we have a great ability to not just structure ipos and place them, but to underwrite ipos.e shuaa more involved in that. yousef: how many mandates? guest: between five or six. yousef: let's get to other developments. the first ratings downgrades from the region has come from oman and bahrain taking a hit. joining us for more on this story, the middle east editor. good to see you. another series of downgrades for what has arguably been the vulnerability in the broader gcc. talk to me about the significance of this in a wider context. reporter: there's no doubt that oman and bahrain have always been the weakest links in the gcc economies, along with saudi arabia. saudi arabia is edging higher. if you ask investors, they would tell you to be a bit more worried about oman than bahrain. you talk to anyone and they will tell you saudi arabia is going to be behind bahrain is needed. that is the price of bahraini debts. oman, we have seen the first four months of this year look at the fiscal data. you see hardly any change that reflects policy makers to consolidate that budget defi

it's the quarters following the ipo.is everything >> do companies realize that that's been a big problem. >> i always thought underwriters, their job was to help the companies, you know, manage investor, tell them, you have to manage investor expectations and blue apron and snap are just the poster children for that lack of managing expectations and i think it might be that some of the companies are in an echo chamber where they can do nothing wrong privately. they've been chased after. they've been courted but the public market, they're not seeing the same thing. they want the company to do what they expect to be done and both blue apron and snap certainly did not do that at all. and they have suffered the consequences so far. >> but redfin and goose, man, strong performers. i love that redfin app anyway, thank you. it's not everybody just a couple, not everybody thank you. >>> and when we return, jeff seinfeld will be us with his thoughts on ken frasier's exit from the president's manufacturing council and the presiden

we have a great ability to not just a structure ipos and place them, but to underwrite ipos.she walked capital -- we see shuaa b more involved in that. yousef: the first ratings downgrades from the region has come from oman and bahrain taking a hit. more on this story, the middle east editor. another series of downgrades for what has arguably been the vulnerability. talk to me about the significantly -- the significance of this in a wider context. there's no doubt that oman and bahrain have always been the weakest links in the economies, along with saudi arabia. saudi arabia is edging of a higher. if you ask investors, they would tell you to be a bit more worried about obama that bahrain. tell you saudi arabia is going to be behind bahrain is needed. that is the price of bahraini debts. seen the first four months of this year look at the fiscal data. you see hardly any change that makers toolicy consolidate that budget deficit. last year was about 21% of gdp. that is the highest in the gcc. they expected to come down to 10% this year. we've not seen any signs in the numbers.

the ipo itself was conducted near the very end of the q2.ege in our complaint, there were some very material information that they did not disclose to shareholders in the prospectus that, if it had been disclosed would have affected the price even more you talked about the fact that they were forced to reduce the indicated range beyond what was initially sought by the underwriters given the reaction to what's been disclosed by the company on august 10th, we can see the stock should have only been priced at about $5 a share as we allege in our complaint, some of the material information that was not disclosed in the prospectus, number one, they had very significantly reduced ad spending in q2. >> frank >> yeah. >> brian kelly i have been in the business over 20 years every month or so i get a letter in the mail with a little check from a class-action lawsuit, usually for about 23 cents what is the split? what do you get paid versus what the shareholders get paid? i have never gotten anything from a class action suit like this. >> well, this c

is the ipo the only route for them as an exit?are they going to believe in the valuation of the company? that is the main question. caroline: the valuation is pretty high. they are looking for 10 times 2016 revenue. even though we saw revenue pick up in 2016. >> that is correct. i think investors are worried about these types of ipo's that have not been very successful in the past. the problem is they have tried to sell the business and are seen as a seller, so that will create pressure. that said, the franchise is there. they have an amazing brand. it's a really well-known tech company. i am sure investors, especially in a shaky ipo market, may see that as positive. caroline: it is a local listing? we will not see them go to america? >> one of the main questions is where they will list. our understanding is it will be in europe, most likely scandinavia. that remains to be seen. the u.s. would make a lot of sense as well. caroline: going back to the history of romeo -- of rovio, four or five years ago we saw , zynga approach them

angry birds is hatching an ipo. uy in?estors b we will consider options and challenges for the parent company. president donald trump call. white supremacists for their role in the deadly violence over the weekend in the state of virginia, this as the administration sought to counter backlash against the initial though your to directly hold hate groups accountable. president trump: racism is evil. and those who cause violence in its name are criminal and thugs, including the kkk, neo-nazis, white supremacists, and other hate groups that are repugnant to everything we hold dear as americans. initial: trump's remarks of the weekend faced criticism from business leaders and lawmakers on both sides of the aisle, claiming his statement was inadequate. it also prompted the merc c.e.o. ken frazier to resign from the prompted's council and responses from silicon valley, including tim cook who tweeted this. the h.p. c.e.o. also said this. with us from san francisco, tom giles. and from the white house, jennifer epstein. i want to s

vonnie: originally you bought at the ipo price.ean: we are in the market this morning buy more stock. i think that the negative sentiment has now shifted. the lockup is behind us and it's now execution story. vonnie: the lockup is behind us, but there are more shares to come. it's like an unleashing a more shares at this point. sean: we are of the opinion that the next lockup on monday is not merely a significant as the 400 million that the street is projecting. a lot of it is employee stock and multi-year vesting could a lot of employees are not going to be selling it. vonnie: what kind of revenue does snapchat have to get to? between five-$10 billion within three to five years? sean: going into the ipo, the expectations were a billion dollars this year and $2 billion next year, which is 100% growth rate. we think that expectations are coming down. however, i do think $2 billion is very possible. you saw what sir martin sorrell said about ad spending and that they are doubling. as they get more creative with the ar products and pe

when are you going to ipo? >> we don't talk about that. >>. >> you gave a much more complete answer than i was expecting. >>> lots of people have welcomed amazon's alexa into their homes. how brands want to come in too when press here continues. >>> a couple days ago, ali baba became the latest tech company to offer voice assistance, they call it genie. for now, it only understands mandarin. the echo, created the category. brands are desperate to get into your alexa and sell you stuff. can they do that without anowing the hell out of us? >> steve hammond works with adobe, helping brands capture our attention. i know some people still out there will say the photo shop people? why is the photo shop guy talking about marketing? adobe has made this huge push in digital marketing and understanding how all of that works. right? >> yeah. in 2009 they added a huge division on enterprise and connected into the digital marketing space, and really expanded into helping us address digital and enterprise. >> i'm nervous abo

don't forget this is a 10-dollar ipo, so down almost 50% from the ipo price. beat but no one cares, the big picture is that the customers are dropping, the costs are going up, the marketing spending is outrageous and they don't meet what everybody is expecting them to do, whether it's meal plans and getting it going. big picture here, they are failing in the investors market at least and huge competition from amazon, amazon taking over whole foods and now recently got a trademark for meal kit delivery. that's exactly blue apron's business. we will watch for snap after the bell, we expect volatility there. in their last report they did ultimate i will say they had a wider than expected loss revenue that didn't rise as projected and the stocks dropped 20%. we have no way of knowing what snap will say. that stock is down 44% since ipo. ipo's haven't given investors high hope returns that they may were hoping for but we will see ultimately going forward, lauren. lauren: not at all. you were talking about amazon, food companies are battling amazon. some of the reta

that's a big no-no for an ipo.n addition i think companies like these come to market thinking possibly they could be worth what they've been valued at privately i think that that is not -- there's not a connection in fact a very big disconnect between private valuation and what the public thinks companies are worth. i would say lastly that, you know, public investors deserve a certain amount of respect in terms of voting shares the lockups. these companies in particular and snap came out with non-voting shares. blue apron has limited voting shares, basically controls the companies. shareholders certainly deserve some seat at the table >> got you kathleen smith, thank you very much for joining us. snap one of the stories we'll be watching in trading today. >>> one of uber's earliest investors is suing the co-founder and ex-ceo, travis kalanick claiming fraud, breach of duty and breach of contract ben mark wa benchmark wants to boot kalanick from the company totally >> when is the last time a board member sued anothe

the company's new ceo has big plans for the ridesharing company, including an ipo.s thursday, august 31, 2017 you're watching "worldwide exchange" on cnbc. ♪ >>> good morning welcome back to "worldwide exchange" on cnbc. i'm sara eisen >> i'm wilfred frost good morning to you from me as well >> final day of trading for the month of august, a positive one for the dow and the nasdaq >> just. >> especially for the nasdaq, just for the dow and not for the s&p this morning it looks like positivity all around. dow futures up 44 points s&p up 5 1/2 s&p up 14. big move higher in the nasdaq yesterday, especially a 1% gain there led by biotech and other tech stocks like amazon and microsoft. ten-year treasury note yield sitting around 2.15. we're off the lows of the week and the year which were below 2.10, not much to speak of got a jolt yesterday after that revised second quarter gdp showed 3%. the name of the game has been lower yields we'll see if we get more ticks higher that helped groups like the financials in yesterday's trade. >> financials still in negative territory

headquarters, also at facebook, i understand >>> a lot to talk about, guys, first of up, some recent iposue apron under our belts, not so good guidance on the second half, not as good as expected, stock is down over 10% >>> nap reports tonight after the bell we'll talk more about that tonight and after -- tomorrow morning, but for now, what does blue apron say the ceo has talked to us already saying there's room enough for amazon and us in this space. >> yes, but amazon takes a big bite out of it i think the market may be small are. it sounds cool, they bring all the stuff, but it turns out it takes a while to make the stuff, it's not nearly as convenient as premale food, which many options are going out. americans tend to like convenience. it's actually not that convenient so i think a lot of people try the product and say, eh, it's okay, going back to another way of doing it. >> i think henry is right. it's a new market, it's hard to differentiate, right ingredients are ingredients, so if you don't make your own ingredients, you can't differentiate. it could be on delivery, so what is i

in ipo is not the only way to get liquidity.es would like to see it and are anxious for it, but there is an interim solution they are considering. to have you come a eric newcomer, my from san francisco. uber,ing that news of chiefa's has named a new finance officer, a well-known internal customer -- person. continuitymessage of to shareholders. betty: they have to pick up the pieces. if you are interested in the new features of the new iphone, we have exclusive images to help you. this is bloomberg. ♪ so new touch screens... and biometrics. in 574 branches. all done by... yesterday. ♪ ♪ banks aren't just undergoing a face lift. they're undergoing a transformation. a data fueled, security driven shift in applications and customer experience. which is why comcast business delivers consistent network performance and speed across all your locations. hello, mr. deets. every branch running like headquarters. that's how you outmaneuver. morning in hong kong, minutes away from asia's first major market open. pretty cloudy this morning.

>> well, the ipo market this year has been a big and positive change from last year.es are achieving their targeted ranges or above and aftermarket returns have been double digit on average. it's been a positive first half of the year. >> maybe leslie, despite the headlines, the companies that we mentioned, it's still stronger under the surface. >> exactly the high profile ipos like blue apron and snap have gotten a lot of attention i'm curious how that's impacted the clients you speak with their decision-making, when they look at how the stocks have performed lately that have tried to go public and maybe underwater >> there's always a range of outcomes in the ipo market i think each situation is so company-specific that usually companies looking at ipo market are thinking of their own situation, their own fundamentals, more so than they're observing every single ipo that goes ahead of them. >> what about on the clients on the buy side of things, is there appetite for the new potential growth ideas or is everybody playing defense and, you know, going towards index? >>

with guilty charges on three of eight counts will he end up in jail and later, two of the highest ipos of the year are on deck for earnings next week, but stocks are getting crush ed this month. will this be a buying opportunity or nail in the coffin but first, the dow closed at a record high every day this week, tech stocks are closing out after jumping more than 6% in the last month and despite a huge move from apple the question is simple it time to sell technology and wait for the second part if it is, what do you buy next in. >> i don't think it's time to sell technology. couple of them stick to me micron you say to yourself, is this the beginning of a move lower or the opportunity to buy i would submit $27 was a level back in may. i think that's a level again another name is western dij, which pete has mentioned it's had a drop from 95 to 81 both these names are xhottized product, i don't know if that's worthy of a conversation now getting back to the original question, there are places to buy and to me, they fall in these, people are spending money, clearly it's manifesting itse

reporter: we saw the stock climbed today after a long, drawnout fall since he ipo. -- the ipo.e main reason's snap has fallen is because facebook has been copying its most popular features of the main app and on instagram. this company continues to be very compelling to a lot of young people. that's what the report reminds us. it is still a lot cooler than the big social network is. emily: how much of a concern is this actually for facebook? given that they own instagram, is it still a problem losing teenage users? reporter: when i speak to teenagers who use facebook, and a lot of them do, but they use it for more responsibilities or utilities. they use it to coordinate soccer matches, work on group projects with people from spanish class. it's the kind of thing you have to be on to survive in high school and college in a social setting with teachers. it is more of a tool, not fun. and away leaders are communicating, they communicate in images, and video. it is less the kind of status updates we see on facebook, which has become increasingly political or increasingly heavy. thi

last quarter, it went down 20% on the earnings they got another chance, we'll see if it can lift the ipo mood after blue apron shares are down 15%. >> let's get over to wapner and the half >>> and welcome to the halftime report, live today from post nine at new york stock exchange. we are watching stocks have their worst day in a month, many blaming increasing tensions with north korea, as one of the reasons for today's selloff. here's how we look at the moment, dow jones industrial arch down by nearly 130 points been really a triple digit loss for much of the session today. s&p's negative by nearly 1%. it's the naz dock that certainly seems to be the worst today. joining us for the hour to discuss all of it is josh brown. joe, john, and pete, we begin today though with a man whose memo was the talk of wall street recently a memo warning investors that the level of risk in the market may be getting dangerously high. howard marks is the co-chairman, he's with us live today at post nine and we are very happy, sir, to welcome you to our program today, thanks for being here >> thank you, sco

much more "fast money" right after this >>> welcome back two of the bigs ipos seeing a bit of a reliefally today. still, it's been a rough road for these two since going public snap is down 20% lieui inlosingy $20 billion of market cap, but if you bought the stock on the first day of trading, you'd be down more than 40% meantime, blue apron is down 40% losing $350 million in that time reports before the bell tomorrow snap after the bell, so dan, walk us through the implied moves. >> start with snap here. this is interesting. this company had reported one report as a publicly traded company on may 10th. the move was 15% and moved to 21% to the downside. tomorrow is about 15%. that's about a $2 move in either direction, which seems about fair when you think b about it to me, these are really difficult ones to gauge out of the gate the short interest is a problem. $2 this either direction for snap, blue apron is a little tricky this is the first quarter since the ipo move is about 19%. it's about 1.10 in either direction. both have had a short squeeze today. it will be interesting to see

coming up, hints at an ipo. we will break down the plan for uber after the new bots meets the troops. plus, apple goes all in on the touchscreen and the home button becomes a thing of the past as the countdown to the next big iphone event begins. we have the inside track on the biggest design changes in iphone history. and warren buffett sounds off on tech. berkshire hathaway chairman and ceo speaks to bloomberg tv. we cover his biggest regret the tech industry and what industries are still ripe for disruption. first, the world's most viable startup could be going public sooner than we think. the incoming uber ceo met with uber employees wednesday and says he thinks the company should go public in the next 18 to 36 months. he also outlined some of his top priorities on the job, including coming up with a new set of values and bringing a new chairman to help drive the agenda. uber's communications team tweeted some of his remarks after a staff meeting, saying this company has to change, what got us here is not wh

the platform seems to have fallen out of favour with investors, the ipo, pricing them at $17 a piece.first day of trade the stock hit a record high of nearly $30 a share. but it has been ona nearly $30 a share. but it has been on a slippery slope ever since. last week the shares hit an all—time low of nearly $13. the meal kit company blue apron lost a fifth of its value two months after going public. they say the cost of building a new centre would add to losses this year. they are also being squeezed by stiff competition from amazon offering a similar service last month. they arejoining a growing list of technology start—ups failing to live up to expectations ahead of their share prices. now to a massive investment by japan's telco giant, softbank, which is on a spending spree. from uber, lyft, to fanatix, they are eager to invest. late last night it was reported they will find $2.5 billion into india's on line retailer, flipcart. but if they are going to do that, not all of them are going to be successful. why are not all of these japanese investments successful? some acquisitions a

that was different. >> the user growth -- the user growth also wasn't slowing into the ipo like snaps >> well, actually, facebook's desk top was that was the reason that caused the drop initially but here's the biggest difference when facebook went public in 2012 -- >> it's a sensitive topic. if facebook didn't have the ipo issues it had, it may not have dropped to the magnitude anywhere close to what it did. >> the year it went public had $5 billion in public and was actually break-even on a gap basis. snap just turned on their revenue engine last year if they could ever show a path to profitability, actually monetizing the users that they have without demonstrating the sort of growth that facebook had in '12, '13, that sort of thing, then snap works. i bought some the day after it reported, a week and a half ago. i think you probably have a squeeze back over to 17 in the next couple of months. >> i think the biggest problem i'm with you, no is the answer to the initial question. when you look at the ax acceleration of instagram and look at snap, it's not even close. intergram's not

blue apron shares are now down a whopping 46% since the ipo that was just on june the 29th and today down another 18% here, kelly. almost as five bucks we have a breaking news alert on venezuela. michelle caruso-cabrera has those details. >> credit suisse has prohibited their staff from trading certain venezuelan bonds due to representational risks this is an internal memo that was sent to a small group of traders in switzerland according to their pr department, three different particular venezuelan bonds, representational risk, what will it be? goldman sachs took a lot of heat for making a market in bonds that were unloaded by the venezuelan central bank as they searched for cash. there was a lot of heat taken for that by goldman sachs. the other issue is that a lot of venezuelan bonds are actually widely held among venezuelan senior officials, and there are concerns, and this is not coming from credit suisse, this is from my reporting that there's a lot making it out of the country, and they have provided tremendous returns, each as we see this horrendous video that constantly come

this is something we definitely sought facebook after their ipo.le who have been there for a long time, taking the company public, they feel like they have accomplished something and they are ready to move on. there is always a mix of reasons. we can't say for sure. emily: they have maintained that copycatting is a form of flattery. do we think he will change his tune when it comes to this quarter and facebook making even more moves on snapchat? >> i think that is top of the line for all analysts covering snap. why isn't evan moore scared about facebook and what they have done to copy the product? the company is holding fast in their claim that they have something completely different. it might be to their detriment. one of the things they have been saying is they don't care as much about people having more friends than they do. they are willing to keep it a small community. they don't want to be like facebook in terms of getting so big that it becomes less intimate and less cool. but what might happen with that is that it might hamper their abilit

coming up, india posed for an ipo record. for a record year when it comes to ipos, insurance companies looking to ride the rally and tap investor demand for financial assets. ally financial reporter joins us now from mumbai. you look at this well performing market, is that the only reason why they are coming to market right now? >> that is one of the main reasons for the companies to come into the market at this point. is close to record highs in terms of the benchmark indices. it is one of the best-performing stock markets in the global tonomy, so corporate's want use this opportunity to get high-value wish and's and tap the markets in this short window available before the bull market rally loses its legs. haidi: what is going on with the insurance industry? why are we seeing major insurers go to market? >> they are coming into the market to race about 5 a.m. dollars, -- five billion dollars, insurance as an underappreciated market in india , and there is a lot of interest in india. we are seeing insurance companies which h

still ahead, the company behind angry birds is said to be planning an ipo.dy to lay golden export investors? that is next. as we head to the close of equity trading in europe let's take a look at rebounding from a five-month low -- worst week since november. you can see the stoxx 600 up 1.2%. the dax rising the most in more than four weeks. gains.also seeing every industry group heading higher as well. broad-based dollar gains as well. a bit of a weaker euro. that's look at the fx, seeing a weaker sterling in this session. with that broad-based dollar strength. this is bloomberg. ♪ nejra: live from london and new york. vonnie: this is bloomberg markets. nejra: the company behind angry birds is said to be planning a $2 billion ipo. .hat valuation is 10 times eggshey keep the golden coming that don't involve birds? answering these questions -- but before that, let's talk about the valuation. is this justified? >> $2 billion would look like the offer that they rebuffed five years ago. the valuation right now as you said, is about 10 times revenue -- you have to

will be ipo in the biggest past few years. is a lot of expectation of what this might actually bring in terms of dividends to toreholders, it is expected be one of the main reasons for people to watch the name. yousef: always good to get the key factoids. let's get more context on what's happening in the broader properties sector. companies and a few others reporting, the director joins us live from cairo. i know you have covered this company -- what was your take on the numbers? happy --we are quite however it's a bit of a situation because numbers reported a loss, quite a substantial loss year-to-year. also there are great numbers with corporate profit so you have contractors reporting new tobers and real estate peers match the good numbers. situation,tradictory but we are taking note of the fact that it's actually down, the same case over the region it turns out later in the cash flows. yousef: what about the weaker u.s. dollar? there have been whispers that it is helping support sentiment, bringing in more tourists, and he

. >> and day of ipo report cards blue apron is dropping in the premarket.usy day for retail earnings this morning we heard from macy's and kohl's. they both beat the street. dillards reported. that stock down after it missed estimates and same store sales fell by 1% we'll hear from nordstrom today. they've sort of been all over the place. up and down. >> people are being stupid they're being stupid kohl's is a good quarter the concern is the 5.5% yield. not a problem. macy's, really, really good. why? because they reaffirm. this is a company that has not reaffirmed in ages i think thatthe new management there is energized they're spending on the stores to make them look better cash flow still good they've got that unbelievable cfo who's going to tell us what's really going on to be able to be sure about the dividend but so far so good dillards is a disaster i haven't been there since 1978. i didn't like it then. but i think that kohl's, only because it ran, is not down a lot. remember kohl's is not a true mall store it's a strip mall store. see what they ha

. >> tom, snap has not traded well since the ipo.here is this talk about spotify coming to market without an ipo. how much should investors worry about the health of the overall ipo market uber has had all of this pr trouble. that's onest names that people have been expecting. how merky does it look >> i don't think individual investors should worry too much about the ipo market for the most part, they have difficulty participating directly and i think you do have to look at each individual offering separately because sometimes there is just this big tail wind behind it right now i think it's good we don't have a huge tail wind behind it. the animal spirits when lead to overpriced markets aren't fully imbedded in the market yet >> where does semiconductors fit into your tech thesis? they have been so hot lately. >> yeah. semiconductors have been really hot. i think a lot of people look at these as these are the super cyclical companies that will pull back. and i think it is different this time in semiconductors. i think the cycle is

they are raising new funds for growth that may have an -- a potential ipo.acing facing pressure from a labor group. they are forcing the company to shine light on its ownership and financing. the union went to the labor relations board after bloomberg reported they plan to sell overseas assets. caroline kennedy is joining the board of boeing. they say she brings professional and global perspectives that are highly valued. kennedy was president obama's envoy to tokyo. she is reliant on the asian pacific. homes jumpedion after agreeing to a $4.3 billion largestcreate the single-family landlord. it will have more than 82,000 homes. imitation shareholders will own 59%, with starwood investors holding the rest. yvonne: let us take a look at the markets trading. here is how we're steering so far. the asx 200, we are seeing shares lose more than 1% on this friday morning. we do have a rough day on wall street overnight. 44%.ix at president trump dialing up his warning to north korea. they're calling a game of chicken between u.s. and north korean leaders. bonds als

in 2018 if everything goes back to where it should be, they are preparing for ipo.on is where it should have been all along, canada uber --can uber survive in a self-driving future? dara does not necessarily come with the tech chops to lead the company into this inevitable age of driverless cars. can he do a better job than controversiale a acquisition with a lawsuit? can dara do a better job of preparing uber for that inevitable future? emily: thanks so much. we will see a year from now. that to breaking news out of asia. japanese prime minister shinzo abe speaking to reporters in tokyo saying a single missile appears to have passed over airspace and the government was urgently collecting intelligence on the incident and doing everything to ensure the safety of its citizens according to remarks made on the broadcast nhk. south korea will be holding a national security meeting. the missile was launched from north korea we believe before 6:00 a.m. local time landing off the coast. we will have more details next. this is bloomberg. ♪ emily: we are continuing to monito

we explain and what could be the next big tech ipo.loomberg businessweek. ♪ tover: welcome back bloomberg businessweek. i'm oliver renick. you can catch us online at bloomberg businessweek.com and the mobile app. in the finance section, a focus on boards of directors. even if a director has been forced to resign he or she may be sticking around longer. we got the scoop. see whate curious to happened with directors who were fired by shareholders, whether they were leaving or not. this has been an issue going back 10 years. where shareholders were complaining that they would vote someone off and then they would stick around. the rules favor directors. what we found is there has not been much change in the last decade. oliver: how does that work? when you are leading a company -- what executives are we talking about? the ceos, others that get removed, a company goes through turmoil and they say we have to move/ on how can they potentially still stay on? >> we are talking the board of directors at every company, every so often, they are vo

company ipo just before the end of the second quarter.he first look at who is in blue apron. jana partners, one of the early names we saw took a small stake in it. to stock higher. activists, there are activists, though it is not clear if this is an activist. they have made no commentary. all we have now is the filing. it is worth noting that when you tradersund the street are following this closely. last quarter after we saw the first few snap investors, snap shares rallied over 8%. they saw all of that. appaloosa. a few other names. however, these filings are fickle. they are there three to five days old, the end of the quarter. it is unclear when exactly someone bought in. how long they're going to remain. >> they are a snapshot of where the funds stood at that point in time. >> it is comforting to a company to have big names, even for a snapshot cover that moment, when you come off the top earnings week librar like blue apron hat. >> we talk about lost valuations in the tech sector. tech companies. what are you seeing in the 13f filin

hr chief, latest of troubles for the company that's seen its shares plunge more than 47% since its ipolly, shares are at the moment up >> all right as we mentioned, blue apron yesterday below $1 billion, using its unicorn status at least for the time being thank you, adeathy >> up next, we're coming back with the closing count keown. >> former congressman dave camp will join us he'll talk tax reform and we'll see if parts of his plan from 2014 could be useful now sissorwiatching cnbc, first in bune wldde you always pay your insurance on time. tap one little bumper, and up go your rates. what good is having insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch and you could save $782 on home and auto insurance. call for a free quote today. liberty stands with you™ liberty mutual insurance. ♪ i'm living that yacht life, life, life ♪ ♪ top speed fifty knots life on the caribbean seas ♪ ♪ it's a champagne and models potpourri ♪ ♪ on my yacht made of cuban maho

. >>> big name hedge fund managers making moves in struggling ipos in blue apron and snap leslie picker, is there opportunity? what are you finding >> a lot of dumpage going on, kelly. the first full quarter that snap has been a public company and just like the photos sold through snapchat the stock saw disappearing owners. had about 550,000 shares at the end of the first quarter third point had 2.25 mill, appaloosa 100,000 and moore capital had 1.3 million. three months later all of these managers, except soros had divested thereto was a time when hedge funds loved snap here's david tepper on "squawk box" in early march. >> i'm not jumping through the hoop to buy the 2180 but should it, you know, go down to the original offer price i would love to buy the stock there. i'm a believing in the company it's a valuation question to me. where to me i'm in the nowhere land of valuation right here >> now, he confirmed to me today he did acquire a very small position but no longer hold shares of snap those who did hold on saw the value decline about 21% during the quarter. blue apron went publi

you have a flurry of excitement when people get on to the ipo.rices fair to participate in the long-term story? what do i have to sign up to? there are a lot of people who say that amazon is a busted flush. i look at it -- i look at amazon's cash flow and i see a company in 10 or 20 years time that will be bigger than it is today. that is a sensible, long-term investment. manus: do you like what you saw from jeff bezos, the diversification into brick-and-mortar? james: i think it is a smart strategy in terms of dealing with the final part of the distribution strategy. i think it is a coherent model, well articulated perspective on the how the company will make money. it is good news for shareholders. manus: let me circle back to the content stored. -- content story. you have to be a particular age to remember aol, time warner. a company wants to get its hands on charter. there may be a bidding match. is a warning sign like no other to me. james: a lot of debt. manus: enterprise value of charter would be $185 -- $185 billion. there is debt. on,sai

health beauty reported they can beat estimates the stock trading right around where it opened in its ipo last year a. little higher than that still it has been weak thisyear. we are joined in a c nbc exclusive with e.l.f. ceo tarang amin thank you for joining us >> thank you for having me. >> you posted a 7% revenue growth but there were some complaints afterwards that you did not raise guidance, tell us a little bit about what you saw and how you interpret the stock price reaction >> yeah, you know, we don't really pay that much attention to the day-to-day stock price. our approach is we put out really strong guidance we are busy executing against it i don't that many companies with that revenue guidance. that's what we have done that's what we are executing against. >> is the point that are you making is you are managing to grow market share in aly soi slowing overall category, is that right >> absolutely. i think we grew share to 4.4% of the market up from 3.8% last year it is ability our overall consumer model and winning to the key in this category. >> give us more on the category.

the june 29th ipo.e latest quarter? not well at all, the quarterly number showed a net loss of $31 million versus a year ago where they posted a small profit. costs on the rise, spending money on distribution centers and marketing that is killing them as they try and gain more customers. they have had so many costs that it's killing overall numbers. ipo price as i noted was $10, you can see it just above the $5 mark, and you mentioned amazon, amazon gunning not only in the food industry and having the acquisition of whole foods but the meal kit delivery industry in particular because they've actually filed for trademarks in that area, they want to compete directly against blue apron and the meal kit biz. big picture, and this is a big one. puns don't stop, they've lost the appetite for the company, shares have fallen like a souffle and fires in the kitchen. connell: i like it, nicole. the guy taking out the garbage, i thought he was taking out food from blue apron. nicole petallides on the floor of the

. >>> blue apron, ipo which has gone from bad to worse shares are down more than 15% right now.reported a larger than expected loss on it's first earnings report since the ipo which we remind you was less than two months ago down 47% raising the question, should blue apron have gone public in the first place? joining us now, michael graham, and also herb green, good to have you guys here they had a million customers last quarter, previous quarter, michael, now they've only got 943,000. this is a brand new, fast growing in quotes company. those numbers are going in the wrong direction. what happened? >> yeah, they are going in the wrong direction in the short term it's an unfortunate thing that this happened, you know, right around the time of the ipo basically what happened is blue apron has three fulfillment centers, the largest one is in new jersey and at scale, it probably services about half of all of their volume, and they had long-planned a transition to a new fulfillment center right about now even before they were planning the ipo they ran into some problems, not a lot o

as you recall -- >> snap from the ipo >> i was noin on the ipo and i sold it.ou my heaven or hell trade, josh. right now, huge buying huge in the august 1550 calls. massive buying about 11,000 of these picked up like this in big blocks. then, just minutes later, somebody came in and bought the shorter term, next week expiration, august 15 calls. so these are the 1550s then they bought the 15s the stock turned around from the lows of the day to zooming to the upside i think it's up like 50 cents or something, but awfully cheap shot, reason to maybe keep an eye on this one. i'm in it. i'll probably be in it at least a week >> yeah, well, you know what's coming next week >> yep >> earnings. >> exactly and that lockup, with all the pressure that came off, judge, i think this is all kind of behind these guys now and the stock's ready for that big upside move. the heaven part of it is, if it goes up, obviously, i'll make a lot of money if it doesn't, that's the hell part, because i'll catch hell from josh, who said to sell it if fell down >> somebody's betting on a p

when they break ipo price, that's a negative sign. i guess, expired and the insiders are selling. it's got a little work ahead, i'm afraid. sandra: turn to go political market, tax reform a huge discussion and has been the president wants 15%, we are hearing from even republicans that that may not happen. might look more like 20% and how much leverage really is there if this continues to drag on into next year, craig? >> you know, the market has been amazingly resilient despite the fact that the government has not had much success getting some of the programs through. i think the tax reform is really what the market is looking forward. i think the market is still saying it can happen, it should happen at some point. i think if you get into october, november, and there's not been any progress made, i think then the market has headwinds in front of it. i think most people think that it's -- analysts that i see, it can get done and should get done. i guess the timing is more really anything. sandra: whether or not 15% was a possibility,

year snap continues well below ipo price 17 dollars a share aub, as you can see, not performing ipot solar eclipse in the u.s. nearly a century happening this month talking about it the space agency plans to not telescope on two jets, so all kinds of photos video thermal images about visible 3 1/2 minutes our way on august 21st, nasa is also releasing a long list of eclipse tips for the big day a a list of official viewing sites, or you can see it from local obsertrees, watch in your home on their site. >> we look forward to that thank you we are a few minutes away from july jobs report in 15 minutes what you need to know ahead have had release impact on markets back in a minute, stay with us. we check our phones 85 times a day. so it only made sense to create a network that keeps up. introducing xfinity mobile. it combines america's largest, most reliable 4g lte with the most wifi hotspots nationwide. saving you money wherever you check your phone. yeah, even there. see how much you can save when you choose by the gig or unlimited. call, or go to xfinitymobile.com. xfinity mobile.

taylor: snapchat has struggled a little recently after the ipo, in part because they struggled monetizing you get advertisers to monetize the user growth. a projected negative even of almost 900 million for 2017. 2254, you will see their share price has struggled. i also note just a little, adding to the selling pressure today, is the lockup from the ipo expires august 29, next week. continuing to put a little pressure. it is all about how you monetize the growth. vonnie: if you can figure it out, pass it along. mark: let's stick with technology. the bar for the iphone is set high. on the features of the phone and how it coincides with the 10th anniversary of the iphone, mark gurman has the details and joins us from san francisco. is the new iphone the super -duper version, will it be a demonstration of apple philosophy of let's not be first, let's be best? mark g.: you got it. screen,per contrast inductive charging, slimmer bezels, these are all ideas that have been tried before. new samsung phone launching last week, another samsung phone launching earlier this year, the essential phone

is going -- what is this ipo going to be like. it is the biggest in the uae in the past few years. there's a lot of expectation on what this might actually bring in terms of dividends to shareholders. this is expected to just be one of the main reasons for people to watch the name right now. yousef: let's get more context about what is happening with the earnings season in the gulf cooperation council. joining us is the head of brokerage managing for the company. welcome back to the program. i was just looking at an earnings breakdown of some of the companies. with over 120 reported, we are seeing flat sales growth and earnings growth -- well, there was no growth, down 6%. you are not as pessimistic about these numbers as some of the others are, are you? guest: no. i am not that pessimistic about the numbers, because these come down with good reason. they are going for a major restructuring on the government level. in these times, you don't expect much growth in the economy. what is happening is extremely natural compared to what

ofwill open a low ipo price $17.tive users and revenue missing estimates. they have ryan fitzgerald look through the noise and be patient the long-term. those shares are down sharply. prior to the decline we see in premarket, up 50%. they were down after they beat estimates once again. it looks like the -- they are disappointed with data center growth. the shares were priced going into this quarter. a do have them saying it was good quarter, it needed to be perfect. jcpenney is down 23%. it's on pace for the worst day of the last year. that is saying something. 53%stock was already down during same-store sales are down. that everybody is surprised. there is a interest on the stock. lots of bears are already on it jcpenney in front of another supporting work. -- we work. david: we hear fighting words from the resident on north korea and diplomacy coming from his a. today he tweeted, military solution is locked and loaded. this came after yesterday when we heard from general mattis. he advocates for using diplomacy. >>

we've seen a very weak year in terms of ipo.ng that the company had tried in the past to sell itself and they didn't find a buyer. francine: what is the difference now? they've tried to sell off in the past, never managed to. why should this time be different? >> the company tried to restructure itself. they sold a few assets. they are now on that to grow again. they released the film last year. their hope is to raise funds to produce the follow-up film. ipochances of a successful will be mostly based on how the company is able to generate growth going forward. we have seen a lot of consolidation in this space. we've seen a lot of deals driven by chinese investors willing to snatch up those video games in europe. but with all the concerns going on in china, that seems to be brought to a halt at the moment. it seems the ipo could be a good path down the road. francine: what is the difference -- is this company media or is it a gaming company? >> that is a good point as well. it is quite hard to figure that out. it is a little bit

he oversaw the ipo in 2015 erving will be replaced by coo blake wagner >>> shares of intuit announcinghat its cfo is also stepping down and will be replaced bay senior finance executive seeing intuit off by 0.1%. >>> time for our top trending stories. taylor swift is at it again with another social media post. it looks like a snake slithering against a black background it's already been viewed more than 4 million times on instagram. this comes a day after she posted a similar ten-second clip breaking a complete social media plaqueo blackout some fans speculate she is on the verge of dropping a new album. >> i heard a new theory about this that if you watch the video with sunglasses, there's some secret meaning revealed >> really? >> i don't know if the eclipse glasses work i have lots of those around. i don't know what to do with them now maybe shy try them out on this video. landon dowdy had that tipped to her. i have not tried that yet. >>> my big assignment for the day after doing this with wilfred, is to cover the powerball jackpot mania. there's a mania because it's a 7$700 millio