dick grasso is our guest host today.trading in the premarket activity? >> virtually nothing, becky. the underwriters are not going to try to stabilize in the preopening. this is basically call it the gray market. my guess is a lot of these trades wouldn't settle. they'll be broken. i think what you have to watch is the 9:30 opening on nasdaq and that's where you'll see stabilization or you won't see stabilization. >> i don't understand what you mean, they won't settle, they'll be broken? >> they'll be broken. one side will declay to the other side and they'll fight about whether that was the right price. >> so you -- okay. >> that's interesting. >> but you're saying it's 8.09 now, it's down $110. you're saying when it opens at 9:30 if it's to be stabilized at the offering price, at 38 -- >> morgan stanley will come in. >> it's not going open below 38. >> they're not going to stabilize premarket. >> what if they see a lot of premarket and it gets down below -- you say they're going to immediately come in at 38 and not go

the former head of new york stock exchange, dick grasso, weighing in on nasdaq's facebook fumble today on "squawk box." listen in. >> what they could have done say for friday only we're going to take a model that says there's going to be one point of pricing, we're going to collect all of the orders, we're going to disseminate the parameters within which we expect this stock to open, we're going to give it a period of time to gestate into the marketplace. let those orders get canceled and replaced. do it one more time if you have to and then create a single point of opening. >> grasso went onto give advice to morgan stanley, one of facebook's main underwriters. >> morgan stanley and the collective group of underwriters should this morning say to themselves, okay, how much are we willing to spend? this is a franchise-threatening event. >> yeah. >> let us put ourselves on the line. >> a franchise-threatening event. joining me now, scott wapner, john carney, a lot of people still angry about that debut of facebook on friday. let's take a listen to what thomas joyce of night capital had to