valuations of the ipos that are going to come out. and in fact maybe a slowdown in some that may not be able to get done if we continue to have this very weak overall market scenario. >> reporter: but not all companies may be as negatively impacted. investors are watching closely for a number of high profile companies in particular to see if they test the ipo waters any time soon. >> we can't forget that so many are waiting for uber and air bnb. it will be interesting how the market if they come out this year i think it may be unlikely at this point, but how the market will treat these companies when the internet companies have been so poorly treated in this existing trading environment. >> reporter: volatility in the broader market will play a big role in whether private companies attempt to go public regardless of popularity or market valuation. for "nightly business report," i'm dominic chu. >>> and coming up, rapid repairs. why the state with the highest percentage of bad bridges is looking to the private sector for help. it's the

details of the planet fitness ipo.cking stock features come at there you have it appeared entirely positive. .com s&p nasdaq kicking off thursday morning. you are watching "fbn:am," first look at morning markets in breaking news. ♪ when broker chris hill stays at laquinta he fires up the free wifi, with a network that's now up to 5 times faster than before! so he can rapidly prepare his presentation. and when he perfects his pitch, do you know what chris can do? and that is my recommendation. let's see if he's ready. he can swim with the sharks! he's ready. la quinta inns & suites take care of you, so you can take care of business. book your next stay at lq.com! la quinta! war ii. spending time with him were the best memories of my life. and when he needed it, he turned to va for treatment. i became a physician at va because of my grandfather. so i can help others like him. now, this is my moment to honor my country, my family and their legacy of integrity. it means everything to me. i can't imagine working with better

seeing these investments as ways to get onto their ipo.er banks by of these startups and service customers to the ipo's. they landed debt to the startups with the goal of being on their ipo. there is also its of unique ways of relationship building. goldman just hopes to profit both from capital gains on these investments as well as through the ipo. emily: to goldman's credit they have been pounding the pavement to get into these deals earlier and earlier. eric, do startups want goldman sachs to be an investor? is this a coup for them? or more per goldman? eric: as a late stage investor goldman has a great brand. it gives you a lot of credibility. the big brands are established before anyone has even heard of the company. in his first round and benchmark when you think of uber before goldman. as companies are heading to the ipo, they have this relationship with goldman. but you have to invest early to have a silicon valley cachet. emily: thank you both. in today's edition of out of this world, the italian astronaut and internet sensation s

so is the ipo window slammed shut? i'll give you my take on the latest companies going public. >>> i've called housing one of the top investing themes of 2015, but did the latest quarter from toll brothers bust the thesis? i'll tell you if it's time to pull the mug on home builders. is denim dead? not quite. i'm talking to pbh's ceo after earnings get the goods. plus the kendall jenner effect. stick with cramer. >>> the market's holding on to gains after the biggest selloff in recent history. but who knows what could come next? cramer's following all the action and helping you understand how all of its moves matter to your money. his final take before tomorrow's trade coming up on "last minute mad." >>> don't miss a second of "mad money." follow @jimcramer on twitter. have a question? tweet cramer. #madtweets. send jim an e-mail to madmoney@cnbc.com. or give us a call at 1-800-743-cnbc. miss something in? head to madmoney.cnbc.com. >>> we tried to figure out if this rebound is for real and you always feel like it is bu

the bulk are ipo's. sales.l be private share 168 billion. no figure for the ipo yet. lot in the pipeline. compare the 15 to what we are waiting for, not quite enough to get through the pipeline. shery: edit a big step with china railway signal. david, thanks a lot. , big birthday for singapore marking 70 years of independence. we talked to a former ambassador about its transformation. ♪ shery: checking headlines around the world, the japanese prime minister told world war ii leaders bear a heavy responsibility for reckless conflict. shinzo abbe received the message ahead of a statement marking the 70th anniversary of japan's defeat. later today, he will speak about his visions for the future. his desires to beef up the military has raised alarm from china. tens of thousands of people in seek shelterh to as a river begins to burst dams. four parts of the country are declared disaster zones. 74 have died, and 300,000 are affected. people in low-lying areas should leave. happy.oyd fans should be nassar releasing animation -- nasa releasing animation showing the dark side

it was priced at the low end of the ipo range.sts had been expecting earlier that perhaps we could get a listing price of eight hong kong dollars. it was definitely at the lower end of that ipo range. it is really trying to push into -- this railway back in march, we heard from the government that they really want rail to be one of the 10 major focus areas for companies to invest in. china railway signal giving investors the appetite they are interested in in these companies moving forward, particularly on that one belt, one road strategy the government announced in 2013 to try and replicate the oh trading route on the silk road. -- old trading route on the silk road. just up by two cents at the moment. rishaad: thanks for that. analysis.more what are you making of this? >> it's not the best timing. rishaad: it certainly isn't that but at least they got it off. >> they are losing interest. , itou look at train makers has lost more than half its market value since april. rishaad: it has been difficult conditions. very thin volumes

billion and$120 trades at $65.80 below the ipo price., it got caught up in the sentiment and was down as much as 15% midsession. a number of different pressures, trying to diversify growth areas and investing with online platforms into russia, brazil, india and bought a big stake in brick-and-mortar's. doing a lot of things. much, on suchg so an inquisitive streak. stephen: and bought back some of his own shares. rishaad: when the stock is beaten down like this, what are people saying, a buying opportunity? stephen: do you want to catch a falling knife or a bounce up? according to a bloomberg survey, analysts saying most of these were updated and the last couple of weeks. the sentiment was already negative on the stock. of 12 month price target of $97 and now $65 and change. .ust 2 sells you have to the pair it to its main competitor who had an ipo -- you have to compare it to its main competitor who had an ipo in 2014. abovest jd.com is selling its price. rishaad: thank you very much. stephen engle and after the break away from the mark

roundtrip the whole move from the ipo.i think you have a situation where you have very poor sentiment, the stock is amazingly oversold and you have some catalysts in the near future. >> so, what's the trade? >> listen, this is one where i don't think carter and mike nailed this one a couple weeks ago prior to the earnings event. i think buying this stock right here i think you're throwing something up against the wall. what i would do is look out. you need some sometime to have this thing play out. if you think that ceo announcement is going to be positive and you still think there's takeover premium that should be in this stock and you think it's a scarce social media property as i do, you could look out to january expiration. when the stock was 27 today, the january 30-40 call spread cost $1.80. that's buying one of the january 2016 30 calls for 2.45, selling one of the january 40 calls at 65 cents. your max risk is a $1.80. that breaks even. the stock's at 40. let's be honest with the stock at 37, 40 seems leek a long w

and the advise on their own ipo.ope that provides the fees for them during all different cycles that we experience. but obviously, it was not enough to convince investors that they should get the full size of their deal. betty: thank you so much. much more ahead on bloomberg television. ♪ . . ♪ (ee-e-e-oh-mum-oh-weh) (hush my darling...) (don't fear my darling...) (the lion sleeps tonight.) (hush my darling...) man snoring (don't fear my darling...) (the lion sleeps tonight.) woman snoring take the roar out of snore. yet another innovation only at a sleep number store. joe: we're moments away from the closing bell. i'm joe weisenthal. scarlet: and i'm scarlet fu in for alix steel. ♪ scarlet: stocks try to hold onto their gains in the close, but late selling dragging the s&p lower. can investors recover from china's currency devaluation? joe: the question is -- "what'd you miss?" bureau for china receipts. what's next in the currency drama? currencyplus, turkeys -- turkey's currency falls to an all-time low. greek eco

>> valuation is always a concerns with ipos, because ipos typically have a lot of hype associated withhem. i think we are seeing this dispersion between, you know, maybe the higher quality names that go public, maintain the value. i think i recallier you mentioned fitbit. another is one that's maintained the valuation, box has struggled, and you mentioned a couple names as well, that have fallen substantially. all this sort of stuff happens, but i think in general what we are seeing is whereas maybe ten years ago, if you were a private company and had a billion dollar valuation, at that point you're pretty close to going public. now it seems like even with a $10 billion valuation, you're still private. by the time you do go public, expectations are stratospheric, right? investors want to see the growth and metrics, but also substantial financial growth and very clear road map ward monetization. the second that a company sort of missteps, the stock gets smoked. you see that -- twit is is probably the biggest example. in the press there's all this talk about how facebook screwed up their

go ahead. >> it was a terrible ipo.y reason it's back up here, the syndicate is lifting shares back to the level, judge, because it opened -- it was $16 ipo, first trade is $14.50, nobody wants to hold this. >> mispriced. >> in a bag way. >> i think it's more than that. the overall fit's trend and wall street, they just don't blend together. you think -- i got burned. >> fitbit's like amazing ipo. >> amazing -- >> 150%. >> stock's up 150%, it's falling back, losing momentum and it will go further south. a mirror and blood test can do the same you can do with fitbit. all of the gyms, open a gym, most gyms business model is met with failure, not success. it's a very difficult business. think, i felt trap to it with vitamin shop. >> at a fitness expert, let me talk to the brief and horrendous history of public traded health clubs, bali total fitness, town sports, life time fitness, what ends up happening they end up bankrupt or falling in the arms of a private equity rescue because the business model is pretty terrible, th

the ipo comes amid a thriving luxury goods market. the north american sector is expected to grow this year versus 1.3% for the global market. >> still to come on the show, netflix takes the new title from google. we'll tell you more about that later on the show. >>> welcome back. let's remind you of the headlines. u.s. futures point to a mixed open after the dow falls for the fourth straight session. disney loses it's magic after it lets down a blockbuster year for movies. full speed ahead. all eyes on tesla as elon musk's company reports after the bell. >>> sprinting ahead. etfs are more popular than hedge funds with almost $3 trillion invested in the industry. this according to eft gi which just published new data showing in flows have reached a new record on a year to date basis. but investors are deserting the asia pacific and also gold which has outflows of more than $2 billion in july. joining us is deborah, managing director at etf gi. thank you for joining us. you're seeing a trend. people moving out of hedge funds toward etfs

your outlookt is for further ipos?e number terms of of ipos accessing the market, it is bigger than the first half. the size of the ipo when people rank different markets is the value of the ipo's, and with the market coming down, you have a number of ipos second half. more earnings breaking news to tell you about. this time from singtel. that is a gain of 13% from one year ago. upgtel operating revenue is 2% to 3 billion u.s. dollars. a look at some of the top corporate stories on the bloomberg terminal. thed: let's talk about byting of jobs implement it new management. wants over $1 billion in annual cutbacks by the end of 2017. there was a drop in sales for the second quarter. let's talk apple. shares are in the midst of their worst retreat since 2012. it seems the slide is just getting started. hedge a factor against to clients have reached record proportions. apple has seen $13 billion wiped off its profit value since february. and after disappointing iphone sales last month. fourth quarter results meet expectatio

twitter at its lows since the ipo.iller will be back to talk about that, cory johnson giving us perspective on the trouble that twitter faces as the stock falls below its ipo price. they need to make the money. find out how to monetize their company. thank you, alix steel. she will be back to take you through the market close. the dow jones industrial losing 300 points right now. this is the bloomberg market day. ♪ scarlet: all right, we have breaking news. we are watching the markets accelerate with the dow jones down by three to points. we will check in with matt miller who has all of the numbers for us. matt: the tao right now to hundred 85 points -- the dow right now down to hundred 85 points. of course, it has been three most of theines for major averages. the s&p 500 at the lowest level it has seen this session. point 3%. down to you saw most of these stocks off -- the ftse was better than the cac and the dax. and asia and markets kick this off overnight with cause expand -- with cause extend -- kazakhstan allowi

mark: what does the market for reed ipo's look like? >> only two through ipo's -- a lot of private companies. boom, but itd a hasn't happened because private market financing is so attractive today. there's not a lot of need for new equity capital. mark: thank you so much. betty: an investor in the real estate investment trust work it. disney reporting their earnings after the bell. mark: a preview, including a look at what the company may say about offering espn as a stand-alone service that is not part of a cable package. bloomberg market day continues just a moment. ♪ betty: welcome back to the bloomberg market day. mark: it is time for a check of the markets on this tuesday. julie hyman is standing by with the details. disney and etsy. julie: disney will be reporting its earnings after the close of trading today. i had at that, shares up .5%. investors want to hear more about the possibility that espn will be offered as a so-called over-the-top service. will it be available not just through cable, but through the web, etc.? just lik

but they are a loser now when it comes to the ipo market.o showull up the start you how hong kong compares to the rest of the world. 28% drop on average an offer prices, japan being the number two loser. you compare that to u.s., u.k., and worldwide, those are all in positive territory. the me take a look -- if you take a look at the numbers, companies account for 80% of ipo fundraising in hong kong. every listing of at least $100 million is underwater right now. if you take a look at the hang seng, you can see the sentiment is getting worse. you take a look at the top 10 biggest deals in the city. those have fallen an average 29% since their listings, versus the 18% drop you see in the hang seng during that time. a securities stock plunged 48%, valued now at 9/10 of a percent. a bio pharma: company -- a biopharmaceutical company was down as well. angie: what does this mean for companies who want to lift? yvonne: most of the biggest deals we saw in hong kong were actually chinese companies. a lot of this comes with what is going on. the sell

joining me to discuss the ipo is bloomberg's ipo reporter leslie picker. thinking about this. popcornno way to make less healthy. the only thing you can do after is make it more unhealthy. it's just warned that is popped. leslie: what skinny pop does for you is they put it in a nice little package that you can grab and go. matt: i see. got it. and they make other things. leslie: they make chips, but all of their sales came from skinny pop. that is one of the risks for this company. they are a one hit wonder, at least in a provable sense. skinny pop is where they get the bulk of their 100 million-plus in revenue. matt: is that because the chips do not taste very good? leslie:: i have not tasted the chips. matt: you haven't? if they do not taste very good -- matt: i think it should be part of your due diligence researching the company. each and every flavor. annie 's makes macaroni and cheese, but apparently healthier macaroni and cheese? leslie: it is this health and wellness cycle. tomorrow,anet fitness amplify tonight. it's a reflection of what we are see

i don't want to see it's an ipo.ut if you think about how the stock splits work, they're similar to how ipos work because all of a sudden it's available more affordably to people. >> j.j., good to see you. >> thanks, bill. >>> we're coming back with the closing countdown and have a lot to talk about in terms of earnings. >>> also after the bell, coca-cola is in the spotlight over the fight over obesity. some experts say the soft drink giant is backing some misleading research. interestingly, coke is one of the only dow stocks in the red today. those details all coming up. you're watching cnbc, first in business worldwide. nough cash bk from bank of america to buy a new gym bag. before earning 1% cash back everywhere, every time and 2% back at the grocery store. even before he got 3% back on gas. kenny used his bankamericard cash rewards credit card to join the wednesday night league. because he loves to play hoops. not jump through them. that's the excitement of rewarding connections. apply online or at a bank of ame

probably not hurt by the company's ipo. that was on the stock has more june 17.n doubled since that ipo. i also want to talk about the outlook, which is quite notable here. it looks like the company for the full year is predict thing -- predicting revenue of $1.6 billion to $1.7 billion. analysts were looking for $1.4 billion. fit bit is outperforming here. seeing a lot of demand for its products. remember, when the company had its ipo, the reporter the eye-popping market share of 85% of the fitness tracking market, so we will see of that number goes up even more. joe: thank you very much, alix: coming up, what is the worst performing in asia? buffeted in part by political scandal, and that answer after the break. ♪ ♪ alix: i'm alix steel. joe: and i am joe weisenthal. you,e the break, we asked "what'd you miss?" alix: what is asia's worst performing currency? joe: the malaysian ringgit. alix: this is surprising to me. joe: i want to add a personal note. i visited malaysia, i lived there for a year. it is one of my favorite places in the world. if you are thinkin

the charts themselves reach back to the ipo. methodology, so when you look at the overall value -- allied is just the one you're liking as. the index is waiting five days, and then you hold them for two years or with a quarterly review. >> i just wanted to get in touch with my inner wonk. embrace it, and some traders are saying this is possibly one indicator that things may be a little overextended for the overall market. at least the recent hot once kind of tail off, it may be at least one yellow flag. >> dom chu, thank you. >>> melissa, over to you. >>> market volatility rising due to concerns about china and the fed, so where should investors put their money? bill stone, the chief investment strategist, and the investment strategist at is best trust. >>> did the empire state number today throw a wrench in the expected bedtime line of a hike in september? >> i don't think it necessarily did. the manufacturing activity we have seen here across the u.s. has been somewhat weak, but there are signs to suggests we are in fact botto

we've got a well performing ipo market.rik: is it not something of a red flag to the investor when i to market say rushes private equity firm brings it to market that quickly? carter: investors take a longer look at private equity backed deals. they know the firm is exiting. olivia: ares is getting out, it makes people scratch their heads. don't go away. much more on bloomberg "markets day." erik and i will be back. ♪ erik: the security and exchange commission meeting to debate the newest rule on executive compensation. it would force companies to compare ceo pay to median pay of workers. the big question mark is what do you throw into the median? foreign workers, for example. contract employees. olivia: unions are in favor of this ratio. a a lot of people say it is meaningless. tok: they think it is going bring shame upon companies where the ratio is large. is it going to be in silicon valley? the ceos make obscene amounts of money. the engineered as well, too. olivia: that does it for you. see you tomorrow. much more to c

twitter is that one of the lowest point since the ipo. why should we buy?we have been on the sidelines. with the stock down, we think it is the time. it has broken down to a couple of things. there is some risk with the transition. ultimately, twitter has strategic value and they are synonymous with real-time content. when you think about the future -- host: all right. about twitter and the companies that have capitalized on that. host: james -- hang on. we have breaking news out of google. the person who has been running the day-to-day operations at google for a long time will become the ceo. they page will go on to be ceo of alphabett inc. we are digesting this news now. i want to bring in david now. you have covered google for a long time and we see that they cofounders of google are moving on, so to speak. we are trying to learn what off inc. means.lphabet >> he is a great veteran who understands the business and has then hear a long time. been here a has long time. abet inc.?so beph i don't know. the health has been a challenge the entire time he has b

he was also saying that the climate for ipo's is a lot better.ould have to say today is not a great day for hong kong exchanges. quite a lot of selling an activity here. the phones are buzzing behind me as we continue to see these downbeat rides in the markets. rishaad: you were at the stock exchange a matter of weeks ago, talking to charles li. he was pretty of the if i -- upbeat, if i recall correctly. >> yes, he was. a sickly saying that they had the first ipo since the equity rout on july 8. we were here for that as well. it was one of the stops on friday that actually fell from its ipo listing price. so all five of the big $800 million ipo's at the hong kong exchange have fallen below their listing price. even though he was quite buoyant about the outlook for ipo's moving forward, we touched on the fact about whether or not the hong kong exchange would tie up shenzhen. today, quite a lot of selling coming through. rishaad: thank you very much. among those contributing to the market rout, toyota plunging the most in 18 months after confirming

not as of an upside on the price target this stock still trading above its ipo price. at 23.9are now trading three which is where they had that secondary listing december of last year. angie: plenty more to come. you're watching "first up" as we continue to track the market action across the board. back to you in two minutes. stay with us. ♪ angie: police in thailand say they do not know if they suspect in last bombing is in the country. the investigation has been hampered i broken cctv cameras in the center of the city. 20 people were killed in more than -- and more than 100 wounded. police have no motive for the attack saying it could be anything from politics to religious beliefs. some evidence has been sent abroad for analysis. canadian police say like mailers have begun using the ashley madison website hack to make extortion attempts with unconfirmed reports linking the least twoh to at suicides. hackers exposed information users36 million worldwide of the site which encourages married people to have an affair. owner is canadian offering a $378,000 reward for info

james, why do you think by now -- twitter is that one of the lowest point since the ipo. should we buy now? james: we have been on the sidelines. with the stock down, we think it is the time. it boils down to a couple of things. there is some risk with the transition. ultimately, twitter has strategic value and they are synonymous with real-time content. when you think about the future , mobile and native, facebook and twitter are in the best position to capitalize. emily: we have big breaking news out of google. the person running the day-to-day operations will become ceo of google. ofry page will be ceo alphabet inc. we are still digesting this news now. i want to bring in david now. you have covered google for a long time and we see that the cofounders of google are moving on, so to speak. we are trying to learn what off alphabet inc. means. not a surprise that he is coming on to lead all of google. what do you make of this news? david: he is a great veteran who understands the business and has been there a long time. what is alphabet inc.? i don't know. larry has rebu

it has not been a good day for these healthier ipos. we had the maker of skinny pop coming out yesterday, amplify snacks, and those shares fell in the first day of trading. down another quarter percent today. matt: thank you. we will take another look at the markets in 25 minutes. erik: bill ackman has found his next target. snack maker mondelez. shares are up today 1.4%. speculation is that ackerman may push for the company to be sold. who may want to buy it? ken shea. now is a lot of talk about the elez willty that mond be recombined with kraft foods and heinz. there is a lot of talk about that but i'm not sure it makes strategic sense. in 2012, these companies were separated, in theory, because could allocate capital better in emerging markets. i don't think that has changed from a secular point of view. since that time, the markets have softened a bit and that is one of the biggest headwinds that condoleezza faces. --mondelez faces. are those jumping to this conclusion totally wrong, mistaken? >> no, i think they are short-term-mind

do you see down rounds, delayed ipos?neel: both, and a lot more in the way of merger and acquisition activity. there are probably folks out there that salesforce and workday would like to acquire. maybe with this correction, they become more attractive. emily: what areas are you interested in? aneel: core technologies, analytics, specific business applications. emily: and a lot of these recently public tech companies, twitter flirting with its ipo price -- what does it say about the valley that a lot of these newly public tech companies aren't doing that well? aneel: i think you have to sort out how their stock prices are doing versus how the company is doing. i'm familiar with box. they continue to grow their business. emily: we talk about m&a. there's been a lot of talk about salesforce selling out to someone big-time. what's your take on that? aneel: he would have to ask marc -- you would have to ask marc. i'm not privy to know. he seems committed to building a great business. he has been a great partner for us. emily:

we will see if it indeed is below its ipo price. sentiment surrounding twitter is not strong right now. one thing that did surprise me is the short interest is relatively low. even though people are selling the shares, after the declines we have seen, they are not willing to go out right short. emily: i want to bring in our m&a reporter, alex sherman. you say this makes them and easier acquisition target. i wonder if easy is the right word to use with a $20 billion market cap? alex: i think it speaks to julie's last point. in order for twitter to become an acquisition target to google or facebook, the stock made to fall more and investors are not adding that it will. i spoke to some investors today who said you can look to twitter to fall $20 or $17 a share and then maybe it would be an appealing acquisition target. it still nowhere near that level, so it's possible with the fall also far it is still too expensive. emily: my question is does jack dorsey and the founders of twitter really want to sell this company? julie: we haven't

still the online seller of home goods is currently trading below its ipo price. so just part of this story. interestingly enough, which hedge funds are going in and out? symmetric io a big data base for that. for more on the story subscribers can go to cnbc.com/pro. an interesting look at trends. melissa, we always want to point this out. some of these filings data are 45 days old. >> dom chu. who likes what in terms of the hedge funds scooping up stuff? >> fitbit. i'm still long. obviously you have this big pop. ran out of a little bit of momentum. but i still believe they are the gopro. i still believe they are the apple iphone. you are running into a lot of resistance here in the chart. it's a very short-term chart. you're going to see a lot of guys liquidate if we get back to the high 40 levels. >> cord cutting catching fire this summer but could it be worse than investors think? special report after the break. plus target reporting tomorrow. we've got the three most important things the street is watching. you're watching cnbc, first in business worldwide. i

then i think we start doing some ipo in the asian market. it is normal. >> meantime, hundreds of china companies have been lining up to launch ipos. it's one small step toward that but the market remains nervous after the sudden spurt. nobody is more eager than the hong kong exchange itself to get that train rolling even faster. >> well, the ipo is going to come. iq has never been really disrupted and now that the domestic market does not allow new ipos to come while they're stabilizing the market we will continue to see new flows coming in. not only the ones that wanted to be here in the first place. we will probably be seeing other companies that making a decision that are not able to access the domestic market and we don't really know but i think the market for the second half will be quite strong and usually the second half is stronger than the first half. we are currently number one and we hope to be able to maintain that advantageous position. >> in hong kong, i'm berni bernie lowe, cnbc. >> alibaba will be selling clothes from 20 fash

petco is filing for an ipo. the third listing since 1994. it started life as a mail order company has more than 1400 stores in the u.s., mexico, and puerto rico. it was taken private by tpg for $1.8 billion in 2006. the u.s. pet industry is projected to grow 4% to $92 billion by 2019. petco's filing comes after rival pet smart was taken private last year for about $8 billion. do you know what my biggest pet peeve is when it comes to companies like petco. >> what is it? >> don't sell enough bunnies. >> they don't sell any animals. it's only pet supplies. i used to always go there as a child hoping to see cute dogsover cats or bunnies but not there. >> you don't get big brick and mortar pet shops do you? i don't have any animals -- you do? but they're not to the same scale as petsmart or petco. >> no, you can go to breeders or it just depends. >> so you have to go visit a different type of store to see the cute animals. >> nowadays you can do it online too. >> really? >> you can find those bunnies online. >> yeah i know. >> interesting that it

in post ipo trading.n because the rest of the value has been ratcheted down and another extra discount because the volatility has been very high. investors are not going to forget that in trying to price these early ipos. the balance of power is going to shift. >> we've seen down rounds, companies that had valuations. a big number that effectively when they go public, the ipo number would be lower than the earlier valuation. we rarely have ever seen that in people trying to go public. >> we have rarely seen these huge private valuations and the amount of money put into the private equity market. i think the secret is these latest very highly valued rounds are being done with resets, with protection on valuation for the investors in those private rounds. that's a signal that even those investors are getting antidelusion protect. >> we tell everybody air b & b is worth $20 million but that's a headline number. the way these are structures that real number may not be real. >> what happens is the last round,

the $26 ipo may have been appropriately priced many months ago.ines,king other malaysia has ruled out capital controls despite the fall of the ringgit. the prime minister says the market is committed to market friendly policies and whatnot impose restrictions on capital flows. the ringgit has hit a 17 year low. funds have got more than $3 million worth of shares as political uncertainty weigh on the economy. ms. --up, fifa shery: it is 7:30 in hong kong. you are looking at a beautiful shot of the harbor. 29 degrees celsius, a very warm day. we are 30 minutes from the opening of trading in japan, south korea, and australia. you are watching "first up." ♪ shery: our top story this hour, a selloff in currencies from kazakhstan to thailand has unnerved stocks around the world. gains in u.s. equities, sending the s&p 500 down the most in 18 months. may delaye slowdown and anticipated rate hike. china may prioritize demographic the face of ap in rapidly aging population. putting population issues first -- couldean a change mean a change in the one-child

twitter is that one of the lowest point since the ipo. why should we buy?we have been on the sidelines. with the stock down, we think it is the time. it has broken down to a couple of things. there is some risk with the transition. ultimately, twitter has strategic value and they are synonymous with real-time content. when you think about the future -- host: all right. >> think about twitter and the >> we have been on the sidelines. with the stock down, we think it is the time. it has broken down to a couple of things. there is some risk with the transition. ultimately, twitter has strategic value and they are synonymous with real-time content. when you think about the future -- host: all right. >> think about twitter and the companies that have capitalized on that. host: james -- hang on. we have breaking news out of google. the person who has been running the day-to-day operations at google for a long time will become the ceo. larry page will go on to be the ceo of alphabet inc. we are digesting this news now. i want to bring in david now. you have covere

probably not hurt by the company's ipo. the stock has more than doubled since that ipo. i also want to talk about the outlook, which is quite notable here. the company is protecting billion to $1.7 billion. analysts were looking for $1.4 billion. fit bit is outperforming here. member, when they had their ipo they reported an eye-popping market share of 85% of the fitness tracking market. we will see if that number goes up even more. much, alix:ou very julie hyman on the breaking news desk. thankoming up, -- joe: you very much, julie hyman on the breaking news desk. alix: coming up, more on china after the break. ♪ alix: i'm alix steel. joe: what'd you miss? " alix: what is asia's worst performing currency? .oe: the malaysian ringgit alix: this is surprising to me. joe: i want to add a personal note. i visited malaysia, i lived there for a year. if you are thinking about taking a trip, it's phenomenal. with the currency this low, it's a no-brainer. before investors have been selling stocks, clearly foreigners are dicey. joe: but people should not necessarily take travel c

ir $26 ipo price.f you bought the shares and held them when you went on the market in november 2013, you are now dead even. jack dorsey warned it would take a wildly for the company would be able to recover from the slowdown in user growth. that was their last leg down. they've obviously had issues. a story we are watching also, tesla and a b&b -- and airbnb teaming up to add tesla charging stations to properties along the west coast. they are starting with 30 stations at airbnb properties. tesla has donated and installed these stations and plans to add more. now a status update. republican presidential candidate donald trump took aim at the thousands of foreign engineers working at silicon valley. -- trump'srom's immigration plan would increase the amount paid for h-1b visas. a group representing mark zuckerberg and bill gates hitting back at his plan. the president of the group wrote in a blog post, "the idea we should radically restrict pathways for highly skilled immigrants to come and stay here is

let me ask you about the possibility of an ipo. you have an interesting ownership structure.asa, spacex all have engineers that work with you. i noticed that you want to do an ipo maybe by the end of this quarter. is that still the plan? dirk: the companies that you just mentioned are not part of our company. we have people, our engineers , that are working on the project have backgrounds working for these companies, but they are not involved in the project. in terms of the public offering, the reason behind that is our structure is very unique. it's really important for us. -- it's important for us that the community that has helped build this project has the opportunity to be in very early on. we are looking at a lot of different possibilities and opportunities to make that happen. obviously, the public offering is unfortunately needed. matt: got it. dirk, thanks. unfortunately, we have to wrap. hyperloop ceo. ♪ >> the following is a paid presentation for the time life music collection. age,s the don't of a new filled with long hair, dawn of a new-- era, filled with long ha

suddenly, twitter shares were trading below the ipo price from back in 2013. stock recovered at exactly $26, the ipo price. it was a scary moment for investors. the company warned that user growth, which has been abysmal, doesn't look like it is going to get much better anytime soon. investors look at that information, the lack of confidence, and take the suggestion that things aren't going to get better soon. the result was this massive selloff of twitter, reminding people a $26 ipo might have been appropriately priced with the stock closing at $26 a share today. rishaad: let's have a look at some of the other stories we are following. unique low is testing a four-day week. there is no such thing as a free lunch. it does come in return for a longer working day. staff in japan will be offered three days off in exchange for 10-hour days during the week. there are hopes that the new deal will persuade them to stay full-time. a big investor says the company should sell overseas businesses that don't cover their cost of capital. nomura reported a profit in the las

falling from the peak after the ipo. yahoo! has tracked closely with alibaba.y are saying investors not taking into account the alibaba and the power it brings potentially to the table. moving on in terms of the other analysts call, now talking gopro. gopro initiated with an cowen.form at: -- ho not only for sports enthusiasts that families. looking at leadership where her outperform is coming from. also taking a look at microsoft. smith title no -- alphabet soup here just execution. down the road for the initiative that microsoft has been working on right now and gross profits are growing faster than operating expenses, which would obviously be a good thing. mark: julie hyman, thank you so much. storiesok at the top crossing the bloomberg terminal at this hour. joe biden reportedly using his vacation to think about his next job possibility. the wall street journal says the vice president is making with friends and family this week about a possible white house bid . it would be his third try for the democratic presidential nomination. the vice president said he

that is the reason for an ipo now., what would a spinoff for ferrari mean for fiat chrysler? debate.is something we essentially, it is for two regions. fors giving the freedom ferrari to be independent. it means that if they find the right partner for a merger, we know they have been looking to merge with gm until now for sure, then, the family will not risk losing control over for our if they merge with another carmaker. marchionne expects they boost .he value before the spinoff 10% now, a high evaluation. owned in for 80% area the beginning of next year. after the ipo, ferrari would finally get the value and after --gets real value, >> of course, marchionne already the ceo of fiat ricer as well as the chairman of ferrari, notorious for working around the clock. he apparently never sleeps. doesn't he already have too many jobs? busy. guy is a bit ferrari,hairman of which was spun off in 2011. chairman of the swiss company sgs. has a lot of jobs. he took charge of ferrari one over two decades. he already has the ferrar

with that was julie hyman the ipo update.he government's top watchdog is resigning at the end of the month. mark has been the cftc since mid-2014. he is viewed as a moderate voice on the commission. olivia: tesla filed to sell 2.1 million shares. tesla is giving itself more breathing room as it prepares to know its model s suv. james is giving kids with challenging backgrounds the chance to go to college for free. the program would provide a guarantee for year scholarship -- a guaranteed four-year scholarship. those are some of your top headlines. jcpenney shares rallying today. than estimated second-quarter loss. cosmeticsen's and helped boost revenue. olivia: is the company finally taking hold? mary, great to see you. mary: what they are doing right, and just because they are in a mode, remember, they lost about $5 million in revenue. we think they will continue to be a standout among other retailers. what are they doing right? their private brands. it represents about 50% of their revenue. it is driving traffic, just as se

is down on its ipo price. we will talk about that.erfect opportunity for me to bring up my twitter handle, @markbartontv. are you still a big fan of twitter? you better be -- how else will you contact me? what is on your mind? is twitter on your mind? will it sink even further below the ipo price? stay with us. ♪ mark: i'm a mark barton in london. take a look at how stocks are faring across europe today. it's a torrid time in has been a torrid week, with the decline. the biggest since december, 2014. gold rising, core european and u.s. government bonds rising, but it is red, red, red. elliott? elliott: it is coming back a little bit off the opening was. it is going up to a $1 billion, --d as a cancer treatment, shares are down and companies across the border down. luxotica has been downgraded. it had a pretty good run over the last 12 months. the goldman sachs is downgrading saying it doesn't control enough of its own distribution. 50%, -- down 15%, the world's biggest independent oil storage company, and it is down after a set of ear

whether we have ipos or not, i do not know.nk it will be not so much of an economics decision but one based upon the fortunes of particular leaders in the central bank and the regulatory commission. matt: apolitical payout. gordon: yes. they talk about people getting fired and maybe a premier losing his position at the next congress. these are things hard for us to understand. if you went at market fundamentals with the market going down, i was just we are not going to see a resumption of ipo's in 2015. matt: thanks so much for your time. i appreciate it. we go to des moines, iowa, where presidential hopefuls are clamoring for attention and eating pork chops. that is next. ♪ matt: welcome back. we are one hour into the market day. it is time to get you caught up on the market action around the world. we will kick it off in asia. >> the chinese economy likely 6.3%.t we contrast with the 7% growth from the government. the official full-year target is 7% of those same economist have 2016 growth at 6.6%. china's economy is heading