fears drawing over a possible ipo bubble. joining us, david menlow, president of ipo financial.com.et's keep this simple. for the individual investor, when we hear this craziness about ipos should we be even concerned about a bbbble or not? >> for the individual investor they always to have be concerned about the ipo market. this is pay as you go and whatever you pay that is what you get. most of the time old adage, if you want the deal you can't get it. if you don't want it you can get all you want. individual investors are always on tail end of that. adam: individual investors and people watching, chances are we don't get in on initial public offerings. twitter, gting in on twitter, although turned out well for people that got in, very difficult for people in our level of the game. >> the problem the individual investor doesn't know they need to deal with broker that actually does ipos. for example, bank of america, merrill lynch or morgan stanley, just to pick two names, just because you have an account there, doesn't mine the broker will get the allocation. on that basis you ask

there is a fund called the ipo fund. the kicker is ipo.nly invested in companies that have just ipo. is the merger fund. both beating the s&p 500. a third one rounded out. you can just buy the broker-dealers. the broker-dealer index. pastu go back over the year, it has been the s&p 500 virtually 2-1. three ways to play the deal. you do not just have to be a banker. >> coming up, the latest on ukraine's budget -- bloodiest day since protests began. basically on fire. you can barely make out the group of protesters in the bottom right corner of your screen. burning.is at least 10 people have been killed. are police. of them hundreds injured. the police are now running what they term anti-terrorism operations, which means they are trained to push the protesters out of independent square. they have told women and children to leave. meanwhile, the opposition led by one of the world champion heavyweight boxers in history is calling on the men of ukraine to join them in independence square. we will ♪ be right back. >> we are following breaking ne

we want to talk about something relatively new to the ipo world, so-called secret ipos. there are new rules that allow some companies to go public without putting as much information out there at least until the last minute. >> this was a portion of the jobs bill that was passed a couple years ago in congress and it's about twitter did. also what a very cool company called go pro has announced it's going to do as well. they make those small camera that is can go anywhere. they bring in truly amazing points of view. but if going public is about transparency, should perpt nent details about a company be hidden until late in the ipo game as its devised by this new rule? joining us now, gene irkin. this only pertains to companies with a market value below $1 billion. so what's the reasoning behind this new rule? >> thanks for having me. well, there's really two themes here. one is to reduce the deterrence from going public. second is just to make the ipo and ipo filing process easier. >> gene, back at the time when the jobs act was working through congress, there was some ex

real simple, there is a fund called the ipo fund, ticker is ipo. up 4.1% year to date.nd, mna. both beating the s&p 500. i have a third one, this roundabout. just buy the broker-dealers, there is the broker-dealer index, the ticker is iai. if you go over the past years, it has been the s&p 500 2 to one. play all these deals, you don't have to be a banker. >> thank you so much, adam johnson. "on the markets" again in 30 minutes. "bloomberg west" is next. ♪ >> live from pier three in san francisco, welcome to "bloomberg west." our focus isang in on innovation, technology, and the future of business. samsung galaxy s5 is expected later this month and we are getting new

the ipo window was blown open for the last year or so. that had been missing for a very long time in vc." such ipos include facebook... twitter... linked-in... and groupon... which are all holding steady -- despite some having a rocky start -- and that's giving the market a green light to keep speeding ahead in the ipo fast lane. john malloy of blue run ventures says his firm is poised to take advantage of the momentum for start-ups in the mobile sector and technology. he's one of 32 venture capitalists surveyed to determine the 'silicon valley v-c confidence index'... which just registered 3.9 out of 5 points... approaching values it hasn't reached since a university of san francisco professor began collecting the ratings and comments 10 years ago. "vcs have been able to take more firms to public offering, to exit, which makes more funding available for the next round of innovators." bob ackerman of allegis capital is also funding those innovators... especially in the cyber security... cloud computing... and big data arenas. but he's not

an ipo for an ipo. dennis: we have some breaking news. you are not lying about ipos.s have met with investment banks and could launch the ipo in the first half -@of the year. all right. chances of winning is one in 175 million. one person certainly divide someone just filling up gas, got a ticket can't change her life forever. no one has come forward yes. one, 17: thirty-five, 49, 54 and 34. cheryl: the backlash. the new threats. a painful event followed by months of recovery time. the university of georgia research down behind fracture. it could recover. in just a week or two. stay with us. ♪ we asked people a question, how much money do you think you'll need when you retire? then we gave each person a ribbon to show how many years that amount might last. i was trying to, like, pull it a little further. [ woman ] got me to 70 years old. i'm going have to rethink this thing. it's hard to imagin how much we'll need for a retiment that could last 3years or mor so maybe we need to apprch things dferently, if we want to be ready for a longer retirement. ♪ if we want to be

we are working on the ipo.o the digital agenda setter for europe earlier and she says she wants to see more of a level playing field in europe, less barriers and one central market. is consolidation going to be occurring as we see more of a europe?arket in >> i think consolidation should happen. operators, good for the market, investment. it is very critical to invest in networks and they require a lot of capital. i think it will be slowly. we also have conditions for consolidation. barriers are not easy. to eliminate. but i think that is a very important trend. >> do you think it would be good to become bigger? >> yes, i am sure will. telco companies require a lot of capital. healthyin financially and having the critical mass that will allow you to invest. that is why we are doing this ipo. >> you want more money to be able to spend. tell me more about you as a female leading a technology company. we are seeing more women coming to the top of the large companies. microsoft.utives at should women be more incent

it is an interesting time for smaller companies looking at ipos and what is going on in the markets. talk about the businesses. we talk to an important guy when it comes to technology. dangers ofbout the high evaluations present. >> we have seen it in a variety of industries. you are chasing this evaluation that wall street will get you if you aren't bloomberg growth company. it is almost like utilities. they are returning cash and getting rewarded for dividends and buybacks. they can grow that much. they are reacting in a muslim direct opposite now. i prefer to own those done the ones chasing revenue. >> you guys cover so many companies. i wonder when your analysts are covering those companies, are they talking to them about hate, the fed is tightening or china is slowing down. do you want to change what you plan your business? >> i would think that would be above their -- not a great, but if they are starting -- they should not cover that company. the companies we want to cover our companies that have good management and think about their businesses. react to some of that news. the

david: you wouldn't rule out a ipo eventually? in my mind is growing the business. i'm not looking selling the company out right now. we have incredible opportunity. we have a fabulous team and we're just focused on bidding the business. david: by the way, you've done this before, admit it? you've been on tv before. >> no, i have not. david: you're pretty good. >> my first. david: congratulations. thank you very much. sandra: nice to meet you. david: good to meet you as well. well -- sandra: talk about grounded, relentless snow led to highest number of flight cancellations in more than 25 years. we have the latest and what it all means for the u.s. economy. it isn't good. ♪ [ chilen yelling ] [ teleone rings ] [ shirley ] edwa jones. this is shirley eaking. homay i help you? oh hey, neill, how areou? how was the trip? [ male announcer ] with nearly 7 million investors... [ shirle] he's right here. hold on one sec. [ lennouncer ] ...you'd expect us to have a highly skilled call center. kevin, neill holley's on line one. ok, great.

twitter goes from being a phenomenon to a utility to an ipo story. it will go to being a part of the markets. it is a growing up point. i do not think it is a major point. >> it might be though that people decide to stake their winnings and leave. people made money on this thing. one third can sell their shares. you wonder what could happen. we have seen many silicon valley's that have a year or so after the ipo are people who work there and they decided they have achieved a certain amount of personal wealth and have walked away. we saw it with yahoo! and google. he saw some with facebook. we have seen those people leave those companies and go start their own companies. >> absolutely. twitter was fairly aggressive. they did a lot of hiring. they sucked up a lot of other firms. they made purchases with stock. now they have some shares. maybe they will be the first guys to go and look for the new start up opportunity somewhere in the area and be a part of that energy as opposed to the various challenges of being in a big public company. >> how would yo

there is a fund called the ipo fund, the ticker is ipo. 4.1% year to date., the merger fund. that one is up 2.8%. they are beating the s&p 500. it out.unds you can buy the broker-dealer index. if you go back over the past year, you can see it as being the s&p 500. -- it has beaten the s&p 500. that was adam johnson and for more on the markets, tune in again every 30 minutes at 26 and 56 minutes past the hour. ♪

i would love to see that smaller company ipo. you will see a lot of companies that come out public.ou seeing that with biotech. i'm not a biotech analyst, but they are taking a lot of companies public. they're easier to put big valuations on. i would love to see good or small companies that cannot afford to spend all of the money with the traditional ipo and raise money in the public markets. they are making acquisitions and building a business, but not growing at 100%. >> are we seeing the deals? >> not yet. i think you are seeing the most high profile, the ones that are the biggest. those are the ones that are going public. what i'm afraid of is that it will result in companies that are related in some way to these big companies, but aren't good business models. there is clean tech and the chinese place. i'm fearful that wall street will start to take advantage of that environment. >> that was bryant riley. >> interesting stuff. it is time for the bwest byte. >> one number that tells us the whole lot. bitcoin had 34% market share today it has zero percent. a number of companies jo

we'll take a short break. >>> still to come the european ipo market is finally showing signs of life with possibly the best start of the year since 2007. >>> stay tuned as we head out for this year's conference. ♪ what is this place? where are we? this is where we bring together the fastest internet and the best in entertainment. we call it the x1 entertainment operating system. it looks like the future! we must have encountered a temporal vortex. further analytics are necessary. beam us up. ♪ that's my phone. hey. [ female announcer ] the x1 entertainment operating system, only from xfinity. tv and internet together like never before. >>> if you live in beijing, stay indoors. that's the message from the world health organization. air pollution levels have been soaring hazardous levels of smog have been recorded since last thursday. recent readings show harmful pollutants 18 times the level recommended by the w.h.o. the organization is calling on china's government to improve air quality long-term. might do something short term as well. >>> china's corporate debt load has hit $12 tri

looks like there's going to be a lot of ipos this year. crew, la quinta hotels, a lot of companies are planning to go public. liz: and would they then go into this etfsome. >> that's correct. they buy the stocks right after they become public, and they hold them for about a thousand trading days, and you get that benefit. so those, instead of trying to buy facebook yourself and maybe you're not buying at the right moment, buy the etf. and then you have the entire basket of top ipos. liz: you've got another one, fpx, first trust. how is that different from ipo? >> it's just a little bit broader. they hold the ips for a little bit longer, so it's a broader indirect of -- liz: went public a while back. >> yeah. so those are both great ways for you to get into ipo market and be really exposed there. liz: carol pepper. and we are going to put all of your picks up on the facebook.com/lizclaman page. we really appreciate you coming on. >> always a pleasure, liz. liz: and we've watched your company grow and your assets under management grow, so it

let's go back to the ipo, right?heas seen in the wake of failed facebook ipo, the biggest ipo since then, and a lot of excitement. close, so youven had a limited flow in the ipo, and you had enormous hitting against the dock, a lot of shorting going into this call, so a lot of what happened today was not just with the stock's performance but analysts dancing around. it will be about what to do with the stock, not what is going on with the business. i can tell you what is going on with the business. the stock is going to make a call, and the stock is so extraordinarily high for such a nascent business, people have to make assumptions. but it is not growing to be a big thing just yet. >> what is their big business? are they just selling advertising space on line? just? you say just dealing with advertising dollars? >> somehow, the advertising money will flow their way? >> well, look. is all about that. time warner is all about that. there are a lot of companies that have built giant businesses around selling advertisin

everybody has known it's one of the likely ipo candidates for the year.se size, 24 million users as compared to pandora 73 million. >> killer name. >> but they don't have the compulsory license structure, the radio license payment structure that pandora has. spotify can negotiate the contracts on their own. a big article over the weekend about the relationship between the publishing houses that manage the radio rights and a player like pandora or apple itunes. i think when it comes out it will be impressed with spotify's rate structure. can they get beyond that 20 some odd million. >> and netflix, of course, subscribers showed a lot of love for season two of "house of cards" which debuted on valentine's day. 16% from one cable operator streamed and leaked one episode in a seven to ten-hour time period, up from 2% to season one. that's major growth. >> actually i had a study last week, 60% of netflix users consumed the entirety of one original series. i'm glad the stock is where it is today. i thought it would suffer a little bit coming off the weekend bec

it has been a busy year for ipo announcements.ech ipo's are drawing a lot of interest from retail investors. our next guest says some of these offerings will yield high rewards, and it can be difficult to separate fact from fiction. to understand the misconceptions of the ipo process, i spoke with brian hamilton. i started by asking him what tech offerings he thinks are goodbyes. >> king digital might be one. alibaba. possibly square. it is interesting with king digital. their multiple is very low and they are profitable. the value looks good on the surface. >> king has a game, candy crush, that is 78% of his revenue. how is that safe? >> that is a good point. their relative price multiple is very low. when twitter went out, they were 50 times sales and a multiple. this is 2.7 times. the market is adjusting up. i think it is a good company if they can broaden their product line. >> what about square? they specialize in swipe technology. now there's all this talk about chip and pin. square is going to have some difficulty getting b

want ipo's like this, are we happy to see them go? to peugeot's ceo, philippe varin's first interview of the day, talking about the deal with dongfeng and the french government, three is a crowd. we will find out later in the morning. ♪ welcome that, you are watching "the pulse," live from london. let's talk tech. we want to know whether u.k. is losing out to the u.s. again on big public offerings. we have learned that king digital entertainment, the u.k. maker of candy crush, is filing a $500 million ipo in new york. should we care? isning us to discuss this and ubs's garrett mccarney. is this a blow, something that doesn't matter, how should we read this? is dangerous to ,xtrapolate one data point london is strong across all sectors, this is one data point. there will be other businesses that will choose london as the right listing location. you can take a longer-term deal on this. to listnt a big company in london, we wanted to be the right company. was this the right company? absolutely, this is the right company to go to america.

had the best deal for ipos last year. if you get returned in the ipo market, you look at doing that. demand to price at the top end of the range. >> what do they pay? >> they bought it in november 2010 for $2.6 billion. they are looking at an evaluation of around $5 billion now. >> what does drexler get out of it? the guy that has always been synonymous with this business. --if he is selling shares that will see a jump. >> in terms of what this tells us about the state of equities , elevated levels, whether that is realistic we don't know -- is there a rush on at the moment? are we going to see a flood in 2014? >> it seems like that right now. any private equity asset which was bought in 2010 or earlier, you are hearing something around the seller starting the process. whether they come to the market or not, you don't know. we had someone tell us that only 10% of these deals might get done, might get to the finish line. but they all wants to do it. we have seen that in europe and the u.s. >> you're going to have a busy ye

a great ipo. this year up about 40%. and they talk about ipos in the space that may seem likely.fair, which is -- way fair, another online seller of home goods hired bankers to advise it on a ipo maybe that will be another one we'll look this space, liz and dave. david: thank you, nicole. liz: s&p futures are closing. let's head back to larry shover in the pits of the cme. hi, larry. >> hello. traders are trying hard to hold on to their nerve because things do not make sense right now. we crossed three formidable, potentially formidable headwinds in january. caused us to ratchet down and back up 6%. we have news out of ukraine, turkey. seems localized. our economic data is marginal at best. however we tend to climb higher. things don't make sense. people keep thinking that 10-year yields will be 3.5%. utility stocks are outperforming the market. i encourage everybody to hold on to the nerve right now. things are not collapsing. it is cooling off, waiting for next direction in the market. liz: calm your nerves larry says. >> calm your nerves. you're welcome. david: companies are b

you have been looking into king digital and the ipo. >> this was an ipo that was talked about to some extent. i have never played it ever. we are in the minority. a lot of people who lose -- use then a monthly basis are in millions, only four percent actually pay for the game. the way it works is you pay to get ahead. you buy things in the game that allow you to advance within the game and are useful to you. in addition to that, we are looking at this to figure out if it is a filing under the jobs act. the company made over 600 million and revenue. $159 million in profit. it is turning a profit the bulk of the revenue and the users are using candy crush, even though it has 180 games that have been developed. it does have a couple of other games. >> you wonder if they are striking while the iron is hot. and there will be questions beer whether they should commanding such a high valuation. >> "farmville" in drag. there are two kinds of games. the ones that you play because there are fun and ones that you play to get ahead and pay for. be the countsed to is sure. you could advance your f

today they filed papers for the ipo process.era maker for extreme sports started the company. >> this is it. it is the evolution of the world world's best selling ultracompact camera. this is the plus. it is 20% smaller and lighter than the previous camera. it gets a better battery life. there are new modes and features that make it easier to use. we have taken the best of go pro and made it better. it starts at $199. >> what goes into this? how do you improve on what you did before? >> we are so successful with go pro because we are just developing products for ourselves. >> you are a big action sports guy? >> now i am a big family guy. so i am thinking of new uses for the product and new accessories for people to fill themselves, not just when they're skiing or surfing. they can also fill their families. >> i have a one-year-old and he just started walking over the weekend. should i be using this? >> absolutely. the personal content of your family is some of the most meaningful content you will ever capture. i was at the beach

any idea why they did the ipo now? >> it may have less to do with those vc's meeting their money back now. it is more about the opportunity resented as the business gets bigger. we are seeing roku and the apple cast, ae, google crone lot of these streaming devices, so the market is getting bigger quickly. our understanding is, in the case of roku, something they think about is, if we could be public, we can beat up your play in this area. apple has a lot of businesses they focused on, the same for google and amazon. if we would go public, we would be a standalone. we have been hearing recently that maybe later this spring we could see a new version of apple tv. we do not know what kind of form it will be, but it is possible the timing of roku could be motivated by apple on one hand and apple on the other. people keep on talking about what amazon may do with streaming video. you do not have money today, you will need it for tomorrow potentially. one thing we see with these devices are lots of iterations. one of these pl

almost half those ipos have been in health care, specifically biotech.the outperformance of the sector is a reason more biotech companies are going public. even though the market is down about 3% this year, the market turbulence hasn't had a major impact on the ipo market so far. what's more, these recently public stocks are doing well, averaging an 18.4% pop on their first day. historical average is about 14%. renaissance capital points out that a number of ipos have shown strong follow-through beyond the first day. nine deals with expected to price this week including eagle pharmaceuticals, flexion and concert pharmaceuticals. watch out for those. >>> the fed chair, janet yellen, getting ready to get grilled on the hill tomorrow. her maiden voyage there. first semi-annual testimony to congress about the state of the u.s. economy. jobs of course bound to be a major focus in light of the past couple of rather weak reports and last week's word out of the cbo that obamacare was going to cost jobs. we will look now into the differences and some new data on

zynga's stock has fallen by half since the ipo.has over 24 million active users including over 6 million paying subscribers hasn't yet filed for an ipo but it seems to be moving in that direction. posting a job opening for a, quote, external reporting specialist to prepare the company for s.e.c. filing standards, set up all reports necessary to be s.e.c. compliant. posting that job opening on its own website and linkedin. spotify raised $250 million in september at a valuation of $4 billion. it is expected to go public in the next year or so at a valuation much higher than that. back over to you. >> julia, thank you. luckily, kelly and i have not been sucked into the candy crush vortex, but we're hearing a lot about it. if you are one of those who crave candy crush or tuning into spotify, let's take a deeper look into the ipo opportunities. >> already some market watchers asking if the valuations for a video game and another music service are reminiscent of the dotcom bubble. joining us with their take, jody godfrey and our own bob

but one thing from the ipo is these acquisitions.ng other properties that hopefully will sustain and help grow their portfolio. a company with only one year of profitability over the last five. when they came out with the ipo we rated them as 19. this company has significantly less flexibility and they have not been able to weather the storm. 96.hey were 19, "candy" is " lastng will "candy crush with sustainability before they need something new? >> that is a big question and nobody knows the answer. there is a lot of momentum in people playing the game and they have a good business model to get people to spend a little bit have a time -- a little bit at a time to create a huge cash flow on a daily basis. >> why question is how you know the shareholders will -- the company will treat shareholders like current owners. they had $800 million in cash generated, $500 million went to their owners. this is a great dividend but is this what we are likely to see if they do it again? >> management has the inclination, they have -- biggests, ap

they filing an ipo now? as you see in their filing, some of their investors really want to cash out. if you like they have been in a long time and they want to strike while the iron is hot and while they have this big revenue gain and see what other investors think. >> i want to bring in the cofounder of seriously in the executive vice president joining usvia skype from l.a. and jon erlichman. what do you think of the king numbers and the reliance on candy crushed saga. >> we are seeing a huge shift to mobile devices. i look at mobile now and think it is early days. when a company like king can't get over 125 million daily users, that is bigger than the super bowl every day. it shows the potential for the platform to reach a very big engaged audience. can they leverage the network effect to create more titles that help them build that business over the longer term? >> what stands out to you, jon, having covered gaming companies? could what happened to zynga f wherearmville declined, can that happen to candy

marketwatch reports one of the suspended executives includes a top ipo banker in asia. jpmorgan is currently involved in an investigation for similar hiring practices overseas. ubs declines to comment. united has reached a deal with its flight attendants. the airline was threatening to furlough nearly 700 employees claiming it sometimees has too many working o the united side and too few for contienntal. the two arilines merged in 2010 and are still facing turblence. a new deal will allow united flight attendants to cross over to continental while retaining seniority pay and vacation days. the airline industry is on track for its most profitable year ever. airlines worldwide are expected to rake in profits of 19.7 billion dollars up from 19.2 billion in 20-10. a spokeswoman for the trade group, airlines for america says some profits will go to adding seats, paying down debt, raising employee wages and updating equipment. more growth is happening overseas, also. boeing reports its plane deliveries to the asia pacific region will triple over the next 20-years. in a side s

david: online streaming service spotify looks like it is getting ready for an ipo they are recruiting a specialist in u.s. financial reporting. spotify is declining to say whether a deal is in the cards. sandra: the world's oldest bitcoin exchange says the fix is in hand for glitches that prevented customers from withdrawing fund for more than a week. it says withdrawals at moderated pace can resume soon. david: japan's economy grew at much slower rate than expected at the end of last year. expanding by 1% year-over-year. economists predict ad gain of

the very popular iphone app is potentially going to file an ipo.e got to be in on this action, tom. if there's only one new store you focus on this morning, the ipo off of one game. why couldn't we have just created a game? >> this game is a big deal. it could be valued between $5 billion and $7 billion. >> it is hard to fathom that it generates over $1 million of revenue per day. it is brilliant. it shuts off after four games and you have to buy more. >> i am going with it. i have never played it. others have with my ipad that was completely covered with ritz crackers this weekend. how do they do that? crush the ritz crackers onto the ipad in three minutes. retirement planning in america. in 10 americans are behind the eight ball. we do not save enough. we are living longer. morning is the former governor, the former senator from nebraska. it has not worked out so well. has it? >> it has and it has not. you have seen success of individuals taking charge of their retirement systems. the decline in defined-benefit programs available at the work face

box reportedly filing for an ipo at some point this year. thanks so much. to a san francisco startup changing the way game designers bring characters to life. this is a company that has developed software that captures a person's facial moments through a webcam. the movements are projected onto a 3-d character. we spoke about how they make animation easier. >> we were the first ones building machine learning into animation. it has been very time-consuming work for a long time. >> it involves sketching body parts individually. >> it involves a lot of people that tweak every single keyframe of the animation. we tried to move from everything to machine learning to automate characters, like we are doing in front of you. >> you created a 3-d character of me. you took a few pictures. if i raise my eyebrows or smile, you can see it happening. i am just looking into the webcam. >> exactly. it is taking the video from your face and is able to extract the emotions you are experiencing, and translate those in real time to the character, like i am doing. >> hello. how

you brought all these ipos. these other ones here.f you on radio, rett wallace is the only one who shows up a 300 pages of documentation on ipos. this thing has been a home run, right? >> they killed it. >> you only have 140 characters left. >> yes. i think it is pretty cool. >> this is what good execution is. >> rett wallace with us here. our twitter question of the day -- how should twitter make money? good morning. ♪ >> good morning, everyone. now to rett wallace. he tracks soon to be public companies. how about initial public offerings? we are going to be swimming in them in 2014. why the enthusiasm right now? >> we talked about market conditions. their favorable. >> that is all it comes down to. >> that's right. we have seen energy deals, health care. >> is the ballet of today, the same as the ballet of 2006 or 1996? >> fewer underwriters and not as many companies that are in the early stages. the companies are much bigger, more mature companies. they are easier to evaluate, but it is a little weird that they are only company --

people thought the ipo would drive a lot of positive steps for the company. we dent see that materialize in the quarter. >> ceo dick costa after tearnins report admitted they need to come up with a better twitter. what would that look like? >> i think the reality it looks a lot like facebook. it's just much more accessible. it enables people from all sorts of walks of life and all demographics to really get in, understand what it is and begin to use it in a way that they're very comfortable using. right now it's fairly complicated. it's complex to use this thing. so it's really i think limiting the growth of the new users. >> how do you feel about the stock now? at $50 is it a buy? or at what price would you be recommending it? >> well, listen, we still have a $46 target. i think there's a lot of optionality left for the company. it's obviously very early stages. the truth is if they can turn around that usage, the metric there, and really start to grow users, it could potentially be a lot of up side here. the issue is not the fundamentals of the business. i

you said peta bought shares from the ipo. from the ipo, the shares were down.ar, the shares are up about 9%, year-to-date. i'm curious if this stake turns a profit, will you feel it's blood money, essentially? these are the profits made on the back of poor conditions of the animals you're trying to protect? >> peta has a minimal investment. it's the minimum required to bring a shareholder resolution. and whatever profits that peta can make will go to ensuring that these orcas have an opportunity to live out their days in an environment that's as natural as possible for them. they can engage in natural behaviors again. >> jared, thanks for joining us. we appreciate your time. jared goodman of peta. >>> let's get back to twitter. we're watching that fall in the after-hour sessions. we're at session lows. down about 16.5%. facebook is also feeling the pain that twitter's feeling. not to this degree. but facebook is down. want to go to bob peck. what's the latest off the conference call? >> a lot of questions in the after-hours are focusing on user growth. can you

and the participating teams ipo activity. it's the same goes for effect concerns for the very cold and she shows me that frist affected. icing is the goalposts the has become the nineteen nineties a student of obama on sia feel ok and upon a european parliament and go all the political message to our minds and olga aviation camille is she okay. and this second point is that effect this week mbta is that the improvement of peking man in china this and that i won when a flyer for e g increased to six countries seventy was a great chance of beating pool and of course assignments. i think that its employees can cope about the awful word. very good achievement and contribution to the ceiling the show were of course and i suppose a lot of people will be here a cutie. instead mud on the field director general this is since the one thing to first receive the invitation from mr corbell told gonzales who's the president of rko council and calmly he content to what is still a formal letter that was sending the mail for ez link on that m

this cloud storage company could be the next big internet ipo.xclusive interview with the ceo. >> i'm joined by box's ceo aaron levie. thanks for talking to us. i have to kick things off by asking you about the reports that box has filed confidentially to go public. are they true? >> unfortunately, we can't talk anything about kind of any financial stuff. so unfortunately, no comment on that one. >> can you tell us when you would like to go public? >> that's sort of in the same category but in general, we are certainly trying to build an independent long-standing company. being public is on that path at some point. >> on that path, is box profitable and how much in revenue do you expect to generate this year? there have been some numbers thrown out there. >> yeah. kind of given the stage of the market and where we are as a company, we are investing very aggressively for growth right now. that's something that we are very happy about and excited about is we see a window of opportunity with this market where the leaders of the next generation of so

way point is turning the ipo upside down. patti lee has the story. >> reporter: here in oakland also the founders are not 20 somethings and their product is literally brick and mortar. buying foreclosed properties on auction at the courthouse steps turned bryan and beaslye into market pioneers and soon to be millionaires. >> we will be in new york and ring the bell to open wall street on monday. >> reporter: way point joins the stock exchange monday but an ipo was never part of the plan. just a way to stay ahead in an industry they created. >> it's a mom and pop business. it's always been by individuals that own a handful of homes and it's only recently that large institutions have come in. >> reporter: while tech ipo millionaires are blamed for creating an affordable housing crisis, way point prides in affordable housing. >> you would not be able to lease a car. now you look down the street and it doesn't matter who is leasing or own. >> reporter: the company pledges to maintain its commitment to community. >> we're not goin

when i've got post ipo like this, it's always volatile.is not the first time we've seen a big social media giant stumble shortly after the ipo. stuart: come on, michael, you're the guy who jumped out of the box and said apple's going to 1,000 and you're not quite sure whether you'd buy twitter at 50? come on. >> there's no way to really value it whether it's worth $50 today or 25. apple is a different company, that's not a post-ipo. stuart: is that a no? >> that's a no, i wouldn't buy at $50. stuart: michael chasen, he's in the medda game. why are fewer people signing up for twitter? >> it's not that fewer people are signing up. it's growth has slowed. he had 9 million new users this past quarter and beat revenue expectations. stuart: it's the signups, that's what i'm interested in. it's the signups, that's why it's down. 9 million not good enough. what do you say? >> i think that twitter has a giant global opportunity and they'll continue to rise and i think this stumble out of the gate is not dissimilar to the stumble that facebook had.

is reportedly on the road to its ipo.caught up with its colorful ceo for exclusive interview at the digital entertainment world conference. he talked about the idea of big names using box to create content under wraps until it is released. >> there was a somewhat popular thatse of a new album happened by surprise recently. one of the reasons why it was cap in secret so well -- cap in secret so well is box was the platform used for managing that content. they were able to decide to at al information that time when they wanted to and they could keep all of the security in one place in the meantime. -- this isng allowing content creators to have more security than they would have in the cloud. beyonce? >> maybe. maybe not. >> there are rumors that you are planning to go public. can you talk about that? >> two subjects that i can't talk about. our path is staying very independent. >> you guys a very focused on business. dropbox, and of the company in this area. >> i've heard of them. >> which is focused on the consumer. you g

people are asking about going public, with the market looking good, and twitter wiling for an ipo.t do you guys think? we areve said before, giving the company prepared, because it is prudent, and it gives us the opportunity, if we feel it is a strategic move for the company that we want to take. as you mentioned, we have profitable from the beginning, so going public is not a necessity. we will see how things shape up . in you, theyestor at a 2.5 valuation. how's that working out? >> fantastic. i met him through our lead investor, and he is good friends with terry gou. his terry was visiting partner companies, he visited and we hit it off and realize we had a shared vision of the future. it was a fantastic opportunity to not just part of foxconn -- harder with foxconn, but also a for jerry asnity well -- terry as well. have becomethey so successful, and they're planning to go public, where do they go? be moreo is trying to of a media company, and i think on this road to the ipo, you're going to hear a lot of that. investors are always curious about what that next page or next chap

>> who knows, we do not have an ipo or no its market cap.timates, it is estimated to be what hundred $53 billion in market cap -- estimated to be $153 million in market cap. some estimates have it in the 200 million dollar range. we are going off of derivative reports, what yahoo! is saying. yahoo! owns 24% of alibaba. you have seen explosive growth, 50% growth in the last quarter. we will not know until the ipo. then we will have a better sense of revenues and income. >> thanks. guy will be back tomorrow. >> best compliment i have ever paid you. on between going hans and guy. >> it is ok. >> hans nichols, international correspondent. later, we dig into twitter and the roundabout tech -- andy round up of tech. stay tuned. novartis drawing interest from bidders for its human vaccines business. the unit was on the table with animal health as part of a 'sssible trade for merck over-the-counter business. this artist might sell the unit separately. the business could be valued at $1 billion. >> at&t taking a stand against russia's anti-gay law, s

a year or so after the ipo, people decide they have achieved a certain amount of personal wealth andalk away. google and at yahoo!. people go from those companies to start new companies or start a vineyard in napa. >> we will see some of that. twitter was fairly aggressive. they sucked up a lot of other firms. they made a lot of those other purchases with stock. folks who did not intend to be at twitter are at twitter. now they have shares that have nicely appreciated. baby they will be the first guys and gals to look for the new startup opportunity in the area and be a part of that energy. >> how would you compare the way that twitter is handling the lockup process to how facebook handled the lockout process? >> it is a smaller release. we will get a test of this when we see a big lock up many many times the size of this expiry. facebook has such a wild flurry of unconstrained trading. it created a bit of an overhang of some folks who are trapped in there, just trying to get their money out, particularly given facebook had a much less pleasant initial ipo than twitter did. foundare