we test for every ipo. we test weekly we had done well over 1,000, almost 2,000 ipos since facebook think back to coinbase, airbnb we think about it all day every day but it was not a concern for us >> kelly has a question back in the studio >> nelson, people are joking a little bit now about whether robinhood should have chosen the spac route or other options available to go public any thoughts on why the traditional ipo route was so appealing to them? and again, what would you say to investors who may be holding the shares right now who are disappointed that it's trading lower. is there anything you'd say to them >> well, great two-part question i'll look at the first one i think we talked to private companies every single day and they love the fact there's optionality with the spac market, the traditional ipos seeing more direct listing these days i still say there's a lean towards the traditional ipo if companies are already down that path which robinhood was so there's still the primary choice for comp

that's successful ipo.ot said that about facebook >> and then the facebook analogy for those who think this would have tons of room to grow. they are going public when they are of pretty big size if i can get meta, for the point of the whole ipo process is to -- basically a show you have this exciting night before the launch and there's all this whisper about the price range and where they're going to price, and then we wait to see what the pop is going to be and the retail investors who want a piece of it, it's almost like a little show that when you try to get away from the show for all the various reasons ends up not working that well. it's also a reminder that the retail trading base is a love/hate relationship with robinhood. many are still really upset what it did to trading in gamestop and some of the outages they experienced last year. >> i think a lot of people feel the expectations for ipos is a rigged game. if the stock pops on the first day, everyone comes out of the woodwork to say you underpri

a lot of ipo interviews. ceo's often tell you they don't care about the first day of trading because this is just a beginning. matt: of course they say that. especially about drops. >> that, too. yes, but in this case, i would say it may be true. they really have been through a lot. a lot of the things that -- the issues they have in the pass are ongoing. for instance, the finra investigations they had. those things, the only raised it three days before the pricing. matt: that was harsh. >> that was really harsh. for news like that to come out during the roadshow, it's probably a nightmare. matt: the ceo, you don't have to have a finra license. >> to be clear, it's not a lega -- not a legal as far as the right person has a license. -- not illegal, as far as a right person has the license. -- the right person has a license. it is unusual for the ceo, the founder of a turning company, to not have one. matt: we will continue to watch this. thanks so much for joining us. still ahead, we discussed how short-seller

ipo -- yes, the second largest.iming is very interesting, ok? and the fact the global times has come out and said national security is an issue, and they linked it to this particular stock being listed in the united states, and that's where the national security issues come up here to we are seeing -- come up. we are seeing other issues with other tech platforms. haslinda: the question is why china did not move before the ipo in the u.s. how far will this potentially go? there is a sense here that it ain't over. stephen: let me answer the first part of the question -- why didn't they do it to ant and why did they do it after didi listed in the united states? there is speculation the ant ipo would have exposed many retail chinese investors to potential losses if ant, the crackdown came after the ipo. not so is the case for didi. we are also seeing today more companies in logistics, cargo companies as well as tutoring -- online recruitment firms, excuse me. three firms have been folded into this probe into data securi

the ipos are up about 7% but only 50% are above the ipo price. why is that?the after market trading after the first day, it's trading down the average ipo is trading down. why is this happening? it's happening because the prices are high. so people are taking profits right after the first day. i think we will see much more cautious pricing environment because people are look at these kinds of numbers, the average cnbc viewer buying in on the first day, the average ipo is underwater and that's going to send, i think, a note of caution to pricing in the second half. keep an eye on that one. but this is one of the most interesting ipos i have seen in a long, long time, guys. >> that's exactly where it's going with you we have traeger that just range. they rang the opening bell this morning. something like this total 18 more companies coming public this week alone. and i just wonder how closely a name like robinhood, which is being seen for a variety of different reasons we have been laying out on the air all morning, one of the most closely watched, hotly antici

it creates more volatility around the ipo. matt: i remember very well the facebook ipo.did not go well from the start. yet the stock is done incredibly well 10 years on. how key is the first day of trading to the volatility that you see in the following months? kathleen: it's not that important except for the fact that you want to see the stock rise above that first day of trading. the approach that we take is that we are owning a basket of -- basket of these newly public companies which are held for number of years so that you get the real price discovery and you move beyond that inefficiency. and for those in these amazing companies that could grow to be major businesses once they are public. for a longer term investor, the best thing to do is to wait until ock settles and make some decisions based on the fundamentals. matt: it's great to get some time with you. kathleen smith, from renaissance capital. still ahead, we are checking on on how stocks tied to u.s. infrastructure are varying today after a bipartisan senate group says they have reached agreement on some det

you're talking about an ipo future and i am like, i got a share at the ipo price and they are like, thatnot normal? and i'm like no, that is not normal. [laughter] the ease of it is for sure and appeal on something like robinhood. caroline: some of the criticism thrown robinhood's way is the celebratory nature of it, getting one feeling that they need to buy confetti whenever they purchase. talk about your role in terms of the responsibility you feel, and that you make learning about investing fund and you make it clear people are on your journey. but how about what people misunderstand what they are doing with their money? how has robinhood tackled that? kayla: they definitely could tackle it better when it comes to making learning each is available on the app itself. but being an investor who has the opportunity to use an app where i can see what i am investing in and have autonomy over that, i don't know if that is how it has always been, but being able to see things go up and down, at least then, i feel i have some sort of control, being on the phone in my hands and being able to tal

the ipo price at $38.ll also be speaking with the robinhood ceo after the complete starts trading in just about an hour. stay with the fed because some say there was something for everyone. on the one hand, doves saying we are still some time away to substantial further progress. meanwhile, the hawkish part was that the economy did make progress and the committee continues to assess progress incoming meetings. joining us for her take is were becca patterson, bridgewater associates director of investment research. that was the story this morning. then you get q2 gdp which disappointed, but the numbers were huge, and sets us up for continued growth the next few months also. rebecca: when i put these two things together, the fed meeting yesterday and gdp today, i think there's two really important takeaways. one is that the fed, if you go through all the work, the press conferences, they are going to continue to lag the recovery. at this point in past cycles, the fed would be starting to tighten. that is clea

. >>> the ipo train keeping rolling. investors licking their chops. >>> and the key opec meeting on oil today. >>> tough talk from china's president saying they won't be pushed around and making a veiled threat about taiwan. >>> and it's a bird. it's a plane no, it's just your usual run of the mill flying car and it's airborne and trending. of course it is on this thursday, july 1st this is "worldwide exchange. how is that for cool video to kick off july? good morning, good afternoon, good evening welcome from wherever in the world you may be watching. i'm brian sullivan we kickoff july. here is how it looks to start the second half of the year. hard to believe we're here already. wow. time is like that car. flying well, guess what futures are flying as well they are nicely higher dow futures up 130 nasdaq up 24 check out this, dare we say, random but interesting stat. the dow rose .60%. had it risen .1% more, it would have kept its monthly win streak going. it broke the win streak by .9% could not get one more buyer wee

you and i go way back on this ipo world.eel like we talked about a lot of ipos in the day, but this feels a little special what do you make of what happened yesterday you know, what does it tell you about the ipo market as well as the retail trading momentum that seemed to really kind of take form this year now, maybe a little more in question >> well, i think that you are seeing the bull market continue. i think people are looking back, especially retail investors look back and say how come i only bought the stock yesterday that was in tune the last year to several years and now i think people are seeing stocks going both up and down and the retail investors are fickle we have seen it in the gamestops and amc. this is a fickle investor base compared to maybe institutions that might be more long-term focused. i think the key is that companies will start to have a direct relationship with their shareholder base, no different than a direct relationship with their customers. and that conversation is something that robinhood is

ipo went ahead despite government pushback. and it is finally here, the olympic opening ceremony now just hours away, but the pandemic looms large over the world's biggest sporting event. japan away on holiday today but let's see how they are setting up for the rest of the major market opens. what are you seeing? sophie: futures are mixed. s&p e-minis gaining ground after a two day gain for the benchmark. we are keeping an eye on offshore yuan which is staying steady. check out the aussie dollar just holding below 74 as we digest the latest pmi numbers. falling to 45.2 from 56.7, now in contractionary territory. we are seeing moves lower for manufacturing pmi and services also coming under pressure as consuming -- consumption has been weighed by the lockdowns in australia. 44.2 in july versus 56.8 prior. we do have aussie futures settled lower after the benchmark hit a record closed thursday as miners did continue to provide support for the index , notching the biggest earnings upgrades and on that, we are keeping a close eye o

we're getting to those in a moment but first the big ipo robinhood going to public.slie with the latest as we wait for the first trade. we've seen a lot of activity where u

we went ipo last week only. within days, was under regulatory scrutiny by the cyberspace authority and also now the app has been pulled. this is a big blow to the international investors and anybody who piled in that $4.4 billion ipo. obviously, this latest round of crackdown, it's backed by softbank and a recruiting firm. also backed by thousand. there's political intrigue. that was alluded to in a global times commentary. data privacy issues here, there's also national security issues because whoa are the big shareholders of didi, softbank number one and uber number two. softbank vision fund owns 2% of the company. the people we've been speaking to sawing, the regulatory -- this is a big tech case to see if they gone abroad to list. >> we're wondering why regulators cracked down on these platforms after the u.s. listing 24 hours later? any more clay? >> eight months ago, that was pulled. before the ipo and speculation that was done, because lot of investors who are piles in that tree. this was a different situ

it priced at $38 for this ipo.f those shares were going to retail investors who use the app. so at the open today, other than when it briefly turned positive they'd be under water on those trades right now

so with ipos, this year bigger isn't always better, at least when it comes to this year's crop of iposrow we'll find out if robinhood, which is expected to raise $2.2 billion at the midpoint of the market range faces a similar fate here's the performance since the debut of six ipos this year that raised more than $2 billion in the u.s. didi has performed the worst but you look at coupang, bumble, sholes, all down the renaissance ipo down more than 5% and lower by 19% from the february highs to investors in these deals and potentially others, it may signal that the market is having a hard time digesting the deals and it may deter the investors from buying more ipos if they're underwater from other ones there's an enormous glut and it's the biggest in 16 years many of which show the market shrinking. now they're reversed robinhood, a trading app, has a different business model to the bigger ipos which were in ecommerce, ride hailing. robinhood is selling up to 35% offering to retail investors who were likely to get access to these larger deals we'll see if robinhood can break the 2021 cu

i want to show you the other ipo flops of this year.t not be a robinhood specific phenomenon, this might be the massive ipo boom we saw earlier in the year starting to fade. some of these recent ipos have all been underperforming. a company in the u.k. down year to date. didi down 30%. on the one hand, this might be an early first a price action, but if it falls in line with other ipo's, this may be the start of a longer-term trend. emily: i want to talk more about robinhood. despite shares falling after going public, the offering delivered outstanding returns for early investors in the trading app. they include index ventures, rivet capital, their stakes combined now with $7.4 billion post ipo. a partner joining us from the nasdaq. given that you have been an observer on the board for this journey, talk to us about how far they have come. it has been a long road with ups and downs. >> like any company, from the early creation to this monumental milestone, there will be a lot of ups and downs. especially in the industry we are in, there

. -- for robinhood, ipo day ending down 8.5%. what is the retail allocation, and what about the new regulatory examination they revealed this week? sonali: the 8.4% drop is the worst debut for a size of ipo of robinhood or greater. a bigger drop the new bursae and as we know, -- bigger drop then uber saw -- bigger drop than uber saw and as we know, its ipo is considered a flop. there are questions -- emily: there are questions about the pricing, did they price this too high? we spoke today to the nasdaq president who said it is too early to tell whether it is just retail investors are also employees that were able to sell. 50% of employees and others were able to sell on the front and -- 15% of employees and others were able to sell on the front end. investors may also be getting fatigue when it comes to these ipo's that we may experience a slowdown in august. that is very different than what i effort from capital market bankers the last few weeks. our colleagues around the world are seeing the same thing. we will see what this m

when there are ipos that have gone terribly. i would not say terrible, but pinterest with the ipo i didn't know the price. now it is four or five times that a year or two later >> maybe that provides interest and support for robinhood. they priced it at the low end. >> let's talk about it the stock trading app pricing at $38 per share. the low end of the expected range. the range was $38 to $42 the company raising close to $2 billion in the offering. value d at $32 billion all in. the founders of the company sold $50 million worth of stock themselves personally. >>. >> we want to price it at the low end. we want it to be a good day for everyone okay the other things, we are giving so many investors access to getting in on the ipo price. it is unclear what that will many i thought all robinhood types and reddit types were dime in hand they hold penny stocks worth $150 maybe it isn't a different type of ipo a normal ipo gets flipping >> does the retail audience flip and does the institutional money come in because they say the ret

just talking about the slew of ipo's in southeast asia.ig one yesterday had a surge of as much as 60%. we spoke about the opportunities in the region. you have to wonder, the tech boom, is a southeast asia or is it india? rishaad: [indiscernible] yvonne: lots going on. su: starting with china which has rejected claims firenado and eu member countries blaming it for the massive cyberattack of microsoft exchange. beijing's du mission calls the claims ungrounded. that u.s. allies accuse china of a broad range of malicious cyber activities against public and private entities, including data theft and cyber espionage. the white house says it will take steps to counter any chinese activity. meanwhile, a rural union activist from a marxist party has been declared peru's next president. he was virtually unknown six months ago defeated a right-wing candidate, a leader of the country's most powerful political climb, winning by a narrow margin. the announcement comes after weeks of vote recounts and lawsuits prompted by allegations of fraud. meanwhil

arguably the most hotly anticipated ipo of 2021. it priced at 38 a share, that's the low end of the range, and when it opened, it eached right there, $-- opened right there, $38 a share. the regulatory risks kind of makes viability unclear, so why invest in it? we bring in the very first investor robinhood was able to nail, venture capital legend and draper associates founding partner tim draper who in 2013, what, you granted the company 300 grand to help them get their broker-dealer license? today the platform has close to 23 million accounts. what's your 30 grand investment -- 300 demand investment today? >> almost a thousand times. but it took eight years, but it's such an amazing company. we're so thrilled with robinhood. they're changing the nature of investment. i've always believed that, i've always wanted the individual investor to be able to participate in the growth of the stock market, the growth of the economy, and robinhood has made that possible with their zero cost trades. and those two guys who started it came to me

ipo and the communist party 100th anniversary celebration.ulators are saying the review is in order to prevent national data security risk, maintain national security and of course, protect the public interest, but this time it's the cyberspace administration of china that's cracking the whip where in the past it's been the state administration for market regulation didi was also ordered to stop registering new user, but keep in mind didi holds 90% of the ridesharing market in china, and the ride hailing app isn't the first to come under this watchful eye of chinese internet regulators beijing is proactive in restraining the growing influence of china's largest internet corporation so you wonder why in because these internet giants gather up information daily on hundreds of millions of users and china wants to tighten the ownership in control of that data. so didi is now one of at least 34 companies that have been ordered to rectify their anti-cometive practices over the past year or so. companies on the list for too much market dominance, ti

emily: the last six months have been active in ipos. do you see systemic change in the ipo market?ive change? the complaints have been this is an antiquated way to get to the public markets that do not necessarily benefit the people they are supposed to benefit. >> i think there has been change in the ipo market. competition tends to unlock possibilities and make everyone put their best foot forward. the competition from direct listings and even spacs has made some improvements. confluent was an example of a company that did not have a green sheet. a lot of these companies have earlier lockup releases. you do not have this artificial six month cliff and then all the insiders can sell. you can stage it out over time. i think there have been some meaningful steps forward. i think there is still a lot of progress to be made. a direct listing is the path and place that will end up, hopefully. emily: robinhood filed to go public. bill has been outspoken about robinhood. when you look at a company like that, what do you think about the legitimacy of their business model? >> i saw the new

it end to the booming chinese overseas ipos?_ end to the booming chinese overseas ipos?t is possible. for listings in _ overseas ipos? it is possible. for listings in the _ overseas ipos? it is possible. for listings in the us, - overseas ipos? it is possible. for listings in the us, we - overseas ipos? it is possible. | for listings in the us, we have seen a company called kee, backed byjapanese banks, that hasjust backed byjapanese banks, that has just pulled its backed byjapanese banks, that hasjust pulled its proposed us listing in the wake of the didi episode, and i think the chinese are probably getting a bit fed up about how some of their most prized firms or potentially interesting firms are listing overseas rather than on the hong kong or shanghai exchanges. so it could certainly calm things down. the americans have also been gently pushing back, they are introducing new auditing and accounting standards to make sure that their numbers are as transparent as possible, so we are seeing pushback on a couple of different fronts.— of different fronts. what about the

jon: that is a helpful comment in a week that we had the robinhood ipo. an operator like yourself, i would imagine, yes, you want to build the platform, people to come, but you also want a system in place where people are not necessarily getting ahead of themselves. we hear about leverage all the time. you have been thinking significantly about that? sam: i think one thing that is a misconception here, every sector has -- and it. the reason for that is because they are more economically efficient, more capital efficient. they make hedging easier. i think it is really important for the space to have markets. on the other hand, you look at the high that these platforms offer. it was a really small fraction of the actual exchange, less than 1% of the volume. but it was attracting a lot of attention. it was not important for the business, was not setting the right standard for the industry. it was not giving the right image for the industry. we decided that it was time to make a change, so we cut down on max leverage on ftx substantially, to levels that we th

after this major ipo.art of the reason for that, expectation regulatory hurdles, i'm not sure many investors expected this though. haidi: prominent investors coming out and saying how was this allowed to happen? allowing these companies to lift when an investigation is underway. is this an indication that the chinese tech is clearly not over? tom: it is very difficult to get clarity on this. this happened two days after the ipo. the timing is very curious. think about the timing around the ipo -- you have that just days before what was going to be a huge listing again by the financial arm of alibaba. regulators fits questions from outside, about why they have taken so long to pull the plug on this ipo if they are so worried about it. the second largest chinese company, the scrutiny from the regulation just two days later. regulators have some questions to answer. i'm not sure they are going to feel much pressure. it may, and it does have a warning for international investors, the underwriters including gol

but you mentioned, i have never seen an ipo chart like this. just came public a few days ago and it's already getting clobbered thanks to the clock -- crackdown on regulators on the app mystically. you ever see a chart like this? caroline: not on the regular. maybe a crypto. joe: maybe a crypto. joining us with more on this, the founder of octahedral capital. you have been a consistent bowl on chinese tech, whether it's a big company or one of the more narrow focused. does something like this, where a company goes public and days later we get this crackdown, plus other things, plus potential changes, does it make you think, does it change your view at all about the tech investing opportunities in china? >> joe, thank you for having me. listen, it's all about the fact and the facts don't prove -- the facts and the facts don't prove to be warm and fuzzy right now. we are still very bullish on the fundamental chinese consumer but we have come to the conclusion that not everything is made equal. what's happening in my opinion is it's a bit of a sto

reeling from the robinhood ipo earlier this week.ow there's basically no major chinese ipo in the pipeline in the u.s., so this will definitely slow down any offerings out of china going forward. alix: the question really is how you invest in china now. thank you so very much. we are talking about earlier. the businessweek -- the busiest week for earnings finally coming to an end. abigail doolittle is looking at what we've learned. it is really going to be about amazon. abigail: the shares plunging, down 6%, the worst day since may 2020. at the lows, down about 8%, the worst day since 2014. the clear takeaway between amazon down and pinterest really plunging is the idea that the pandemic boom is coming to an end as folks get out there shopping, weighing on these online companies. amazon posting a rare sales miss , but more importantly, the guidance disappointing, growth slowing. pinterest beat in a big way, but monthly active users missed on slowing growth and concern that growth going forward is going to slow. the street very negati

pricing ipo at the low end of the expected range. >>> facebook the biggest ipo of all time.ok shares under pressure social media giant warning of a significant slowdown in revenue growth. >>> china looking to reassure investors following the invest or crackdowns. it is thursday, july 29th, 2021. >> friday eve. >> thursday is better than friday the anticipation matters "squawk box" begins now. >>> good morning welcome to "squawk box" here on cnbc i'm andrew ross sorkin along with certain kernen and morgan brennan. becky is off today the futures here as they syndicates that deal

that may also happen for the asia ipo in the mainland.say they would have more chance to come back to the mainland for the ipo. haidu: at what point do we start seeing the spreading across other sectors other than tech? is there just going to be further disturbances when it comes to the pipeline in hong kong across the broader area? >> what we describe as a smaller size red chip, for this small size ipo, first of all the variable structure [indiscernible] for those smaller size red chip companies would be the holding company. somehow that may be restricted but there is some interpretation that is other countries not allowing the company to be from the mainland. hong kong may have a chance but we will have to wait and see from the authorities. kathleen: what about hong kong's latest regulatory reforms and what more we might expect there? >> i think the reform will also be helpful for the company to go public here. they support a lot of companies and also those with voting rights, there are some policies that try to encourage companies to g

it has fallen below that $14 ipo price. that crackdown on didi and other tech giants really being felt across markets. we have seen that crackdown not only on didi in tech, antitrust issues, so many issues plaguing chinese adr. though this gtv chart on the bloomberg is showing the golden dragon china index, that white line that has a underperforming the broader market. the crackdown wiping out $42 billion of the market value since november when that aunt ipo was wrapped. haidi: some of those lessons learned from the aunt ipo, what happens alibaba. yearly we are seeing a rehashing of the same thing when it comes to didi. what is it mean for the future of chinese listings in the u.s. you would imagine any company looking to go down that route would be a lot more cautious. is this a sense that beijing is trying to discourage the outside ipo and bring these companies closer to the heart of the party? shery: let's discuss all of china's regulatory action on didi and other companies. the are now joined by the ceo -- by the cio of

robin hood has filed for an ipo on the nasdaq.ome the first space launch company traded following a merger. joining us now is chris camp. chris. the first thing i think of is the competition has to be intense. what is it like and how do you deal going up against elon musk and jeff bezos. these are two of the richest men in the world. you are backed by one of the world richest men. >> astra is only the third company that has mistreated the ability to get the space. spacex and brocket lab are the other two. merge in orbit -- androcket lab are the other two. we are building a very small rocket produced in very large quantity like a car factory in california that will be able to launch and produce a rocket. we are betting on a mass reduction and a scale that is beyond these others that are focused on putting other very large rockets and going to other planets. i think there's a big difference between those two approaches. matt: what is the payload that you are looking at? i think spacex has a maximum payload of 800 -- 830 kilograms. i

ipo market is booming, but some wondering when the trend will end.. >> reporter: for the last decade, the equity markets have been shrinks due to buyouts and buybacks the ipo market now for spac and traditional companies has been robust as share repurchasing have have been halted the net supply on u.s. exchanges is positive and highest in 16 years according to jpmorgan chase. many in the private equity industry believe this is temporary. homan has the highest raking in $24 billion. patrick healy talked to us and said market conditions won't always be this ripe for ipos and spacs. >> more and more things get public and investors get choosey. it will orient to the higher quality with performance or valuation impact for accessing the public markets for less mature and developed companies >> reporter: of course, in addition to the cash to deploy, hellman penbenefits the company's snap one is going public this week you can subscribe to our news letter every other monday at cnbc.com frank. >> leslie, what is on deck this week >> reporter: this is a busy we

and they went ahead with the ipo, 4.4 billion dollars, the biggest chinese ipo in the united states sincelibaba, and now, the rest, as they say, is history. we had this regulatory crackdown that has expanded not only to didi but now as well to two other companies. that also listed in the united dates just a month ago in june. that of course, backed by softbank and tencent as well and a recruiting company in china. both of these companies listed in the united states, now under regulatory scrutiny in china. haidi: if we look at this as a strategic, is this a reminder that their success that at the end of the day, the chinese tech giants should be loyal to beijing? stephen: that is a very good way to look at it, absolutely. at the end of the day, beijing is the regulator and state power. don't just take my word for it. i read through the global times column yesterday, global times is the state media in china and fairly strident. they brought up the issue that this is not just about data security. data security is a big part of it, especially when you are exposing these companies -- that's no

>> ideally, you want to price the ipo. want to modestly underprice it. in this case, it seems to be modestly overprices. some of the best companies out there in history it doesn't say anything about what can happen long term. >> how much is robinhood dependent on this bull market? >> the fed has something to say about that a lot of times you go public at the peak of things >> they are skord nayly dependent. they had a clever way of groi growing their accounts you get a free share of stock. it might be $1.25. that's pretty clever you want to refer your friends they'll be excited to do it. talking about how much money you'll be making as soon as most people lose money which is generally what happens when they cool off it is a lot less fun and a lot harder to grow looking at the financial performance. they are directly tied to the level of speculation >> do you think that this is a one off. will there be another hot ipo coming out of the quotation mark not specific to robin hood there are excellent private companies that can

we've talked about how the ipo and it looks like a bad idea and they have been warned. it seems like since that date -- and maybe we should expand the time horizon back to last fall and initially raised the ire of the chinese communist party. what sequence of events here is playing out? what's the catalyst? where is it going? or are we just lumping these all together because they're happening all at once and there's not actually any connection >> i do think there's a connection within tech, and i think you hit two of the events. the chinese tried to warn everyone by delaying the ipo in part because xi jinping was mad at jack ma they discover what they see as problems and who's controlling the tech, the data, rather if you're going to list overseas and making money maybe you'll start following their rules and not our rules. somehow didi doesn't get the message or so eager for ipo it doesn't listen they had to send another message and there is a risk of yet another message. there may be another company targeted if they're not understanding that you will follow our data ru

so many ipos, we're losing track., thank you we'll continue to comb through those numbers. >>> the under the radar move to boost apple tv ratings is coming up we'll also talk about chkrispy kreme's ipo. and i'll be back in a moment with all of those stories and more uno, dos, tres, cuatro! [sfx]: typing [music starts] [sfx]: happy screaming [music ends] if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity. >>> welcome back there's so much to talk about. mike sannen toly is here ina freed. it's great to have you here. let's start with apple on the roku remote because there's also a netflix button the real question is how much is apple paying for the privilege and will it move the needle for apple tv >> i thin

dede -- didi made its ipo last week.igning up on the app. you have been following this sense the ipo went up and came crashing back down. what is the future of big tech in china? what does it mean if you are gathering data, but you want to be a global business? >> i feel like tech is facing scrutiny everywhere. china is also talking about it right now. china's big tech means they have a lot of monopoly in the country. this is exactly what it fears is that big tech has potentially too much power if it threatens the government itself. what didi has is the data of potentially secured locations that china does not want to disclose. that became an issue. since crackdown for didi, we have seen several ipos from china, ones that are listing in the u.s. have not gone through. some of them traffic in the same data that didi does. the future for companies in china is looking grim at the moment. one saw a similar problem listing and hong kong, it did not list at the end. investors have potentially short memories and we could see po

, instacart -- for an ipo.lans to build new standalone warehouses and fulfillment centers. and plenty more still ahead on "bloomberg technology," including bitcoin. the cryptocurrency rebounds after comments from elon musk and kathy wood like this. kathy: the idea that it's a hedge against confiscation of wealth. and that can take place in a myriad of ways. but inflation, especially hyperinflation in emerging markets, is the primary way. ♪ ♪ emily: this is "bloomberg technology." i'm emily chang in san francisco. let's get another check on the markets with our kriti gupta. kriti, intel, twitter, snap moving after the bell. what are we watching? kriti: i'm going to take the macro point of view because you did see a lot of positive earnings stories. you saw this tech outperformance but still not enough to make any meaningful gains in the s&p 500, closing up to 0.2%. the nasdaq 100 gain is three times that in percentage terms. we didn't do so well is the small caps. we want a healthy rally. today, you got the tech

that ipo totally derailed. this is, i think, about the american user.went down, kelly, a rabbit hole of videos and there was good stuff on there. there was one user telling kids they should ask for a custodial account over a ps 5 because it will compound and return them more money over time and really good videos that speak to that generation that aren't preachy or judgey. the problem is that tiktok algorithm, which is so good, which eventually most likely leads you to the snake oil salesman >> they're facing charges in china and the u.s. as the areas crack down on the different areas of concern >>> let's talk about binance for a moment the largest crypto in the world is facing regulatory tightening. "the wall street journal" finding that groups all around the world are working with lawyers to recoup massive losses they incurred when it froze on may 19th and according to gizmo, the ftc has found 760 complaints filed against the platform since last june so, casey, what's the future of binance at this point? we've talked about coin dust and some of the ot

the ipo market has opinibeen we.s out after this is behind. >> all right up next, lordstown motors hit veigionother mayjor instatn. details when we come back. uno, dos, tres, cuatro! [sfx]: typing [music starts] [sfx]: happy screaming [music ends] [swords clashing] - had enough? - no... arthritis. here. new aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. today the news that the justice department is probing electric vehicles they join tinto looking into companies representations free orders as it went public shares of lordstown down 11% today. what's your take on this company? can it recover at this point >> you're asking me is it now in a death spiral >> yeah, in a polite way i was asking that. >> i guess i'm being less polite this is big trouble. i will say, there are circumstances where you do see them you see one group investigating, it's not surprising to see another regulatory agency step in they don't want to be see

ipo, just a short of the highest projections.ngs, the company will market 55 million shares for up to 42 dollars each. robinhood plans to break 2.2 billion. it will make it the fifth biggest ipo in the u.s. exchange this year. much more to come. this is bloomberg. ♪ (announcer) the core is key to losing weight, getting back in shape, and feeling good. introducing the aero trainer, designed to strengthen your core, flatten your stomach, and relieve stress and back pain. it conforms to your body and increases muscle activity. abs, back, obliques, hips, and glutes. get incredible results in just five to ten minutes a day. the aero trainer supports over 500 pounds, and inflates and deflates in seconds. check it out at aerotrainer.com. that's a-e-r-o trainer.com. shery: marcus across asia are under pressure. let's turn to sophie for what to watch. reporter: that broad risk optimism is continuing with asian stocks lower. japanese stocks are lower for a fifth straight session with the nikkei at a january low all the yen is holding at th

or said to be a record year for ipo's in south korea.king the valuations not being to stretch. people are not trying to stretch the comparisons. sheri: equity cavity markets -- capital markets reporter julia on korean ipo's. robinhood the trading app maker that fueled the rise of meme stocks is set to make its trading debut on thursday. bloomberg has learned the company has priced shares at the low-end of the expected range of $38-42 per share. the firm performed the rut -- first round of regulatory scrutiny tied to the game start claims. what does this tell us? >> pricing at the bottom of the range is usually is a disappointment signaling that something went wrong on the roadshow in promoting the offering to professional investors. robinhood is taking a unique approach. they are really counting on their army of retail traders to provide a same day pop in shares. that's what all ipo's hope for. the initial trading to go up and not down. thursday in the u.s. will be a test for the strategy. they're offering 55 million shares and, again, h

growth at robinhood as one of the most controversial companies of the year lays the ground work for ipo. >>> trouble for tesla's sedans. >>> and heating up a fever pitch as richard branson ups the ante to jeff bezos it is friday, july 2nd, 2021 you are watching "worldwide exchange" on cnbc. good morning i'm seema mody in for brian sullivan kicking off friday morning with a look at stock futures. we are being led higher by the nasdaq which is up fractionally. the dow lower and the s&p higher ahead of the holiday weekend, the sa&p is coming off a high. the nasdaq is trying to cap off a seven-week win streak. the dow is about 1% away from the all-time high. the headline today will be the june jobs report numbers out at 8:30 a.m. eastern. economists looking for employers to add 706,000 jobs in the past month. for the unemployment rate to tick down to 5.6%. let's get to some of the morning's top corporate stories. bertha coombs is here. good morning, bertha >> good morning. j&j says the single shot covid vaccine shows promising signs in a lab study of protecting against the delta variant. in

here's the performance since the debuts of the six ipos raising more than $2 billion through ipos inis year didi performed the worst, thanks largely to the idiosyncratic risk from the chinese regulatory probe. but coupang, bumable down double-digit percentages as well the recognizance ipo of recent deals all sizes down more than 5% this year and lower by 19% from the february highs although you can see up about 3.5% today getting a boost there. to investors in the deals potentially others, it may signal that the market is having a harder time dieting bigger deals, may deter them from buying more ipos if they're under water in prior ones. plus an enormous supply glut this year thanks to so much equity issuance, the biggest in 16 years, many of years showing the market shrinking we'll see if robinhood breaks the 2021 curse that has befallen the multibillion-dollar deals this year scott >> what are we to make of the report, leslie, that the ceo, vlad tennive is not licensed by finra? investors are just learning this does it matter is it a big deal or not? >> i mean, i think the only thi

a busy day for ipos today. several more names coming to market today let's go over to bob pisani for the sizzling start to summer listings what's going on over there >> reporter: good to see you, eamon. i'm happy and unhappy. the tidal wave of ipos continue. i'm unhappy about the pricing action that i'm seeing let's take a look at f45 we were happy, mark wahlberg was here we got pictures with marky mark. it was a great morning i enjoyed myself look at this price at $16 it opens at $17. so everybody makes money right at the open. it's $15.80 right now. it's below that -- $2 below where it was right at the open a membership col sship collecti at $14 opens at $13.15 and has broken even, $12.98 look at phillips edison on the nasdaq a lot of people interested in this they do neighborhood shopping centers. a big emphasis on grocery stores as an anchor for the neighborhood shopping centers. so they price at 28. they go to $28.43. it's $28 nothing is happening this has been a tren a little bit of money made on the firs

the ipo etf is tomorrow. kathleen, you first. how are you feeling about the rip the effects of china's crackdown on the ups market? >> the ipo market is still on fire record-setting levels. maybe there hasn't been enough time for investors to do due diligence. i think we're in for a cooling off, triggered somewhat by what's happening with didi and some other chinese ipos. so the first day positives high, but aftermarket returns faded because it's so high to achieve a return after that first day. so this is good. a little fear in the market will help maybe not the issuers, but investors such as our etf will benefit when prices are a little more reasonable in the ipo market. >> yeah. kathleen, a lot more than a little in the market dave, over to you. tracking inflows into growth funds actually six times higher than value funds this year do you see investors losing their taste for ipos and big tech >> i don't think we'll lose a taste for ipos kathleen won't say it. i'll say if for you. right? the ipo fund she's running doubled the s

robinhood hopes to raise $2.3 billion in an ipo.he trading app at the center of a mean stock frenzy. robinhood expects the ipo to price between $30 and $42. the company would have a market value of $38 billion. it is ironic it is a company that has dined out on the story of meme stocks. >> they were banking on -- to the moon. meme stock, the main suggests it could be a short-lived phenomenon, but it seems to have gone on for more than a year now. during that one year, it really had brought a lot of new audiences, and a lot of users, a lot of trading volume. the meme stock has benefited them. what they are wanting now is because of the retail participation, it could have a lot of volatility. essentially becoming a meme stock. we will see on the 29th when they list on nasdaq whether volatility will be an issue. caroline: give us a sense of your -- whether this is good timing. we are still near record highs. crystal: take everything into context. this is a good year for ipo's. just in terms of volume. in seven months, over $200 billion

access that has given customers access to ipos at the ipo price, something reserved only for institutions saw it through the retail customer road show we did last weekend too. so, i think that as a public company, i am excited to keep articulating to the company what the company stands for and what the mission and the values are and delivering on that over a period of many years >> i was surprised, given that there are so many. tens of thousands of people bought in the deal that it went smoothly but you wanted it to close up for the day. we closed down on the day. there were many people that were angry at me. we had cancellations of the publication. what do you do to assage those that have got then and now are down >> we are building a long-term business and you have to ignore the short-term flucuations some days markets are up or down some days the stock is up and some days the stock is down. look back on what the company has been able to do over the past six years delivered a lot of great products and valueto customers and value to shareholders. we are building it for multiple decades.

that affected ipos headed for places like hong kong or the u.s.was kicked off by the listing in new york this month. that one went ahead despite reservations among chinese regulators about the security rex -- risks. what china is doing now is revising its role for offshore listing. it has the ability to hold offshore listings. it's infusing a cybersecurity review for companies. the exemption from the cybersecurity review signals to them that the process for chinese ipos will be less onerous if they are headed for hong kong compared to the u.s.. this is big news for chinese firms that need assets -- access to foreign capital. it's good news for hong kong and its exchange. it's good news for bankers who have made billions of dollars from offshore listings over the years. dani: we can see a positive reaction in the hong kong exchange and stocks anticipating that as well. thanks for giving us the latest on that. lucy coutts. more tensions here between china and the u.s. around this data question. beyond ipos, how do you view the u.s. listings adrs tha