we had three ipos that went well this week. the important thing, the price, 9 million shares, 1550 to 1750. what happens? they price 8 million shares at $14. look at this. this did not trade very enthusiastically all day long. below the price for most of the day. closes right there. what a coincidence, $14. that's called a syndicate bid, folks. what was the problem? what was the issue? everybody kept saying this week, bob, this is going to be very important. this is a test of investor appetite for tech stocks. if that's really true, then there's a disconnect between tech valuations and what the public is willing to pay. and i think that the only conclusion we can make, not just for the unicorns out there for tech in general, and things were going so well. we had mgm, we had bats global market. remember, secure works priced well below the price talk. what we need to do is figure out if there's really a problem with tech valuation right now. unfortunately we won't get the answer immediately because next week there's nothing in th

second, they're the first significant ipo in four months, one of the worst ipo droughts in memory. so the entire market and the ipo community is watching how they'll price and trade. if all goes well the following week we'll see at least three more ipos -- mtm growth properties that owns some of the biggest casinos in las vegas. american renal for kidney dialysis. and security works, the tel spinoff. pretty big deals. on the horizon is u.s. foods and soul cycle. this is just the tip of the iceberg. there's 120 ipos on file waiting to go public. there's another 50 or so that have selected banks or may have filed privately so the potential is huge. it all depends how this early group prices and whether the stock market holds up. for "nightly business report," i'm bob pisani at the new york stock exchange. >>> finally, we all know the retail industry is changing but picture this. instead of hopping in the car and going to the mall, you hop on your couch, put on a headset, enter a store that may have everything you're looking for. courtney reagan takes us into the future tonight. >> re

tech ipos. 155 days since square went public. >> the idea that we haven't seen that boom in ipos.ly a stock to watch today. >> vix is low. >>> elsewhere in tech uber agreed to pay a hundred million dollars to settle the case over drivers employee status. uber drivers will remain as independent contractors, allowing them to keep the current business model in california in massachusetts. the class action lawsuit argued that drivers are in fact employees and therefore entitled to reimbursement for certain expenses.

and hopefully get further ipos coming out of the pipeline. >> but other ipos won't be this one.uld not fail and could not break price. >> i'm sure that's not what they're saying behind closed doors to other executives. >> buying the stock though now on hopes of a turn around or is macy's effectively stuck in the bargain bin? we'll debate that ahead on cnbc. plus valeant is weighing it's options and investing legend bill miller unveil what is he is buying, a stock that he thinks will double. steve weiss will weigh in on a fallen angel. and as we go to break, let's have a look at the halftime portfolio leader board and the trades that have been made today. what if it were your job to make the world a more beautiful, colorful place? at ppg we think that's something we all need to do. we create, invent and formulate amazing paints, coatings and materials. so we can make the world run faster, stronger, fresher, smarter, cooler, lighter, greener and better for the next generation that comes along. ppg. we protect and beautify the world. they found out who's been who? cking into our ne

. >> we are in a process of evaluation for looking both at private business as well as an ipo.have not taken a final position. improvingy markets and ipo is a more likely scenario, but the decision needs to be taken which we expect in the second quarter. bhs expects to file for administration as soon as the day, putting an 11,000 jobs at risk. it's own acquisition is expected to happen today -- to revise the fortunes of the struggling company, that is according to bbc. the chain opened its first door almost nine decades ago. mitsubishi motors shares have dipped again after losing more than 40% last week over its fuel efficiency scandal. the carmaker is mulling a delay. that is according to a person familiar. the company says it needs more time to measure the effects and extent of buying costs related to the data. that is the bloomberg business flash. francine: commercial quantities oil. officials are set to unveil the vision for the world post oil. meanwhile, the imf has reported economic -- is said to slow down significantly in the next five years. northeast and south africa b

we have not had that many ipo's this year.ng us from the floor is an jim growth property ceo james seward. so, james, you can get chance, did your ipo. it has been a dry pipe line. how do you feel? : i cannot be more proud to be associated with this company and the people in it. the reception we have gotten has been overwhelming, and i feel great. betty: so, who are your investors? are they investors that are traditionally in reits, or are they more diverse -- who are they exactly? broad sett: we have a of investors. it would include reit investors, funds, people that own and jim resort stock -- a nice, broad group. betty: james, tell us about -- mark: james, tell us about the timing. betty was saying this is the second big ipo in the week. there has not been too many. why did you choose now to get this off the ground? --mr. stewart: as we repair the company and looked at the capital market, it seemed and our discussions that we might be in a position to get a deck draft positively from the market here. so, as we started and b

whether that is an ipo or a sale. well is the medical equipment part of the business doing as they are trying to suffer out the lighting -- separate out the lighting part? they are looking to streamline their costs, adding on servicing agreements and incorporating more technology into their health care products. they have hired banks to prepare for this possible ipo of the liking business. we will speak to the chairman and ceo at ex: 40 this morning on countdown. just for a little bit of comparison, that revenue number looks to be ahead of estimates. that is the early morning earnings season that started monday. over in asia, a conversation -- a combination of oil prices and a strengthening yen. let's put that in a little bit more broader context. you can see that, generally speaking, we have been in this rallying position since the beginning of february. this highlights some of the supporting moves we are seeing globally, whether that is the bank of japan, the ecb, or the fed. all of that generally has been fairly su

are ipos back for good?go to the head of the new york stock exchange, tom farley. >> the important thing, tom farley, is we've got three ipos since friday, all have done well, all trading above their initial price, all pricing in the middle and high end of the range, including american reano right behind us. is the ipo market back? >> i think it's back. it's been a long time since we stood here talking about it, i've missed you, bob. >> thank you. there were or four or five ipos that intended to go public last year but didn't. and finally our phone is ringing saying we're ginning the machine pa back, we want to talk dates. >> there's a lot of stuff out there back logged. >> i think at the moment the conversation is more so around june. anything could happen in the meantime. there could be geo politico concerns, everything could change on a dime. at the moment if nothing change, it looks like june will be active. >> mgo properties up, bats up 25%. let me ask you about bats going public. there's a fight for ma

we want to focus on soul cycle's ipo, others have disappointed after their ipos.lumeting 23% since the market debut and planet fitness down 5% since its ipo in august. should anyone investterested in investing make a move. kathleen, we are really asking on soul cycle because of the news last week its co-founders are leaving the day to day jobs. soul cycle has a ceo placed for some time but could this be a red flag for potential investors? >> i like your comment about doing soul searching for soul cycle. there's going to be a little concern the fact that the founders are retiring from the souls sole cycle and i think that's a little concern. we've seen companies where this has happened so i don't think it's a -- a life changer for the upcoming ipo but it will be a consideration they are not as critical to the company as they need to be to have this continue to continue to grow. >> how convincing are the profitability trends and the reason i ask, i'm a huge soul cycle fan, did it for years. when it started and when it was new, it was impossible to find a bike. you w

remember the ipo starts the day before the first day of trading, the initial offering.was last night and the company did not get the money, the price it wanted. high-tech entrepreneur chahal will be in a courtroom for a probationary hearing. he pled guilty to the assault of one woman friend. then he is accused of assaulting another. prosecutors want to provoke his probation in the first place and send him to jail. i met chahal maybe ten years ago when he was building that penthouse apartment. at that time he made his friends go out on a balcony on the 60th floor. one guy really didn't want to and he made him do it. >> just to see the view? >> to see his friends see the view. >> just to make them uncomfortable. >> exactly. >> thank you very much. >>> many will use today and the weekend to give something back to planet earth. this is the 46th annual earth day. >> earth day back in 1970. vta will provide free light rail and bus rides. the golden gate national park conservancy is holding a full moon earth day walk tonight. cleanup events will take place tomorrow. it's nice

bass global markets is scheduled to price its ipo tonight for trading tomorrow. thaul offer 11.2 million shares, expected to price company $17 and $19 a share. it could raise up to $212.8 million and will trade on its own exchange. all eyes will be on the deal, not only after its historic tech glitch, but also as an indication of the health of the ipo market. the ipo market froze last year due to china's slowing economy, falling energy prices. as a result, 65% of 2014 and 2015 ipos were trading below issue. so what's changed? renaissance capital telling me it's thanks to a more stable market environment and the performance of recent smaller ipos has significantly improved. back over to you. >> landon, thank you very much for that. what are the main stocks we're watching today, sara? >> wilfred, we're watching apple chip supplier, taiwan semiconductor posting an 18% decline in first quarter profits. that firm citing lower revenue and an earthquake for the miss, which it says hurt its margins. a weak outlook from seagate technology. that company saying it's expecti

ipos since 2009.ext guest says things should pick up soon. kathy smith, founder of renaissance capital, great to see you. ipos squat in the first quarter. to what do you attribe that? >> we are in a big winter freeze. you have to go back to 2008-2009 to see this kind of shutdown it has to do with overall market volatity. investors tend to hide in large safe places, they get away from and sell these companies that are the bread and butter of the ipo market. it was bad news. the market has stabilized since february 11th was the bottom. we have seseen strong performan of companies that have already gone public. we have an index that tracks the last couplple years of ipos. it is still down for the year. the performance has been very good. that is sign thatositive things are happening. >> the wall street journal is reporting the coming ipo. does that tell us something about a few dynamic companies out there? and didn't say anying about financial stocks which are we going to see more financia ipos. >> every

breaking news on the bass ipo. seema? >> bass global has priced its ipo at $19 a share.ing to dow jones, which is at the high end of its initial price range of 17 to 19. raising more than $250 million in its offering. remember, this is the exchange operator's second attempt at going public after 2012 which resulted in erroneous trades. it's one of the most anticipated trades of 2016. bass global will go back on the exchange tomorrow pricing at $19. >> top of the range there. is this any indicator of an ipo market that may be coming back, guy? >> we haven't had an ipo now, one or two the entire calendar year. is it indicative of anything? i would say no. one does not make a trend. give me a few more and we can have a conversation. >> but if it is a market that's opening up again, that's more supply of stocks. for me, if i look at supply/demand dynamics, i don't want to see an ipo market that opens up. the bulls would want to see less supply. >> interesting. >> no one wants to bring their ipo to market. obviously this is a different situation with bass. they tried it befor

the focus is holding onto an ipo.po would reapn less benefits than a private sale, which has been unsuccessful. this is the first time a chief executive has said publicly that phillips may prefer an ipo to a private sale of the lighting division. asy make products such streetlights. betty, i am going to get back to you. i gather something is not right. [laughter] betty: there is something going on there. we are going to fix that. bunny has more in the newsroom. madee: president obama has it official. sending more troops to syria to fight islamic states. the president spoke after being in germany. >> a small number of american special operatives are on the ground and expertise has been critical as local forces have driven isil out of key areas. improved it to 250 to keep up the momentum. vonnie: mr. obama says the iranian forces will not be leading the fight but training local troops. more than 3300 foreigners expected to having links in jihadi groups have been deported from turkey. this is according to a top governmen

i think the other thing key to watch is the ipo market. we start seeing that open up, you will have a lot more confidence. >> peebople are waiting for tha. we have a guest coming on later who will discuss that very topic. one of the biggest drags on the dow is disney today on news the company's succession plan has been thrown into question with the sudden departure of bob iger's heir apparent. one close watcher thinks he knows a perfect replacement. >> a year ago when i wrote a column which now seems premature praising him for his succession plan, sheryl sandberg was the name, what about her, she's perfect, we love her, she's a woman, she's digital, she's young, she knows the consumer base. yes, she's on the dream list. no doubt about it. >> interesting thought. but dream list and nightmare scenario. no one expected this. >> it's a very big surprise. he was very well regarded. no one really knows what the story is behind it. >> what does it do to the story? >> i think as iger continues to run the show and if he extends which people are exp

emily: what about the risk of down rounds and high ipo's? -- and delayed ipo's? michael: it depends on the performance of each company. but we have gone through this period where the valuations in the private market are far in excess of what they are in the public market, so you have one bucket of bubbling water and another bucket of fairly cool water. if those two buckets are commingled, the temperature will even out. emily: what kinds of businesses do you see will be the first to go belly up, and what trends do you see that will last? sir michael: the businesses that go belly up are the ones that are run by people who deny reality. and do not use the money that they have raised very wisely. and think that there are a whole bunch of shortcuts to success. those things will come a cropper. but companies that are run prudently, that have got really good discipline about them, that have the right ethical compass from the top, and also that have very distinctive products. those are going to flourish. emily: let's talk about on-demand economy. you were an early invest

it has been a pretty quiet year for ipos and 2016. before today, only 10 companies have listed and that is all biotech firms. this is reflective of the global ipo market, isn't it? >> there are two factors behind it. one was how strong europe was in 2015. we had a record year for issuance. the second one is volatility, which makes price discovery challenging. mark: is there a window for activity, and if so, where? gareth: we always highlight the post easter. eriod and the brexit vote would be an ideal opportunity. there's an ipo this week that would price and trade very well. we have seen big blocks in the last two weeks as well. we are in a sweet spot now for the next 2-4 weeks. betty: let's talk a little bit more about specific countries. in particular, brazil. they are facing an impeachment vote. i want to show you a little bit about how investors have been brazil as an emerging market risk. i want to bring up that chart. do we have that chart? they basically shows that local currencies and brazilian bonds have been outperforming o

whether that includes more details on the ipo of aramco remains to be seen.t in the realm of a 5% stake in the parent. there was skepticism about whether the parent or downstream of subsidiaries is inclined to do the whole parent. this is all in line to reform the economy, to win the kingdom off its sole dependence on oil. this generates he says will be in the realm of $100 billion and put into what will be the world's largest sovereign wealth fund. the government will remain the largest owner of aramco. that will also go into the sovereign wealth fund. the idea is to make investments the largest source of government revenue rather than oil revenue. betty: thank you so much. certainly a huge story. bloombergips with news. still ahead, netflix shares are pulling back after investors were disappointed with international subscriber growth but could it be a buying opportunity? we will find out in a moment. ♪ julie: joining me today as kevin kelly, chief investment officer . we have been talking a lot about earnings and the tech disappointments. i know you have be

>> i don't see them as an ipo competitor. i think it's primarily between us and the new york stock exchange, but certainly we compete hard for every ipo and we'll continue to do that. >> right. we're on a panel earlier today and talking about nasdaq private market as an alternative to going public. are you seeing activity on private market pickup with the slowdown in the ipo market. >> certainly seeing private market activity pick up merrily dramatically. over 100 companies with mpm. started a couple years ago. fairly dramatic. most of the unicorns and decacorns. >> what's that? >> 10 billion. >> yes. >> we've seen most of those do some activity on the nasdaq private market. we think that will continue. we certainly have a feeling that not every company should go public and it will give them a vehicle to go public/private. >> last question here. the indices are a few percentages away from all-time highs at this point. does this concern you? >> i think the backlog is furmg up so no, it doesn't. the indices are obviously high b

betty: what about the ipo market? >> we had 10 ipo's. competition had zero so we are happy that the ratio. typically 30 to 40, so it was weak. we certainly hope that the quarter gets stronger. about 120g is companies, still relatively strong. we have to see how many of them get out to just because you have 100 20 companies, does not meet all of them can get out. that was good news about the ipo we had, it did not raise exactly as they wanted, but it did come out. ipo's come out -- >> is that the by now, that they come out? >> it is progress, that we move along. pipelines feeling a little better, cautiously optimistic. i have got to ask you about lsc and deutsche border. of course -- of course a decade ago you were interested in acquiring -- that did not happen. m&a among thether big boys, the big exchanges like yourself? think we have been a beneficiary in that we acquired ifc.- we bought that from deutsche boards. whetherly speculate that would have been available or not. i do not think it was strategic to european asset and we're very

there is no final decision about the ipo. no final decisions about this ipo has been made.ertainly big news for the bankers involved. and jpmorgan among those who are going to advise and underwrite this potential ipo. back on battle of the charts, i would say today that less is more. that is the lesson today. [laughter] mark: fair enough. well done, joe. betty: thank you, joe. mark is staying with us. still ahead, we will have more on that breaking news on saudi arabia. ♪ betty: live from new york and london, i betty liu. mark: i am mark barton. this is the european close. betty: we're going to talk new york politics or national politics. new york's primary is today. onald trump is predicted to cruise to an easy win well hillary clinton is in a closer race with bernie sanders. both cast their votes in chappaqua. joining us now is bloomberg news white house reporter margaret collins. trump is expected to cruise to an easy win and so is hillary as well. of from: there is a lot a because if donald trump gets over 50%, it helps to lock in a path for that magic number that he ne

go i asked, when is the ipo, when is the exit?t a great company should always be ready to go public. you want to operate your company like a public company. need forhave any more capital. redundantly to have plans over the next two years to go public. after that, we will see. speaking will also be with a cofounder, as well as the dropbox ceo to talk about this -- big question bubble or broom, and what is the future of silicon valley? we have much more coming up on bloomberg markets. don't forget to tune in for a addition of bloomberg west -- edition of bloomberg west this evening. alix: and much more. ♪ it is a new york, 6:00 in london, and 2:00 in hong kong. scarlet: welcome to bloomberg markets. from bloomberg rolled headquarters in new york, good friday afternoon. i'm scarlet fu. alix: i'm alix steel. stopped pulling back from earlier highs but you have oil heating up on the final day of the weekend the yen pulled back from its rally in one of the most volatile weeks for currencies in five years. scarlet: verizon to google is s

that's powerlunch.cnbc.com. 2016's first tech ipo went public today.t raised a lot less than they hoped for. coming you, we'll talk to a partner in one of tech's top incubators to get his view on tech's ipo freeze. if you're going to make a statement... make sure it's an intelligent one. ♪ the all-new audi a4, with available virtual cockpit. ♪ the call just came in. she's about to arrive. and with her, a flood of potential patients. a deluge of digital records. x-rays, mris. all on account...of penelope. but with the help of at&t, and a network that scales up and down on-demand, this hospital can be ready. giving them the agility to be flexible & reliable. because no one knows & like at&t. technology moves faster than ever. the all-new audi a4, with apple carplay integration. . secure works is opening at $14.06. earlier, i sat down with the nasdaq ceo to ask him what this ipo in particular means for the health of the overall market. >> so we think the ipo market is poised to do well. certainly secure works as you mentioned this friday could be harbinge

hoping for the best. >> how that company went was an indication maybe of how future ipos will go. laura's right. the company failed to get the price it wanted when it first offered stock to early investors. only $14 a share. when it started trading on the nasdaq, the price went nowhere. the gain just 60 cents. no reason for confetti. there are lots of rationalizations. secure works is not based in silicon valley. it doesn't make a profit. it is a really old company not a start-up. there are lots of ways ceos can say they are not like us, but this is the first big tech ipo of the year and it was a dud. you can't explain that away. >>> apple was supposed to report profits today but will delay a day so the company can hold a memorial for bill campbell who died last week. apple will say iphone sales fell for the first time since the iphone was invented. let's get a check of the news before the bell. landon dowdy is live. >> good morning to you. marks could start the week in the red. futures are lower and dow coming off a positive week reporting above the 18,000 level. nasdaq ended low

>> it is expected they would ipo in china. of those stakeholders are -- what was expected was there -- a lot ofrategic them had not been making profits. -- people were asking where they were going to go. they have already satisfied the common listing regulations, chinese companies need to be at least three years profitable making accumulative profit of 30 million yuan. foraad: what does this mean a potential market cap? >> there is no other equivalent company with this kind of scale and influence in the internet sector in china. a lot of the users are potential retail investors. that could give them a pretty decent premium. rishaad: thank you very much. the sky is the limit. look at this bright idea, next. ♪ we are having a look at what is going on in brazil with the embattled president saying she will continue to fight against the move to impeach her. addressing the nation today after the lower half of congress voted in favor of her dismissal. the senate may vote within weeks to order an impeachment trial. show the anticorrup

jon fortt is at the nasdaq where secureworks the first ipo of the year is going to go public and thatompany is trading to the upside of 28 cents or so, and we will have the ceo on later on. and at post nine, kayla and joining us is kara, and a lot to talk about this morning. microsoft after missing the earnings, we heard about the pc we weakness and the cloud business and shares on for the worst day now since january of 2015, and even though kara, the pc business and everything that pcs have been through not terrible, would you agree? >> well, it is not terrible, but one of the things is that the ceo has been enjoying a honeymoon period with the investors, because he is turning it around. there is tax implications, and it is a kind of the messy quarter essentially with a lot of numbers that are confusing wall street. he has been turning in great improvements around cloud which is a important focus of microsoft. there is great signs of the subscri subscriber signup on the various offerings, and things like that, but people are still focused on the pc issues and also the miss itself and

>> the ipo market takes a long time to get ready to do an ipo. six months ago it was hard. weren't preparing for it. there are other opportunities to get out of investments you want to get out of. you can sell a company. an ipo has appeal if you want to hold on to something for a long time. in many cases in our situation we want to exit the investment completely and not hold on to it for three or four more years into the ipo. i don't think ipo is the only means of exiting. but you are correct the ipo market is stalled a bit. it will pick up. >> the piece in silicon valley it stalled. >> prices were high. the market is reflecting that. there are down rounds. that doesn't mean the company is not good, just that it won't be as attractive as people thought it would be. at least for a short period of time. >> are you skewing between buying and selling? >> yes. >> which way? >> for the last four years the private equity has returned more money than invested. this year has been the same. this year i think the industry will invest more than it will return. >> you think prices will

>>> various bids as well as a likely ipo. in the second quarter of this year we would come to a conclusion. >> no spoilers. the sixth season of the "game of thrones" premiers lighting up social media with a surprise ending. >>> we've got the survey coming out from germany, the business climate index, coming in at 1.6 in april. this is a touch weaker but we are splitting hairs here. the belief is that it would be a bit stronger based on what we got from the new survey last week. but as we look at the outlook concerning brexit, the expectations index coming in at 100.4. the current conditions coming in at 113.2. it is just a touch weaker than expected. overall, a touch weaker but not too bad. >> a little bit weaker. not a lot of reaction in the euro dollar as one would anticipate at the moment. it seems like it's the bigger picture stock from last week. this week the bank and the fed are meeting. and the european markets a little lower this morning, down by .70% across the board. we had a strong weak of gains across europe as t

the ipo.i'm telling our companies, that's a reflection of companies waiting too long. way too often all of the growth and super hypergrowth that i go public early is part of your public experience and they get to participate in, that's not happen anymore. companies are waiting to seven, nine, ten years or longer to go public and so that's why you're seeing a lot of ipos under perform. i'm trying to work with companies and say, look, let's find underwriters and not everybody is biting and something we have to work at. when we hit 50 or $100 million in sales and think we can be a 500 or $750 million revenue and 10% net profit company let's go public early. challenge is the sec does not make it easy. hopefully with all of these plus rules coming into effect, some of that will change. and i really think if done right and we can get some investment bankers really motivated to get behind this and i'm trying -- then we'll see kind of a reignition of the ipo market with smaller companies coming out an

public for years after a software bug ruin its first ipo attempt.hares trading up on its first day. joining me now for exclusive interview from little rock, arkansas, bart chilton. put thesuccess of bats negative connotations about high-frequency trading to rest? bart: bats was a group of guys that were my frequency traders. these guys have done a great job. duo, if youynamic will, at bats. talk about kid crusaders. caped crusaders. these guys have done a fantastic job. last i checked, before coming in, shares were trading at 2279 .79.22 and nin when they tried to do this in 2012, they were hoping for $16 a share before they were foiled by a computer glitch. good on these guys, they are doing really well, and they should. they have diversified their got into etf's and fx. , that has put hft a lot of concern about hft's to rest. lisa: you are not surprised by how well the stock is doing. bart: no. these guys diversified a lot, they have grown. ,hey bought european exchanges they have four x equity markets markets. equities they are doing a great serv

what about that ipo? brian: we are a little ways away from that. still lack -- still look at this as a baby in diapers, but never say never. understand it, you're going to make hbo caliber, short form content. explain what kinds of ideas you have 10 kicking around. you think about the evolution of the cable business and how programming started with public access programming and reruns of sitcoms and lots of episodes of star trek. eventually each of those brands define themselves with a premium show, whether it was "the sopranos" on hbo or "mad men" on amc. if you compare that to the digital revolution, it started with creators on youtube making premium shows and then companies like ours came along and started descriptive content. we believe the next evolution is super high-quality scripted shows like you find on a premium service like netflix. that's the kind of content we will be making. with big talent behind and in front of the camera. emily: there's competition from youtube, spotify -- what makes you think this service will be different from ev

a year or two away from ipo. we let supply and demand determine the price. >> do you believe investors are still looking to private for yield and price appreciation in light of some of the down rounds and mark downs we have seen? >> absolutely. the last quarter was one of the busiest quarters on our platform. if number of public companies have gone, it's at a 40 year low right now. investors are tired of sitting on the sidelines and letting the private market folks make all the money and they're taking a look saying i want to get in on the action too. by the way, i want to rely on sequoia and other branded investors to be able to rely on their diligence and let them pick the stocks and i would like to participate as a participant. >> where does conscious play into this? i imagine a lot of employees see headlines about their own company and giant regulatory issues. companies like dan dual, good technology that say i want to get out now, where's your conscious and then selling those shares to main street investors.

we went through the ipo process. i cannot say whether wall street understands us or not.nd the most time on his building a good as this. a newlogy for this is business, particularly on the lending side and there is an evolution for models that work and do not work. i believe there will be a bifurcation as we come through the credit environment of businesses that have stood the test of time and are evolving as strong business models. emily: square capital is a relatively small part of square's overall business. how big a business does this have a potential to be? -- y: >> there a a lot of ways to frame the question. small business lending is a potential multiple hundred billion dollar industry. i think the most important part is, what type of environment is there for what square serves. largent a picture for how those businesses can be is really the last two. after the credit crisis in june 2011, that was the time when there was a marked bifurcation of lending between those businesses that did $1 million or more in sales and those that did $1 million or less. i do think th

analysts say an ipo would re-bless benefits.is the first time the company has admitted that an ipo is more likely than a private deal. on the flipside the point today, first-quarter earnings estimates and it confirmed its outlook for the full year is not enough to stop the shares falling by 4%. shares today 11% lower. the french utility dropped the most in seven weeks and announced plans to sell at least 4 billion euros of new shares. it is going to deepen cost cuts. it is seeking to bolster finances. it is seeking to study whether to move forward with a controversial nuclear power project in the u.k.. on top of the stock sale, it will sell 10 million euros of assets, including estate in the french power grid operator 2020. shares of 11% lower today. the big piece of economic data came out of germany. business confidence unexpectedly declined, another sign that europe's biggest economy is running out of steam. the bundesbank confirm that last week 50. it sees the slow in momentum in the economy in this court of. quarter. china i

in 2015 as we began the sobering period, 70 ipos and zero tech ipos.project that forward and it feels like we're kind of in that period of something that's going to take about six months to 24 months. >> a lot of people think when uber goes public that's going to public something in the signal. interestingly enough, uber ceo recently spoke with us here on cnbc and talked about this idea of going public and how they are not in a hurry. have a listen. >> we're not in need of public capital, if that makes sense. but there are also of course is that sort of -- i call it the moral obligation with investors who put money in and need to see liquidity and we have employees as well who put in a lot of blood and sweat and tears and to make uber successful and they own equity. so, we have to ultimately find liquidity for all shareholders but i'm going to make sure it happens as late as possible. >> let me just add to that, mark cuban was on and said he thinks companies are waiting too long to go public because they miss the sweet spot in the growth period. clearl

blastererage ipo fees globally were about 4% of the deal. the thing to keep in mind is that on government deals, those numbers do not apply at all. national commercial bank listed in the region and the middle east in 2014 and the banks on it made 0.1% in fees. the numbers are really small, but where they make their money is from commissions and selling the deal to investors. profitable hugely event for them. when banks take their check helpful to say that i worked on the biggest ipo of the decade. alix: what kind of relationship do we know that michael klein has with the saudi arabian government? he has worked on very high-profile deals. do we know anything about his ties with saudi arabia? ruth: not much actually. he is a pretty secretive banker. he is one that we do not see much interaction with. you do not see these big interviews and profile pieces and all that. be clearlyseems to valued. it is interesting that he is the only boutique bank in there. his background is a lot of energy deals for this is a former citigroup banker. he is know

we see some signs of life. 120 ipos on filing to come public.out, we don't know. with secureworks and others planning -- >> secureworks has been a disaster. >> it got out, right, and that does help. certainly we like -- >> that was the ugly situation, no? >> it could have been better, but it did get out. >> what was wrong with that? >> you have to understand in the first quarter we had a lot of ipos that tried to get out but didn't. >> that was -- those were a couple of hairy days. >> we could have done better. again, the point is, in the first quarter, we had ipos that could not get out. now we have those that have come out and we're going to see -- >> when you say on an ipo you could have done better, what's that mean? >> when you look at the first-day price, second-day price, you would like it to price up. >> then, when you look back and say, okay, was there a lesson there, for the exchange, is there something that nasdaq could have done differently? is there something a banker should have done differently. >> i'm talking about the ecosystem,

we haven't seen lots of ipos from the stocks. i think the bigger names have clearly participated here. i'm a u.s. small mid-cap growth guy going into the fall where we should still see decent numbers and facebook, amzon, i expect those to do well. >> what are the dangers that investors should be looking for. a lot of people look to the upcoming election. do you agree with that or is there anything else's o out the? >> the election clearly was more worrisome to investors 90 days ago. i think in the eyes of most investors i think we know where the conventions are headed for the fall and given that it looks like a trump/clinton race in the fall, that may not be what the world want and investors had seen, but i think there's a comfort factor for investors. i think you also have risk, but frankly i see less of that. isis seems to be a little more tam than i think we would have thought. i think some of the ricks are going away. >> all right. thank you. >> thank you. >>> president obama met with saudi king about conflicts in the region

still basically trading at ipo price. this is news investors wanted to hear.ossinto this docket into this stock because they were expecting him to raise production instead of the cap to level where it was. let's take a look at the airline stock, barclays upgrading southwest debt equal rating and jetblue to overweight. proceed miles more than durable and raises revenue by seven to 48. jetblue is the best idea after united, but barclays is not positive on all airlines, cutting ratings on virgin america down to $56. printers having lower in the downgrading citi those. 3-d down to sell. strategists say is fairly valued after doubling the price in february, three of these shares giving back part of the 10% gain in a yesterday after bank of america upgraded that stock. mightays the speculation hewlett-packard is highly unlikely. i want to take a look at seaworld, in the red after putting shares. reason,yst site three including airport traffic into orlando, as well as market petition from universal after a big investment and the continuing fallout of course from what

remco, the ipo less than 5%. the evaluation has not concluded yet. my question to you, if we were talking about china, would we be skeptical? looking at the government from last year, the fact that two thirds of the whole country are employed by is this too little, too late? john: it could be. there is some ground for hope, but not all of them great ones. one of them is they now know, they all understand that something has to change. second, there does seem to have been extraordinary waste. , it they talk about money is on a level unknown. normally you are used to hearing whenever a western politician will cut and says i are known to be rubbish. the other fact, this is still a monarchy. the king wants something and his son wants something. there is a bill of -- there is the ability to push things through in a slightly chinese way. there are difficulties with the matt: i have just quickly graphed on the bloomberg terminal saudi arabia's unemployment rate. the information only goes to 2015. europe.uld be high for i

. >>> high-tech ipo turned out to be a dud.what that means for silicon valley. ♪ ♪ maxx life in store and online. find brands you love at prices that work as hard as you do. maxx life in store and online. eastern china. a sinkhole opens up in the middle of a busy street and it's all >>. >> incredible video out of eastern china. a sinkhole opens up and all caught on camera. the policeman puts out those cones. good thing he blocked it off. the asphalt started to collapse. in the end, a gaping hole was left right in the middle of the road during very heavy traffic. >> with a bit of a french accent, history made in the south bay. solar plane on a historic mission touching down in front of a crowd of about 300 cheering people last night. the solar impulse 2 made a quiet and graceful landing around 11:30 last night. 2 1/2 days after it left hawaii. it's the first fixed wing solar plane to fly over the pacific ocean. the pilot emerged all smiles and full of energy despite spending 62 hours in the plane's tiny cockpit. he says this is

what about that ipo? are a littlek we ways away from that. still look at this as a baby and i praise with a long way to grow. maybe, never say never. emily: you're going to be making premium, hbo caliber, short form content. explain what kind of ideas you have been kicking around, what kind of talent you have been speaking to. in: -- br us, -- right started with public access programming, reruns of sitcoms and lots of episodes of star trek, each one of those brands defines themselves with a premium show, like madmen on amc. if you compare that to the digital video short form revolution, and started out with you gc content and the creators on youtube making their own more premiums shows, and the companies like ours came along and then started making restricted premium content. we believe the next evolution of short form video is superhigh quality scripted shows like you would find on a premium subscription service like hbo or netflix. that is the kind of content we will be making, whether that is highly serialized dramas were scripted comedies

>> terms of leasing industry you have go big chinese banks planning to ipo their businesses.he bank of china and cdb. which is a sign they think there is an appetite for these kind of assets. in terms of what the industry will do as the year goes on, will people be making a lot more financing available for aircraft. airbus says they will finance more deliveries themselves this year because -- >> we are already seeing contraction to some extent or at least less financing available. >> from some sources in recent years there is a contraction. we're looking for the chinese banks to step into the breech and lending more or doing more leasing activity. so let's hope that stays on course. >> you mentioned chinese demand is still firm. everyone is wondering what's going on in china. have you heard signals they are revising down to their listeninger tomorrow forecast for demand out of china? is it short-term? are they worried about future demand? >> i think the chinese airlines haven't been overly aggressive in ordering planes. they have a mental from airbus and actually the chinese

this is it so it's important for number one the fact they do that ipo several years after the ipo blewd number two, they are the harbinger of how ipos go in the next few weeks. if they price towards the high end it will be a positive sign. all indications are demand is pretty strong. next week we'll have mgm and american renal and secure works. the market is thawing out and it's been a long time. >> and the skepticism continues as well, closing out a rather quiet day. we'll see who's ringing the bell at the big board and nasdaq. stay tuned for the second hour of "closing bell." see you tomorrow, kel. >> welcome, everybody, i'm kelly evans, here's how we're finishing up the dow eking out a gain of 17 points and s&p, we'll watch that one and make sure it is actually closing positive. less than a point, 2082 is the level there. the dow hasn't closed above 18 k since last july. the nasdaq couldn't hold on to positive territory, it's down about a point and a half on the bell coming up, steph curry and kobe bryant and jail jamie dimon, all on the panel for having the best day yesterday. welc

emily: brian told me ipo is more than two years away. have told me the same thing before, but sources are telling us that airbnb will be profitable this year, is that true? nathan: we are doing very well, financially. we had a big year last year and it will not be too long before we are profitable. sam: do not rush. emily: advice from the top. nathan: we think there is a lot of growth opportunity, still. we are definitely in no rush. if we had been in a rush, we would have been profitable long before. emily: how are you thinking about unit economics and the environment? nathan: we are extremely well-capitalized. we see all these new segments that we think we can thrive in, we are growing in china, cuba. we want to think we will invest in growth but we are also , running the business. emily: dallas y combinator sam altman with airbnb cto nathan blecharczyk. coming up, how the company could become the next billion-dollar unicorn. later in the program the tech , story is over, according to one of our guests. we will tell you why on "the bes

tech ipo of the year. the stock stumbled in its debut, closing literally unchanged at 0%.ls reporter caught up with secureworks ceo mike cote and asked how he is feeling about the listing. mike: we could not be more satisfied. the nasdaq experience was spectacular. it is a rallying call for the company. we have been doing this for 14 years and have a long road ahead of us. >> delisting was downsized. you brought it down by one million shares, and the price came down below the marketed range at $14 a share. what were investors missing from the valuation? what do you think, what message didn't get across? mike: we are in a market that seems to be coming towards us, with regard to internet security for and the growth around the internet of things. we focus heavily on partnering with our clients to keep the bad guys out of their networks in a vendor agnostic manner. we work with other security companies to find a holistic solution, and our clients go from the smallest to the largest in the world. >> where is the biggest growth barrier for you? you do managed services, focus on