dropbox has filed for an ipo confidentially.is bloomberg. ♪ vonnie: the house has voted to reauthorize the pfizer law that allows for surveillance -- earlier, the house rejected the amendment that sought to limit u.s. surveillance. the limitation of spying on foreigners' digital communications. however, that failed. the fisa bill is now through. it hasn't been a slamdunk. some lawmakers were looking for sticker limits. it has now passed. dropbox is said to have filed for an ipo confidentially. bloomberg's ipo reporter joins us to explain. sources have told you that the ipo is filed. >> it is filed. we expect this listing to happen in the first half of this year. dropbox is this $10 million filesharing company, one of the unicorns we've been watching who's been waiting for quite a while to list. we will be watching this closely. it comes in the ranks of spotify, another deal looking to list this year. wall street into laquon valley will be watching this deal very closely because of how snap performed. it listed in 2017. dropbox d

for the ipo.king about these mega ipos, there is the mega of the mega, the saudi aramco ipo. what would you say is the chances that hong kong might get a piece of that action this year? will course, we hope they take hong kong as one of their destinations, but it is still hard to say because we still don't know exactly about the timetable, and which stock exchange they will go for. in our forecast, we exclude this company in 2018. i feel they would have a huge impact to the ipo ranking globally in 2018. they: yvonne was mentioning dual clash share proposal, allowing those kinds of companies on to the exchange. is it really going to be the magic fix that's going to propel hong kong exchange, particularly against its rival here in new york? >> this is part of the market reform in hong kong. we believe this is a major sign for hong kong markets to continue to develop. a lot of the mega sized they have this listing. if hong kong does not have this structure, we will no longer be these companies. for 2

they will take the lead in managing the ipo.organ stanley also is serving as a global coordinator. him we -- is this about capital? ruth: that's the hope. next week we talked about other banks at a been added to the roster. trillionlking about $2 if the government gets with they are looking at. that's a number that will need a lot of banks. mark: give me an idea of the fees. typically in these deals, when the government is involved, the fees are small. the banks can make commissions from the investors that they bring in. they are a fraction of what is usual based on other ipo stories. i worked on the biggest ipo in the galaxy. vonnie: have the banks settle on valuation? will they provide the highest valuation? ruth: that plays a role. these valuation numbers that banks are putting together, people have said they are looking at $1.5 trillion. all ofn't have access to the numbers yet. they don't know how fuel prices will pay out. it's a moving target. that target get refined in the lead up to the ipo. some banks will go into pitch

>> some of the ipo's are ridiculous.here's no natura efficacy and things don't exist yet, that there's going to be sales of these coins that don't even exist yet. some of it is really silly, but there is real money speculating on the value, bitcoin and other currencies as well. i would imagine this selloff -- some investors were looking at this and thought it was to crazy a few weeks ago might like these prices. emily: where do you see the most interest in these alternative points? >> there are a lot of ico's that shouldn't be raising money, but are. a lot of them are raising through an ipo process, which is pretty exciting. i invested in one with a real business model real customer. i am seeing that happen, which i think is pretty exciting, but again, i think bitcoin is the big currency, and the rest will fall under that for a while. >> would you put those in priority you can >> i think going by market cap. far,in is predominant by and then a theory of, and rest are really trying to establish a use case in global adopti

regarding the ipo, we'll compete for any ipo of a great global business, i can't say too much about saudiramco in particular other than anyone you meet from the company and the ministry. i know you met several of them this week, they're professional, sophisticated, and no surprise, they're carrying out a very disciplined due diligence process to make the right decision for saudi arabia as a whole. maria: you think you're going to get the deal? >> i'm not going to comment in particular. i don't want to prejudice any decision they make. for any great global ipo, we want them to make the right decision for them. we don't want to corner them into making something we think is the right decision. there is something like 34 trillion of market cap. next closest exchange is a tiny, tiny fraction of that. in terms of the deepest liquidity in the world, that's in the united states, brand name, you get that from the new york stock exchange, it's also a rigorous governance test to be listed on the new york stock exchange. if you list, there you're holding yourself out to be a well-run, well-governed c

five ipos raising $700 million or more.have the largest latin american ipo technology yesterday. is a huge success. there are a lot of exciting private companies that could likely be public companies. part of what i'm doing is going from meeting to meeting, not only with policy makers, but with the exciting pre-ipo companies. erik: all of the attention is what is happening with aramco, but let's look beyond aramco. what are the big prizes for public listings that you would like to win for the new york stock exchange? >> it is uber. the company.ipo as an american technology company, the home of american technology companies, we will throw our hat in the ring. erik: airbnb is another one. here in davos, but it is a fabulous company and we would be eager to see them on the stock exchange. there are really good cyber companies here that could someday be a public company. or cloud flair, which is a technology company that is growing by leaps and bounds. er and airbnb have been private for a long time and have grown to be enormou

and we are tracking spotify's unconventional ipo.hy the music site is attempting a direct listing, and is there really investor demand? but first to our lead. intel disclosed this week that most of the processes running the world computers and smartphones have a feature that makes them vulnerable to attacks. as the largest chip maker in the world, the impact is far-reaching. intel says fixes are coming over the next few weeks and it sees no material impact to its business. google, which discovered the flaw, says the issue also affects other semi conductor firms. microsoft, apple, and google said they secured their systems. we found out what we need to know. >> google researchers found out that this might be a problem going back to the middle of last year. the idea was hey, we all get together, we all find a fix for this, then we put that fix in place. then we go and say, look, this is what happened. we sorted it out. don't worry. unfortunately, news intervened. people found out. so now they are in this kind of scramble mode, where in

>> some of the ipo's are ridiculous.here's no natura efficacy and things don't exist yet, that there's going to be sales of these coins that don't even exist yet. some of it is really silly, but there is real money speculating other value, bitcoin and currencies as well. --ould imagine this selloff emily: where do you see the most interest in these alternative points? >> there are a lot of ico's that shouldn't be raising money, but our. i personally invest in several, i invested in unicorn. mark cuban invested as well. a have a real business model for customers -- that's really exciting, but i think bitcoin is the currency in the rest will all underneath that. emily: would you break down ripple and -- would you put those in priority order? >> bitcoin is the number one by far, then you see ethereum and ripple, things like that. the rest of the ico coins are really trying to establish a use case for global adoption. cory: mark cuban announced the mavericks will accept payment in bitcoin. think some of these individual thin

we need to have some clarity on the aramco ipo. this will be the mother of all ipos. story about saudi arabia is you will have a descent is that are not well represented beyond the usual finance, real ipo, this you need an aramco ipo. it needs to be an international listing, not local. that is what the markets are waiting for. yousef: i know you have some strong calls. one key call on the broader emerging markets space, new set of south africa, we are hearing sharper rhetoric towards mr. zuma. we could be getting ready for a fight there. how do you feel currently about what is going on over there? >> globally emerging markets are still sort of in a sweet spot because of the dollar likely remaining week through 2018 -- weak through 2018. i don't see the need to go into south africa. mr. zuma could hang out until 2019. we don't know if the alternative will be such a good deal. he also talks about economic empowerment, which basically , sos property confiscation there are doubts about south africa. there are currencies that are shaky like turkey that will profit from a s

alex: in a classic ipo, you hire bankers.help you go out on a roadshow, craft a story, figure out what sort of valuation investors are willing to swallow. this cuts out a lot of that. emily: that costs money. alex: they pay the underwriters anywhere from 2% to 2.5%, which is what snap did. with this, it's different. they basically come out and say, look, our stock is trading now. we don't know how the mechanics are going to work. but in the past direct listings i've looked at, small companies that have listed, they basically just open the shares on day one, like a normal open auction, and that can inject some questions. is there enough supply and demand? where does the price stand? these are things they will have to suss through that could inject a lot of volatility to the shares. you might cut out other writing -- underwriting fees, but it seemed like if they are moving ahead with this, they say they don't need to go out and scream their story from the rooftop like a classic ipo and they don't need 14 banks coming in, tellin

some of the other mechanics of the saudi aramco ipo, which could be the biggest ipo in recent historytions that remain around where they will list. how do you see this playing out? obviously, it is difficult to tell at this point. will it be a list be a local listing, listing in new york, london, what is your impression? tim: i think the attempts to encourage in cities and conjecture about local and even maybe in asia as well. i think there is a lot to be decided. i think clarity about that is one of the big issues. we don't really have a firm handle on where it will be listed at this stage. yousef: it is a lot to digest. there have been more reforms in saudi arabia than probably recent history combined. the latest one being women allowed to go and watch football matches, we have had women being allowed to drive in the summer of 2018. that is the expected date. you have got ongoing reforms domestically in terms of the capital markets, the latest budget announcement. tie it together for us. how does that make you feel about the saudi story in 2018? there are some saying that saudi's ar

what music streaming company spotify is doing is less than an -- an ipo.hey havave raised over $1 billn from private finance. many companies arelulushedithh private finance and dnot need stock market cash. ridesharing company lyft just got a huge injection from parent company alphabet and will go public at the end of the year. drop off the just secured a -- dropbox just secured a large line of credit. home sharing giant airbnb says it is ready for an ipo this year but is holding off. another ipo is the cell phone maker which booked billions in profits in 2017. siemen's health and technology company hopes to raise over 100 million euros. brent: these days companies are not just turning to stop markets to raise capital. they are printing their own money anyway. the initial point offerings or ico's, a crypto currency trends, by buyining digital tokens, you can help a company get the chick started needs. read all about the riches and ribbons -- ruins that can come from investing in ico's. bitcoin showing its volatility, taking a dive of 12.5%, dipping below th

how would this compare with the ferrari ipo? are targeting a valuation of $6.8 billion. how would this compare with the ferrari ipo? >> we are hearing from people familiar with the matter, essentially, aston martin is seeking a valuation of as much a valuation pound, similar to the one obtained by ferrari in 2015. ferrari is now valued at 18 times it's operating profit. that means aston martin would be valued about the same, taking into account that it's a big aston martin production in 2019 as they roll out their suv. tonie: ferrari manages achieve phenomenal margins. could aston martin ever manage that? the ceois clearly what is trying to do. at the moment, aston martin is making a profit margin of about 20%. ferrari managed to go up to 30%. andingmartin is exp into the lucrative suv market. aston martin is also expanding beyond the car business into hotels and other luxury goods. that's where it is going. hopefully profits are there. mark: great job. well done. coming up, it's the european close. we are less than 35 minutes a

in theup, and ipo may be cards for softbank's mobile unit.will look at how much that could raise. outlookon bonds, the from bank of america next. this is bloomberg. ♪ haidi: let's get you a check of the business flash headlines. xiaomi has selected morgan stanley and goldman sachs for its planned additional public offering, which could target as much as $100 billion. a 45i raised money at billion dollars by ua shannon in 2014 and is still considering chinese underwriters and has yet to decide on the timing and location of the sale. vale to pay $1 billion for its 50% stake in a joint venture in brazil. thevaluation includes provision that bhp would continue to assume its share of remaining fire abilities -- remaining share of liabilities. hedge funds are second-guessing optimism on copper. money managers have cut their that growing demand may be overwhelmed by new supply. lastr prices jumped 30% year as the global economy improved. plenty to talk about when it comes to fx. the yen strengthening against the dollar has we heard from the boj gove

we are tracking spotify's unconventional ipo. is there really investor demand?ntel discloses this week that most of the processes running the world computers and smartphones have a feature that makes them vulnerable to attacks. as the largest chip acre in the world, the impact is far-reaching. fixes are coming over the next few weeks and it sees no material impact to its business. google says the issue affects other semi conductor firms. microsoft, apple, and google says -- what we need to know. >> google researchers found out that this might be a problem going back to the middle of last year. the idea was we get together, find a fix for this, then we put that fix in place, then we go and say, look, this is what happened. we sorted it out. don't worry. unfortunately, news intervened. people found out. they are now in scramble mode. we don't know the impact they will have on computers. emily: are there any legal issues? >> regulators might look at this and say, hold on, you have one or two companies where everything depends upon. why are we giving them so much po

changed aramco, essentially that signal will press ahead with of the ipo. intend to amend rule fit the offering in any way? so, we have been using the opportunity of the listing of saudi aramco as well as a significant privatization plans of the saudi government as a for the saudi regulations in terms of their readiness and capability. what we have found is that in almost all cases, our regulations have passed with flying colors. were a few opportunities for improvement, which we actually just rereleased recently, like a rerelease of modified and amended offer of security regulations. with that, we believe our regulations are fully enforced to accept and accommodate and offering a listing as large as saudi aramco. mark: is there anything else you can do to speed up the process? i think, from our standpoint, we are fully ready. the case ins is most privatizations and most flirtations, the filing of an ipo perspective with a regulator is usually the last step in the process. have been in constant discussions with our colleagues in saudi aramco as well as thei

spotify has confidentially filed for an ipo. ahead with the plan to skip a traditional stock and list it directly. spotify will go ahead with the plan to skip atreus know stock and listed directly. -- spotify will go ahead with the plan to skip a traditional stock and list it directly. we spoke about it. it really came down to when they could get their books in order. they felt like they closed their books from an accounting perspective in just a couple weeks. they are comparable with that. -- they are comfortable with that. they never needed to go to public just to raise money, which is why they are taking this path. emily: how is a direct listing different? in a classic ipo, you higher hire bankers. they tried to determine valuation. this cuts out a lot of that. they pay the underwriters anywhere from 2.5%, which is what snap did. with this, it is different. he came out and said, look, our stock is trading now. in the past direct listings i have looked at, these small listed, theyt have basically just open the shares on day on

but the fact that ipo is on the table for the first time is a big deal.rlet: alex barinka, bloomberg news and ipo reporter. , those vmware shares are searching 8.5% in today's session on this talk. investors promising another today, when resort. the sexual harassment allegations against the founder, and his denial. from new york, this is bloomberg. ♪ ♪ this is bloomberg markets. i'm scarlet fu. julie: and i'm julie hyman. a time for a look at some of the biggest business stories in the news right now. google has until sunday to report how it is complying with the eu's antitrust order. the company paid 3 billion dollars in penalties last year for antitrust practices. the auction-based advertising base does not work, because google wins most of those spots. google must show how it has made it fairer for other competitors by sunday. china is taking aim at amazon on its home turf. richard lewis preparing -- preparing for a california launch in march. jd is also walmart's main partner in china. this retirement firm, led by former federal reserve chairman roger

everybody is looking forward to the biggest ever ipo in history, which is saudi aramco. of that piece of that big pie, whether it is london, new york or hong kong. who do you eventually think will be the big winner? i really don't know. exchanges are competitive. cross—border listings are the flavour of the day. each exchange will put forward what they think are the competitive advantages to try to attract saudi aramco. 0bviously, being such a big listing. remember how we talked about the issues with chips that are being used in devices like computers and mobile phones? microsoft has released patches for security threats, but they are freezing some machines which are powered via amd chips. shares in big technology companies are down following this report. samir hussein has the latest. what we are talking about, their rights and that major chip makers in the world. intel and amd. we already heard from the intel boss who said, look, it is going to be fixed within the next week or so. amd is suffering different problems. these chips, they had a patch and they put out that p

i'm steve liesman for "nightly busi" > ipos and women in leadership. three predictions for 2018. first, get ready for a much stronger ipo market. 2016 was a terrible year. 2017 was better. 2018 will be much better. big names will likely go public including sandwich shop pret a manger. finally there's a shot that saudi oil gian aramco may list in the u.s. as well. 2018 will see one or more major banks create a platform to use digital currencies to bring small companies to market. the bank would own the platform and provide advisory services. yes, there's oversight issues, but regulators are looking to work with the industry to put more oversight into this market. finally, expect investors to wake up to the fact that there's not enough women in leadership positions in corporate america. there's only 26 women ceos in the s&p 500, about 5% of the total. that number will double to over 50 by the end of 2018. for "nightly business rep bus a stocexchange. >>> here is sarah hunt, portfolio manager at alpine funds. good to see you, sarah, welcome back. >> thank you. >> first on your list

>> for an ipo? >> yeah. >> we do well on the large ipos.th straight large ipo of the united states to pick the new york stock exchange. five years, 7$700 million, 37 i a row. we do well the competition will be intense. >> dara is here. travis kalanick is here as well. which is its own strange thing >> i will repeat what i heard publicly, dara said they will ipo. it looks like it will happen in 2019 >> i hope you're on that >> we're not rushing we're 225 years old. if they ipo now, terrific. 2019, that's fine, too. >> the nasdaq does house the preeminent show on "squawk box," on cnbc. >> i tend to watch five hours of live programming during the day that are filmed at 11:00 >> that's at the new york -- >> yeah. the new york stock exchange. >> tom, great to see you >> thank you very much >>> coming up, when we return, global superstar usher is in davos. i sat down with him to find out how he's using his music to educate and inspire kids he told us something that he has not said awhe nyerelse that interview after the break it's all yours. wow!

emily: how does it fit into the ipo pipeline? we don't have exact timing for dell, the end of this month. you would think if this bull market is getting stale, they want to go out before there is some kind of turn in the equities. stocks have done really well. new stocks have done really well, especially in the tech enterprise space. if you look at the class of 2017, they are up about 30%, new companies that listed last year. from 2016, 70%. if you are talking about investor interest for new stocks, enterprise tech has fared pretty well. the question will continue to be for new investors, is this debt load big enough for investors to swallow? emily: alex barinka, thank you. coming up mark zuckerberg on a , mission to fix facebook. one news publisher is not happy about what he has planned. this is bloomberg. ♪ retail. under pressure like never before. and its connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver c

you don't typically hear about ipos going where a company is not issuing new stock. existing share holders, as we are, we think it's a great idea we don't face dilution in the ipo at all spotify is an interesting company, though, for a couple of reasons. in order to do this, you need not only to have a very strong business model, one. two, you need to not raise new capital, and, three, you need to have a very simple business to understand, because you're not going to have a traditional road show and i think one thing that could really help spotify, spotify's business model is really number of subscribers times average price they pay i think you're going to see a huge amount of retail demand from the stock, as well, that should not be underappreciated no different than, you know, than netflix sees or companies like roku. we're super bullish on the ipo >> mitch, is the threat of big licensing penalties -- i don't know if it's an existential threat, but at least the retail demand >> i don't think so. the -- we first invested a couple years ago, we thought one of the big

>> the ipo that we're working on, the transaction part of the ipo in terms of readiness, we're readyd the company by the second half 2018 already ready. the transaction to execute, it is all depending on the shareholders' decisions. we need to coordinate with the other markets when the decision is made. so from our side as a company, we're ready by the second half of this year and the rest is on the shareholder at hand. >> i want to parse that for this audience he actually said something very interesting there. you really have to go back and look at a tape of an interview i did with him in saudi arabia in october. he just said, and back then, and so far people have been reporting that they will actually, in fact, do this ipo in the back half of 2018 that's what was said then. what he said just now was that the company is ready but then if you noticed he said that there's -- it depends on what the shareholder says that is saudi, the government. that is mbs. he did indicate that they're necessarily ready. so it is possible just reading between the lines that this ipo could be delayed i

goldman sachs and citigroup will take the lead in managing the ipo.serving as global coordinators. this is according to people familiar with the matter. tell us this is about to happen this year? >> next week, i will probably be talking about another five or six banks being added, but when you are talking about $1 trillion to $2 trillion even if the government gets what they have been looking at, that is a number that will need a lot of banks. >> give me an idea of fees that could be paid. the biggest ipo ever, potentially. >> typically the fees are really small when the government is involved. maybe the banks can make commissions from the investors. the fees are like a fraction of a percentage usually based on , the other ipo stories we have been writing about. when the governments do these deals, and it is more a question of prestige. i worked in the biggest ipo in the galaxy. >> saudi arabia's market regulator has announced a series of new rules aimed at targeting qualified foreign investors. what impact on flows from abroad are you expecting from

what she has to say about a potential uber ipo.berg. ♪ ♪ selina: a story we are watching surveymonkey is said to be , accelerating conversations with bankers to go public later this year. the company is expected to be closely watching how other tech companies sure the market. other sources added that surveymonkey is considering making a last-minute bolt on acquisition of another company to enhance its value. a group of 22 state attorney generals and public interest groups are suing the fcc over its net neutrality decision. this is the latest motion in the ongoing battle over the future of the internet. vonnie quinn spoke with one of the attorney general's leading the fight against the fcc. >> it is the beginning of what i hope is a fight we can win, because if we can't, then that means a lot of people in this country will no longer have access to that internet the way they have expected it. we all want the freedom to choose. if you get rid of net neutrality, all of a sudden you go towards a system where the haves will have it all.

aston martin targeting of valuation of $6.8 billion in a potential ipo.ople familiar with the matter. they say the manufacturer has held talks with advisers, but a valuation including debt, investors interest in the ipo could be bolstered by expansion in two the suv market starting in 2019. bloomberg has been told gopro has higher j.p. morgan to advise on a potential sale. the company revealed plans to cut 20% of its global workforce drone business. shares pared losses after declining as much as 33%. bloomberg that gopro would consider partnering with a larger organization to scale up. >> the world is always changing. our job is to outline gopro with consumer behavior and look for opportunities to scale the appeal and relevance of gopro. if dones that is easier with and a partner -- with a partner or acquiring company. we have to continue to build a strong business. yousef: the impact of the recent exposed security flaw will very according to the workload of systems according to intel. the ceo said the company has had no reports of customer data being acc

if you look at altice usa shares since the ipo in they june, have lost 30%.wants to give , some assurances to the u.s. shareholders that he can create value with the u.s. business. he spent $24 billion in the u.s. over the last couple of years buying cablevision and he says he does not want to stop there, in the u.s. >> it has emerged as a front runner to purchase merck's consumer health unit. other suitors have dropped out of the sale process. looking to divest its food and vitamin is this to focus on pharmaceuticals. why does nestle need this consumer health business? >> it is the maker of nutritional supplements, which is good for right now. for nestle, under the new ceo mark schneider, and it has been just over a year since he took over, have been shifting focus and going more into health care. schneider is a german health care industry man. they have been looking at these spaces that nestle has not spent much time on earlier. in december, they did their biggest deal in 11 years when they but aetrium innovation. it's a little known supplements maker. now,

is set to name its bankers for what could be the world's biggest ipo. bloomberg. ♪ ♪ fourth-quarter profit missed estimates by at least $1 billion. eroded theyuan sales. it's been a rocky start. the lows of the day, after hitting record highs back in 2017. joining us is our bloomberg asia technology reporter. samsung, you've seen records made in terms of pricing, what is the biggest challenge for this business? >> as you know, samsung is the biggest maker of memory chips. there is a big gap between the estimates and the actual earnings that were announced. that means a lot for the company. you would want to blame the offry chip prices leveling somewhat, but i see here that the yuan is getting so strong in the past quarter that it has started to hurt the earnings of many companies. not just samsung, but companies like lg. strongest --the yaun was thethe strongest currency in asia. manus: what does this mean for samsung? peak pricing in terms of their chip business? >> there is a lot of conversation about whether memory chip prices have stopped rising. wh

ipos was better than 2016 but still low. pointing out in 1999, 2000, there were 500 ipos a year they averaged 200 in the '80s and '90s in terms of companies listed, 7,500, end of 2016 was 3,600 pointing to the fact that a lot of money in the private market uber, spacex, pinterest. why there are fewer listings at the moment and whether any of these companies could list, too. >> it's an important story to watch especially as we watch the economies. ub beers, airbnb will be listed. my pick is in the washington post it's called will the economy save trump for president trump, a lot is riding on the economy in 2018. if it continues to do well, it should bolster his popularity and his claim that he understands it better than his critics. but if it slows or drops na a recession it would weaken that claim, perhaps his strongest selling point. we've seen president trump face massive criticism, but one thing that has helped him is tax reform that's one reason wall street has stuck by his side. the moment we see a turn in the economy,

>> already, they have said the ipo is an 2019. has happened that would change that. emily: you mentioned the new general counsel. how is he doing so far? uber will continue to be dogged by these justice department investigations? -- how longh this will this cloud be hanging over the company? a cloud't think it's hanging anything over the company. i think it is bringing everything to the surface to be dealt with. the company is doing great things. issues ofas if these what happened in the past are dominating everything. the company is growing, bringing in new measures, investment, great leadership talent. i think what happening on the necessary ins order to deal with these problems, but it is not consuming. selina: that was arianna huffington. that does it for this edition of the "best of bloomberg technology." we will bring you the latest in tech throughout the week. you can to meet each day that you can tune in each day. tune in each day. all episodes are livestreaming on twitter. check us out. that is all for now. this is bloomb

well, the nyse's biggest ipo since snap made its public debut. raised about $2.7 billion in its ipo and raise -- rose more than 4% on its first trading day. of ipo's, coming up, one of the most successful public offerings of 2017, okta. this is bloomberg. ♪ emily: a stock we are watching, electronic arts, fell a little more than 2% in the session, its worst performance in a month. ea may delay the release of its highly anticipated anthem game to early next year. okta is out with its annual businesses at work report. it's an in-depth look into how organizations and people work today, exploring the apps and services used to help from activity -- help productivity. the top apps -- the moreone of interesting highlights is on security data. joining us, ceo todd mckinnon. thank you so much for joining us. you have more information about threats -- where threats to enterprises are coming from. what did you see? todd: this is our fourth annual business is at work report. it gives our customers -- businesses @ work report. it gives our customers a look at

marc: aramco could be the largest ipo in the world.ot integrated into the world indexes. msci willn july, the make a decision on to include saudi stocks. people are beginning to follow saudi stocks and more industries and really doing their homework in preparation for what could happen in the middle of the. year. alix: would they be interested in the saudi aramco idea? marc: because of the size of it and the dominant player in the oil market. alix: it's not basically an independent company. he would not get exposure to everything. how do they factor in that? marc: i'm not sure. we have got experience now in the market trading chinese stocks. a lot of chinese stocks are state owned or state participated. it's another wrinkle in it. what's interesting about where the ipo gets launched is that the uk's talking about wanting it and they might even change the rules to allow precisely this. i don't think the u.s. is quite is willing to dilute the rules to accommodate the saudi oil company. alix: didn't trump said he wants the ipo in u.s.? ma

have aramco is said to citigroup to help manage ipos.and morgan stanley are expected to be named global coordinators. for more, let's talk to bloomberg markets middle east anchor yousef gamal el-din. give us the details of what we need to know here. the banks possibly winning those mandates would be a huge score for them. saudi aramco is the crown jewel of the saudi arabia and transformation story. the other key takeaway is possible valuations. people involved in conversations with the banks say some of the valuations stretch from one trillion to 1.5 trillion, which fits in an interesting sort of or interesting parts of the broader equation. we had heard some valuations of up to $2 trillion for that, and you are looking at $100 billion for the ipo. ultimately, it is a bit of a higher price than a lot of expect. we spoke to a lot of it has to do with the higher oil prices. brent crude is up 30% in the last six months. better to do this sooner rather than later. keep in mind the list we talked about is not final yet. this means there might

well, the nyse's biggest ipo since snap made its public debut. payments company pagseguro raised about $2.7 billion in its ipo and rose more than 4% on its first trading day. the company has made headway by selling rather than renting car processing machine, and providing an easier understanding policy for those that were not expect car payments otherwise. speaking of ipo's, coming up, one of the most successful public offerings of 2017, okta. the cloud identity company. can it sustain that valuation? we ask the ceo next. this is bloomberg. ♪ emily: a stock we are watching, electronic arts fell a little more than 2% in the session, its worst performance in a month. this after a kotaku report that ea may delay the release of its highly anticipated anthem game early next year. okta is out with its annual businesses @ work report. it is an in-depth look into how organizations and people work today, exploring the apps and services used to help productivity. the top apps -- microsoft office 365, salesforce, g suite and box, however one of the more int

our sources said that the company is looking to make a decision on either an ipo or some kind of othern with the them where. all. decision at at the board meeting at the end of this month. in terms of thinking through what that will look like, that company is also public, that could possibly be a venue for dell to get out there. when you think about potential cash raising opportunities, the ipo markets have been chugging along at full steam the past couple of years. looking at performance of enterprise tech companies, the class of 2017 is up early percent and 2016 is 70%. good valuations -- 30% and what a 16 is 70%. -- 2016 is 70%. good valuations. ,onnie: coming up, real yield 12:30 new york time and 5:30 p.m. london time. if you did miss anything, go back to the bloomberg with tv . this is bloomberg. ♪ ♪ abramowicz denver jonathan ferro. 30 minutes committed to fixed income. this is "bloomberg real yield." ♪ lisa: coming up, rate dele alli -- ray dalio. investors are earning the least extra yields on u.s. corporate bonds since 2007. are there any gains left? janet yellen's last m

first energy ipo of the year, first ipo of the year, shares of oilfield liberty services soaring 30% today. the ceo joins us next. and boone pickens hanging it up after nearly 70 years in the industry more about that when "power lunch" returns trusted choice independent insurance agents offer special protection that could help replace or repair damaged equipment and provide lost business income. they represent multiple insurance companies and customize coverage to help businesses get back to work. announcer: to find an agent, visit trustedchoice.com. >>> breaking news now out of washington kayla tausche has it kayla. >> tyler, president trump has bought himself about 90 more days in his seeking to strengthen the enforcement of the 2015 iran nuclear deal according to senior administration officials, the president will move not to reinstate sanctions as part of that deal. that will effectively keep the u.s. as part of the joint comprehensive plan of action that was agreed between the u.s. and its european allies. these officials said that the u.s. will continue what they call quite far

a male dominated culture, preparing for ipo or sale. giants are watching this disney and fox invested in vice. though time-warner didn't invest its hbo is partnered with vise in an expansive content deal vice raised over $1.4 billion in addition to disney and fox, a&e networks and tpg invested $450 million just last june vice ceo shane smith telling me back then that bringing on tbg makes sense, would make sense for a company looking to go public around that time vice taking stock of its employee base that doubled in less than two years to 2500 fulltime staffers. a source tells me that vice surveyed employees and found demands for greater diversity. understanding the stakes especially if an ipo is on the horizon vice pledged to reach pay parity by the end of the year and 50/50 gender rpgs along the ranks. sent a statement saying, quote, we're committed to making the changes necessary tonight sure the vice workplace is respectful and supportive in line with the work we do every day the ceo wrote to employees yesterday this is also about

much for that we've been talking for a while about whether or not 2018 would bring a string of new iposm high profile private companies bloomberg is reporting dropbox has filed confidentially for an ipo. the last valuation in the last round, $10 billion we don't talk about it as much as other candidates like uber and air bnb. spotify we've had information on recently >> couple years ago dropbox was one of the most highly anticipated ipos there might be some rationalization to happen here interesting to see not only what dropbox's numbers are profitability-wise, because the premium model has fallen out of favor, to what extent are they still latched into that, but also how investors react to those numbers once we see them >> yeah. i mean, if they are filing confidentially for a u.s. ipo, one would think they think the market is somewhat supportive of the most recent valuation. >> that or they have no choice >> fair enough, this is true >> headlines on motivation let's get to the santelli exchange and rick at the cme hey, rick. >> hi, carl. let's get a couple things out of the way before

emily: how does it fit into the ipo pipeline?we don't have exact timing for dell, the end of this month. you would think if this bull market is getting stale, they want to go out before there is some kind of turn in the equities. stocks have done really well. new stocks have done really well, especially in the tech enterprise space. they are up about 30%, new companies that listed last year. 70%.2016, when you are talking consumer interest, it has fared pretty well. the question will continue to be for new investors, is this debt load big enough for investors to swallow? barinka,ex brink of -- thank you. mark zuckerberg on a mission to fix facebook. one is not happy with what he has planned. this is bloomberg. ♪ >> you are watching bloomberg technology. here is a check of news. president trump says he is open for business. the playinged that field has to be leveled when it comes to trade. we cannot have: free and open trade if some countries exploit the system at the expense of others. trade, but ite needs to be fair and it needs

in order to have their ipo in the first quarter of this year. however, they are also at that same time facing a $1.6 billion lawsuit and as from wixom music publishing. it is so easy to use. i think very highly of tim and there were points as a founder and he have gone through thick and thin times. you have to be careful some of the founders have the vision we will look for that ipo. and people pay for a papers modify as expected the press and the media went after sarah sanders right away about the feud between cb c bannon and president trump. and just exploded today. this is the breitbart news website. they are covering this the website is covering this which is very interesting. i find that extremely what are they asking about steve bannon. is a good question. in the question that also needs to be asked is what does steepening gain by talking so freely and openly to the author of this book fire and fear he. it will be coming out next week because in the book he equates what don junior did in meeting with the russian lawyer. it's from what she

snap is 20% below its ipo price. it was the tech ipo of last year. no comment. a deeper look at markets. joining us in our new york studio is martin gilbert, chief executive of aberdeen standard investment. you are possibly listening to the market report. days where s&p 500 has been trading within 5% of its peak. does that continue and for how long? martin: i wish i knew the answer to that. the global growth environment is pretty benign. 3.8% next year, u.s. growing. theoretically, the market should continue to rise. i am a bit worried that it is a bit too much complacency. that always worries me. is good reason for the complacency. we have had a fix index going nowhere -- vix index going nowhere. liquidity seems to be holding up. what could cause a ripple? martin: perhaps in the middle east or wherever it may be. that may be the thing that shakes the market. it is always something that comes out of left field that you don't expect that affects markets. in 2006, you made a a yearg call about cbo later. you made another pressing call about credit default swaps. w

that was a sneaky ipo.ze or that it was listing here. >> coming up, what you need to know for tomorrow's trading day. this is bloomberg. ♪ >> "what'd you miss?" the dow making another record high. coming up, mario draghi holds a news conference following the latest policy decision. economic data, jobless claims out at 8:30 a.m. >> caterpillar and intel reporting earnings. joe: have a great evening. this is bloomberg. ♪ alisa: i'm alisa parenti in washington, and you are watching "bloomberg technology." let's start with a check of your "first word news." president trump is headed to double's, switzerland, to attend -- to davos, switzerland, to attend the forum. the president is expected to meet with israeli prime minister benjamin netanyahu, written's theresa may -- britain's theresa may, and other world leaders. after the group officially boycotted the meeting, they cited additional pressure by the justice department on so-called "sanctuary cities" for their cancellation. some still showed up, despite the b