stake in alibaba into a tax-free spinoff. it has come under question now. a clever plan to match the with the

crop on average is down 15% from the closing price on the day of ipo, only up 3% from the actual ipoat's lack luster. >> wait for a stable market as opposed to a volatile market. maybe next year is a better time to go public with one of the companies. >> if the venture capitalists have grown patience, that's not a bad thing. neil: not a bad thing at all. apple and its fall from grace earlier in the year, started a lot of this concern for the whole tech world, the whole tech ipo world. not necessarily because it has anything do with these but it is a tech bellwether and the bellwether is in trouble. did you get a sense of panic from the apple guys you talked to? >> i did not. i don't think apple is in a position to panic. idea they decoupled themselves from wireless carriers and make iphones directly available to customers gives them a lot of potential. neil: i find that is very godfather like, very tony soprano. and that was the real story. >> it was the biggest story, everyone is talking about the stylus, and so that really -- neil: what are they calling it? >> the apple pencil. >>

for the ipo, it is a concern. alix: what are your main concerns? jack dorsey is doing both of these jobs. that's the reality is long as this search goes on. does twitter need to make a decision now? sinan: it is necessary that the decision be made today. it's much more importantly than making this decision quickly is making the decision correctly. as a shareholder myself, i would prefer they wait and get the right person in the right moment with all the right circumstances and constraints then rush to make an announcement to appease the market for some reason. i think this is a much more long-term business draghi. it tok in order for succeed, it's going to take a long time frame to implement the changes that are necessary and i don't think that something a quick fix announcement himself. it will require months and months of hard work and i agree the product is the key. the potential of twitter and the current state of twitter, there's a huge gap between these two things. there are a lot of things that can be done with the product will take time. ali

emily: when is the ipo? >> we are planning for it. you cannot talk about it until it happens. ily: thanks so much for joining us. .ow to polytech where silicon valley meets the hill. i caught up with house minority leader nancy pelosi right here in her district of san francisco. tech dollars are in hot demand as fundraising for the 2016 presidential race heats up. i asked her what she makes of the gop courting ceos like mark zuckerberg. >> i would like to see them be more aggressive in congress in their policies, whether it's tax policy and tax credits or innovation, whether its investments in education. whether its investments in infrastructure, which are essential to all job growth. politically isid one thing. i would like to see in interest in the tech and science community. emily: she was in town for the premiere of her daughters documentary. sandra explained how the film became a critical review of the companies in silicon valley. >> i went door to door to all the tech companies and try to get them to talk to me, and they wouldn't. so instead i ended up talking to people w

then amassed so many shares, he was the biggest outside investor by the time of the ipo. de news by outlining his vision for the future of twitter. even addressing the possibility that twitter sells to a bigger company, like google or facebook. i sat down with lowercase capital's billionaire founder

friday the stock was down 31st from its record ipo. ck ma and the vice chairman have pledged to keep stock, eyes are on yahoo! to see what they do with their 15% stake. i will bring in cory johnson in san francisco. do we have any chance? -- any hints? cory: yahoo! is trying to figure it out. for a plano the irs for a tax-free spinoff, the irs would not grant that. saying good luck with that, we are not approving this. show us what you are going to do and then we will tell you what your taxes are. yahoo! maybe having to find a new way to do this. the context of the lockup is like no other. , $105e the ipo is so big billion worth of stock becomes available for a sale, is now available that was not available last friday. that is a huge deal even though some of the biggest shareholders, the ceo and shareholder, softbank is a big holder, not selling. yahoo! has not announced what their plan is going to be. nonetheless, this is a company that is seeing slowing growth as a goes forward. what we're seeing from this company is it has done a bun

joe: we had a chart of the ipo index. has -- recent ideas have collapsed quite a bit in recent times. when you talk about these comps, you get to adjust down. that is why i have been saying all along, the unicorns, we have not had a unicorn because that is not our strategy in terms of how we invest. although everyone would like to have an anomaly and something that surprises you. these unicorns only have one exit opportunity, which is to go public. when they get to a certain price, the number of potential buyers is very limited. they will be affected by the normal metrics that affect a public company. see a readjustment in the price or aftermarket price. alix: we have not seen a tremendous amount of money in venture capital -- the second quarter was the third straight whater of $72 billion -- drives it up and mark alan: it doesn't drive. the fund have money. they are overflowing to a certain degree. i have not heard any fund not being able to invest because they are out of money. always funds that are not able to raise th

. >> i watched sun run, still hasn't gone to the ipo price. i'm not asking for stock advice, same model and yet it just cannot get any traction with investors. is it still the costs are too high for putting up panels? >> the issue in this particular segment of the market where you deployment, you're putting in installations in and they are doubling in size, et cetera. we call it a land grab. and when you're trying to grab the land, you're not making money necessarily. solar city, even with all of the excitement around it is still not profitable. we have a second ipo, and they are not profitable either. >> how do they get profitable? is it the cost of the solar panels coming down, is that the main way? >> no, that has come down pretty far although my pet project, company i'm working on to drive it even further. the real cost for them is the cost of -- we're seeing a lot of solar companies going to improved packages on how to get an installation on your house without a lot of design work. it is the upfront cost, kind of the marketing cost that is

emily: when is the ipo? >> we are planning for it.soon as we are ready to talk about it, that means it is not going to happen. so you should come here and talk about it before. emily: thanks so much for joining us. now to polytech. where silicon valley meets the hill. i caught up with house minority leader nancy pelosi right here in her district of san francisco. tech dollars are in hot demand as fundraising for the 2016 presidential race heats up. i asked her what she makes of the gop courting ceos like mark zuckerberg. >> people do what they do, but i would like to see them be more aggressive in congress in their policies as far as the tech community is concerned. whether it's tax policy and tax credits or innovation, whether its investments in education. innovation begins in the classroom. whether it is investments in infrastructure, which are essential to all job growth. whatever they do politically is one thing. i would like to see an interest in the tech and science community. emily: she was in town for the premiere of her daugh

this was not the biggest tech ipo, it was the biggest ipo in history, period and the smartest thing you have done at the time was not buy this stock. so those are the things that go down, let's talk about things that go up and especially spaceships. spacex has released new pictures inside its dragon crew capsule, this is what it would loo look like to be a spacex astronaut. there is a look at the control panel. my favorite picture is this next one which we will not be showing you. all right. so inside there's the chairs and this is the spacex capsule on the inside, we've seen these pictures, there's two shots of the control panel, there's this one right here and then i want you to take a look at this last one which has the buttons the astronauts will use, one of which just simply say dee orbit now. it's like a dishwasher, spacex, i am ready, i can press that button. >> you can execute commands. >> i thought you were going to show us a picture where either george clooney or matthew mcconaughey were sitting next to you. >> or sandra bullock. >> no fun there. we will come back to you, scot

it's fixable but it's not buyable right here. >> you think it's going to go below the ipo price. >> 24 1/2 is your level. >> prefer your cup of coffee with a siefd piping hot chicken noodle soup? now you can have both with the launch of campbell's soup k-packs. we'll tell you what the unlikely pairing could mean for beaten down shares of keurig green mountain. plus one biotech player poised to surge in a key conference next week. we'll tell you the name of that stock and how you can get in on the action. then later the moment you've all been waiting for. brand new segment we're calling "fast under five." hot stocks that you can buy for cheap. less than five bucks. it's all coming up when "fast money" returns. when you're not confident your company's data is secure, the possibility of a breach can quickly become the only thing you think about. that's where at&t can help. at at&t we monitor our network traffic so we can see things others can't. mitigating risks across your business. leaving you free to focus on what matters most. want bladder leak underwear that try always discreet under

stock we are watching and company, but actually the stock, dramatic reversal of fortune since the largest ipo. the thing is tanking. a fourth straight monthly theine, all-time low, then company has seen close to $75 billion in market value a raised in's may. aina's slowing economy is concern. analysts cutting forecasts. for helping before the stock collapses. revenue rising 27% in the most recent quarter. it grew faster earlier. afterzing turn of events going to the public market in saying that we need money to grow our business, now saying that we are going to take the money you gave us to grow our business and buy back our stop. the chairman, jack ma, has said that shareholders are not his top priority. savethe new tesla suv help elon musk and help his company reach a lofty sales target. uber, a mixed day for global expansion. good news, bad news, we will tell you both next. ♪ 's model x. elon musk unveiled the highly-anticipated suv in california. the car receiving positive reviews. is it going to help tesla reach of selling 50,000 vehicles in 2015? , colin rush. vehicle,look at this what