it feels like b.a.t. has a bit of an advantage in this negotiation. snapchat begins the process of going public. the parent company, snap, filed confidentially for an ipo under the jobs act. the company is seeking anywhere from $25 billion to $45 billion. -- $25 billion to $40 billion. again, they do less than $1 billion in revenue. if we are talking about a $25 billion ipo, that would be 25 times revenues at best. facebook went out at 12x revenue and collapsed afterwards. this is very aggressive pricing. sarah: this is absolutely aggressive. what they will try to emphasize, though, is their growth potential. snapchat is very early on their path for revenue, and they already have about 1/3 of facebook users in the u.s. they are definitely not making as much money off of every user as twitter or facebook do. twitter has fewer daily active users and is expected to have $2.55 billion in revenue this year. snapchat will probably have $350 million, which is definitely a fraction, so their point is definitely going to be to emphasize growth. rishaad: we hav

they say the second largest cigarette seller in the u.s., b.a.t.'million offer is too low. -- $47 billion offer is too low. what is the market saying about how much more money we may have to pony up here? ruth: the market also seems like they are not going to bump too much more, up to 10%, but no more than that. prices trading below the original offer price, which i think goes to the fact that people are saying -- who else can reynolds go to? b.a.t. has a 42% stake in the company. guy: they are locked in really. ruth: yes. they will not have as much antitrust as they want. it feels like b.a.t. has a bit of an advantage in this negotiation. cory: snapchat begins the process of going public. the parent company, snap, filed confidentially for an ipo under the jobs act. the company is seeking anywhere from $25 billion to $45 billion. -- $25 billion to $40 billion. again, they do less than $1 billion in revenue. it is fairly amazing that if we are talking about a $25 billion ipo, that would be 25 times revenues at best. facebook went out at 12x revenue a

they say the companies are in talks and b.a.t. is willing to increase the price slightly.ady own 42% of reynolds. both companies declined to comment. yousef: the fed chief robert kaplan has attacked the low interest rate environment in the united states. speaking in texas where he hopes in in your future some accommodation will be removed. monetary policy being the primary policy of the united states i think has come to an end. it penalizes the savers, having rates this low. it creates distortion in the markets, distortion for businesses, and we have been saying we would like to see broader economic policy. anna: theresa may says british companies have a responsibility to help stop or the resentment for those who feel left behind by globalization. she spoke last night in london. that we believe, as i do, liberalism and globalization continue to offer the best future for our world, we must showwith the downsides and that we can make these twin forces work for everyone. yousef: a former goldman sachs banker has been recommended by donald trump's transition team to service tr

they say the companies are in talks, and b.a.t. is willing to increase the price slightly. they already own 42% of reynolds, the second-largest cigarette seller in the u.s. both companies declined to comment. dallas fed chief robert kaplan has attacked the low interest rate environment in the united states. speaking in texas, he said he hopes that in the near future, some accommodation would be removed. >> monetary policy being the primary policy of the united states, i think, has come to an end. createsizes savers, it distortion in markets, distortion for businesses, and we have said we would like to see broader economic policy. juliette: the u.k. prime minister theresa may says british companies have a responsibility to help the race the resentment of those who feel left behind by globalization. she spoke last night in london. that we believe, as i do, liberalism and globalization continue to offer the best future for our world, we must deal with the downside and show that we can make these twin forces work for everyone. turning: mark mobius is bullish on chinese equities