guest: that's the story of starting it in my apartment through the ipo.tense experience. all of the things. i wanted to share that experience, and if i could change a few people's minds about the importance of thinking about what they are trying to accomplish, that is my goal. that is why i wrote it all down. emily: we have heard elon musk say things like starting a company is staring into the abyss of death, shards of shattered glass. i want your metaphor. what do you got? guest: it is no piece of cake. it was challenging. that's one of the things i have had to remember. i started a new business. the start to success is not a straight path. it's important to be able to quit. it takes an iterative and experimental approach to make the business something customers love. emily: that is something i've certainly felt. logical attack? guest: i started the business because i wanted a pizza and i was hungry. it started as a hobby. i did not love working for another person in the early part of my work experience. that is really where the idea came from. i was try

now, this one's from the ipo class of 2021. shocker. exponential came public at 12, and within five months, the stock had climbed to the mid-20s. we're pulling back to 13 and change earlier this year the stock rallied again this spring, new all time high, just under 27 bucks for another selloff took it to a new low what a roller coaster. exponential has been moving higher, herky-jerky way. put in a terrific performanc for recent ipo that's a low bar this one, i am drawn to, i have to tell you. how about lifetime holdings. excuse me, remember the old names. you spoke at the beginning of the month. lifetime runs a chain of high end company-owned gyms they pitched themselves as country club like facilities i agree. premium price, too, $190 per month on average, way more expensive than $10 a month at planet fitness you can't go to planet fitness for a spa treatment or a haircut, you might consider a lifetime membership money well spent once you see the facilities wow, brand new location, 1 wall street, right down the block i have to tell yo

or ipo's? guest: we still have $3.6 trillion in hong kong, that is five or six times than what we have in singapore. talking about the daily turnover in the stock market, $16.5 billion per day. that's $1 billion in singapore. if you talk about ipo's, we have been down 80% in the first three quarters. they are 1/5. yvonne: headcount? guest: the population is shrinking but the headcount is growing. the industry is doing well, and global banks are committed to asia, and china is a big market. they can't afford to miss out. yvonne: thank you so much. great analysis, make sure to check it out on the terminal. coming up, we speak to richard late the hong kong positioning. big interviews coming up next. this is bloomberg. ♪ david: the state of markets equity markets on the way out, most parts of malaysia moving against the grain, but at least for today you have asia and greater china, equity markets moving in tandem with yields moving up. we are 45 minutes away from the rba rate decision, there are a

. >>> in the meantime, this, i've not seen an ipo like this. we've got an epic coming-out party for the world's largest social networking app for gay, bi, trans and queer people. wait until you hear why trading had to be halted 17 times and counting. we've got 50 minutes left to trade, and grinder's ceo is joining us next on how he plans to keep this momentum going. yeah, what is his plan? "the claman countdown" is just getting started. back in a minute. ♪ ♪ kevin, where are you?! kevin?!?!?.... hey, what's going on? i'm right here! i was busy cashbacking for the holidays with chase freedom unlimited. you know i can't believe you lost another kevin. it's a holiday tradition! earn big time with chase freedom unlimited. ♪ ♪ your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire this holiday season save big on all the gifts you need for the gifts that keep on giving. because while

, you know i don't like those ipos. i warned you away from those. this one is down 70%. now i am wondering if it is diving to punish? it is enticing. even if it is not cheap. why, i am starting to see the shoes everywhere. look at my own feet. everyone loved them. my wife loves them. last two quarters were excellent. unlike most recent ipos, they are actually profitable. let me put it this way, on is expected to earn $.38 next year, and i think that number is way too low. at the beginning of this year, they were expected to make three cents, now it is more like $.33. more reports in a couple of weeks. maybe that will be the moment the stock can redefine itself with something more than an ipo for 2021. i reiterate, i do not like that vintage. if you are selected, some of these are definitely worth zoning. i am putting in lululemon, columbia footwear, deckers and on holdings. i will emphasize, this market is overbought. as we tell investment club members every day at our 1020 meeting, you don't buy an overused market, you

could be a sign it's gearing up for an ipo it is look to go ipo in the medium term.billion in the last round it launches its own sports betting platform in january, and is at the heart of some cyclical and secular trends rubin sold his ecommerce business to ebay in 2011 and bought back parts on the cheap and grew it into a behemoth wit the nhl, mlb, and colleges to make jerseys, caps, and other merchandise. they acquired tops trading cars for half a billion dollars bottom line, it's a somewhat complicated business more so than a straight up apparel or betting company, so perhaps this is a first step in introducing the business and the man behind it to wall street when we come back. rbc capital markets, head of marketing strategy, loricalvasina, and reminder, listen to "closing bell" on the go by following the "closing bell" podcast on your favorite podcast app. we're hanging on to a gain up 54 points for the dow, more than that on the s&p and nasdaq going strong up 1 1/2% we'll be right back. power e*trade's award-winning trading app makes trading easier. with its cu

market, the capital markets through ipo or spac has been shut and there's been no real deals cominghe market and we know that that window will open again and more companies are goal to the market again and what it takes to get that is one or two or three. deals that work well and grind service connected working extremely well so for people in the stock, it's a great move up. but you have to be cautious as an investor and if it continues along the path, the first of many strong ipos we see where there's a rush for investors to want to be in the companies coming to the public markets. that will come. stu: working or will come? >> working towards it. stu: okay, thank you. republicans want the green agenda to be the thing of the past. we'll report on that. for the first time in history, the united states will soon import more agricultural produce than it exports. farmers say it's putting their livelihood on the line. a report from new jersey after this. ♪ stu: that's las vegas. the sippinger is adel as you can see. she kicks off her new residency at cesar's palace the only thing. all 32

for a while and even if there weren't -- the really big issues around ipos which is the audit issue that's outstanding, you know, companies are looking for a plan "b" right. they are looking at hong kong and looking at singapore as places that they can do in an ipo if the u.s. is closed off to them and most of them are sitting and waiting and having said that there's a whole set of companies that aren't traded in the u.s. markets now over 160 china and hong kong-based companies that are traded in the u.s., and we're finding that the fear factor is so intense right now and, look, we talk about it every day you have folks on your shows that talk about you can see it in the charts. the fear is unbelievable now in terms of no one wanting to take china risk and each look at these stocks >> right, because there's the zero covid policy. there's the nationalistic policy where you just heard from president xi there's the geopolitical tensions there's the real estate level. it's such a laundry lives issues right now, so what is it -- what is the biggest in your view, and where does that audit

bit firmer on wti krumptd up next we we'll talk to jih ha boze-little on where he is about the big ipo drought. bitcoin taking a another leg lower as another crypto firm goes bankrupt. blockfi has filed for chapter 11 bankruptcy in the wake of the collapse of ftx saying they have more than 100,000 creditors. we'll be right back. makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and stay on top of the market. ♪♪ we all have a purpose in life - a “why.” maybe it's perfecting that special place that you want to keep in the family... ...or passing down the family business... ...or giving back to the places that inspire you. no matter your purpose, at pnc private bank, we will work with you every step of the way to help you achieve it. so let us focus on the how. just tell us - what's yo

ipo and expect. kriti: certainly coming back into favor. you are also seeing volatility in the oil space. wti has fallen below $80 for the first time since september and is sitting near levels we have not seen since the beginning of the year. earlier today, energy aspects -- discussed stocks. >> there is a lot of confusion in the market right now. do not get too excited by all of the headlines coming out of china about reopening because that is not happening until april of next year. right now, there are more lockdowns for so demand in china will remain for now. the rest of the world, demand is decent and the numbers have surprised to the upside and not the downside. kriti: we are getting breaking headlines across the doj terminal. the doj's garland to name a special counsel for the trump probe. for now, that crossing the bloomberg terminal. let's get to the oil story because from an markets perspective, that is going to be the biggest move you are seeing. here, fernando valley, bloomberg intelligence. thank you for joining us. contango is

from my apartment to the ipo, as i got toward the end of the journey and approached the ipo, the reason to go on and do the next thing is i wanted to work on a business for the impact of what i was doing from a social perspective and the profit i was creating was the same in whatever the business model was. i'm not even sure it's possible a lot of time. i wanted to start a new company where we could make that the dna of the company from scratch, so that is why i went on to start my own thing. emily: thank you. congrats on the book. see you tomorrow. this is bloomberg. ♪ xfinity rewards is a program whose sole purpose is to say "thank you" with experiences big, small and once-in-a-lifetime. sometimes it's about cheering hard enough to shake the stadium! sometimes, it's as simple as movie night right here at home, on us. you mean the world to us. so we're bringing you closer to what you love. kinda like this. welcome to 30 rock! join xfinity rewards for free on the xfinity app today. our thanks, your rewards.

what are capital markets telling us, if you look at ipo pipelines, we are still looking at a shiffere, immense energy pressures and europe is not helping? yianos: greece is coming from i would say probably nowhere in the past few years. that is a bit of a lag indicator. the pipeline is getting more interesting. the big ticket item that will make a difference in european terms is the athens international airport. the government has changed strategy, and might float it on the stock exchange in the course of 2023. i think it will attract international attention. it is a good investment for greeks on the retail side. that could potentially kick in and to a difference. tom: potential ipo for the athens airport in 2023, will that motivate others to come to market in this environment? yianos: you will have a number of sectors in greece that are underrepresented. they have been doing pretty well in this very weird economic cycle. shipping has been doing well, tourism. real estate in greece has picked up after many years. in a way, you could look back and say nothing is happening. or you can

it got into gear when aunt was forced to pull the giant ipo in 2020.n so far has been it could be a net positive for the sector because in the scheme of things, we're not talking about a major fine, it is basically a slap on the wrist for a company of this size and the benefit is it does remove these obstacles around regulation. where we are at in terms of this crackdown, we see signs of progress because tencent was given approval for one of its tiles after beijing started reissuing licenses this year. vonnie: it is a one-off penalty, but with jd.com, we are seeing something more in line with the common prosperity theme xi jinping is pressing at the moment. tell us about these pay cuts. annabelle: these are two signature drives. on the one hand, you have the tech sector crackdown the other one that feeds into this is this common prosperity. so china would distribute wealth more among the population. jd.com has said it's going to slash its management strategy. you can see the company is stalling in its hiring and the sales figure per employee, that is o

market, but you just said, don't get started on the ipo now i can't do that. morgan, thank you. >>> on deck, is bitcoin ever really going to break back out we'll talk about it. is now the time to buy amazon? is amazon's founder, this bezos guy, thinking about buying a certain washington nfl team? >> speaking of interesting deals. >> there you go. how about that for a tease. >>> heaven to betsy. betsy? the stock is actually up there see what i did there, morgan we're back right after this. at ameriprise financial, our advice is personalized. based on your goals, whatever they may be. all that planning has paid off. looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice? i can make this work. that seems to be universal. i can make this work. i can make this work. no wonder more than 9 out of 10 clients are likely to recommend us. because advice worth listening to is advice worth talking about. ameriprise financial. at humana we believe your healthcare should evolve with you and part of that evolution me

have you prepared lamborghini for an ipo? stephan: nothing we are doing is to prepare for an ipo.ur agenda. guy: put your margins, stephan, are looking phenomenal. you have margins that are better than ferrari's right now. i am assuming the new car will only improve those margins. are these margins as high as they are because you are sending this message that this is a business people would want to buy? stephan: what we are doing is to work on the product and brand to do the best we can with all the opportunities we have. the brand is very young and fresh, so it's also inviting us to attempt new territory and launch things like the sterrato, and the results are very positive, not only in the united states but all over the world and we are always selling more cars than we are able to produce and this is creating an order back exceeding 18 months, and this is very positive, also, looking into the future, which will be hybrid from 2023 onwards, and concluded by the end of 2024. guy: we now have the sterrato. we also have the 911. i understand there have been conversations between you

and about half a percent more to other shareholders who received their share before the ipo , while thee is distributed, so over 45% is held by the founders of yandex 6.5 by management and employees 2% by investors who received their stake before the ipo and 46% of shares in free float. they analysts believe that under a completely russian leadership. yandex will focus more on the domestic market. and perhaps the transition to the company of the current head of the accounts chamber, alexei kudrin, will only strengthen her position. i think that under alexei kudrin, companies will become more ambitious. i think that it will strengthen interaction with state structures. uh, she will, uh, probably better work with russian clients and shareholders, and she, uh, will be more consistent with her strategy. that is, perhaps it will be uh, focusing crouched on profitable lines of business and the company itself is worth more powerful technologically than more. experts believe that being a systemically important company. yandex is quite capable of taking on the same role in russia that such it gi

scattered among the landfill the ipo class of 2021.re is portillo, the italian restaurant known for chicago style pizza. it came from $57 and high to the $20 and change from the ipo meltdown the actual company keeps putting up great results last week they reported a fabulous quarter, clean top and bottom line beat same stores sales growth even though the analysts were looking for over 2%. the stock is gaining momentum of late up nearly 15% over the past four weeks today the company held the inaugural investor day so we figured it's a good time to check in with the president and ceo of portillos and bought the famous food with him pleasure to see you here. >> thank you. >> in person. >> thank you so much we're honored to be here. >> i had the great pleasure to go to one a few weeks ago and i said to myself and i said to my wife, i've always looked for stocks where there is something good in region that plays it can be all over the country. i have found it in portillo's but why is it so darn good >> we talked about this a little before t

dani: it is a deep overhaul, part of ipoing the ev business. they are splitting the ev and combustion business. they were nearly double the operating margin, it will go to nearly 10% by 2030. manus: the ceo says they have executed one of the fastest, unexpected recovery plans and they have prepared the company for growth. five divisions as well. we have other breaking news coming through on a number of different fronts. well, we have a little bit of news coming through from deutsche post. you have the front line on that. dani: it is coming through, third quarter revenue at 24 billion euros, the estimate was for 22.4 billion so that is a solid beat. there had been concerned over this business, considering we have heard not great news from the u.s. postage businesses. they are raising their 2022 ebit and cash guidance. solid from deutsche post despite concerns about the consumer. we will be speaking with the ceo in the next hour. what have you got? manus: we will come back to that, we have some bits and pieces floating around. doubling the margin

the ipo market remained shut, valuations are falling and exits have been hard to come by. the latest from ftx calling into question due diligence and founder worship. we will discuss all of that and also getkatzenberg's take on the latest at disney as iger returns. sitting across from me, jeffrey, certainly no stranger to leadership transitions at disney or the streaming space >> yeah. really interested in what he has to say this seems like a point in sort of a typip cycle in silicon valley, people get caught up in the compensation, in the hype around certain types of applications and services, vcs can kind of mob the soccer ball, right, trying to all get into the same kinds of apps and then there's a downturn and people say, oh, my goodness, that was so crazy that was so foolish, as if they hadn't done it and fueled it in the first place. there are always some that are a bit more conservative the whole way through, and perhaps during times like these, those people end up looking smart >> yeah. we end up -- who was it -- was it -- i'm trying to remember if it was gurley or

at the time of the ipo, i think that there was, back in 2014. but it's maybe just an object lesson for any company that you have to keep innovating to stay ahead of the competition. >> i don't think any conversation about a gig company without talking about gig employees. other companies of some really bad behavior, but i -- the advantages to being a gig employee to me are tremendous. i don't drive for grub hub, but if i did, i would drop the kids off at school. and when i had to pick them up or take them to soccer practice, i would be an uber driver. >> i think that the gig economy is great for flexibility. if you're looking for a 40-hour career, if you start driving uber, you're no better off. >> that's not a career move. >> yeah. so i think that's an important thing to recognize is that it's not meant to be all things for all people. so my new company, we employ people full time instead of using a gig economy process for this reason. it's a career oriented, economic growth sort of a job. >> you could have taken the money from grub hub and tak

they may pay debt down on the ipo.though there may be a down round on how we evaluate the company you choose your timing on when you want to sell. when we think about the re-rating of tech, it is happened very quickly over the past six-nine months. we can't get too excited about the upswing today. we have had so much negativity in the market recently it is predictable we will see a bounce in the marketplace. i will tell you that activity around going public next year or preparing for sell states -- sites, that has picked up recently. that gives us a measured level of optimism. guy: just to talk about the lag, public markets have adjusted where our private markets relative to public markets in term of the adjustments that we are seeing? philip: rather than answer it from a quantitive way from discounts, i would answer it from the timing lag. we talk about duration lacks from 6-9 months. once we get into next year we will start to see movement with private companies as they start to realize that things aren't necessarily

he now sings ipo in belarus tries to speak language with the audience, helps creative young yarmolenko to develop, always in trends, but did not succumb to the laws of show business. in spite of becoming a strong family man, he does not hide his relatives behind the scenes. e always goes in rhythm with our modern generation. he is always with cool gadgets until now. he loves all this very much. here but there is no such no never. we have a relationship with him like this. i have friends my age. and just like that, we communicate with him some tracks that he wants to provide the public with new ones. he always send me. i say where, where, something can be added, somewhere something can be removed, but always, but never climb more than necessary, but he. well, he knows what he's doing. traditionally, we are waiting for the anniversary concert. soon the national master will present a new portion of the premier with an application for a hit and, finally, about the sport of a duel against the troops. dynamo minsk will continue today its away series of the khl regular championship this seaso

longer an ipo index.'t been enough ipos, so they're all stale most of the top 20 holdings are more than two years public so, it just sort of shows you this whole tier of the market we got excited about a year and a half ago has been dormant and in retrenchment mode. >> hoping for better activity in the next year, right >> i don't think it could get much worse >> exactly >> i mean, it would be almost impossible but we will see. you're right, carl, in terms of capital markets activity overall. and a lot of different areas, including, obviously, taking companies public guys, back to retail for a moment, if i can we got nordstrom earnings. they weren't particularly good third quarter, net sales down 2.9% versus the same period in 2021 gross merchandise value down 2.5% you know, they did note, of course, that given the weakness they started to see in june, they aligned inventory to deal with that. customer demand, they say, decelerated. we took action to align inventory and expenses with the changing trends. c

ever since early 2020, we have had ipo's.es have raised a new round in the last 15 months. we're seeing the better companies that are performing good milestones are getting more support from the investors. because there were so many investors who are retreating from health care globally, they are investing actively in health care because of covid. we're starting to see a lot more activities within health care investors. until we see the ipo window open again, it's probably going to slow down. we are investing in companies. haidi: what do you see as a catalyst? guest: last night i was asking some bankers, what are the catalyst? some of the companies in the portfolio may be catalytic in getting the ipo window. i believe public investors are looking for more clarity with u.s. china relations and policies within china and so forth. when it comes to investment opportunities in china, the last two or three years, we have been looking for needs and china, and how do we expedite and get clinical trials cheaper? some examples are simp

conduct authority, the fca and that's important because in 2020, so that's just in the lead up to the ipo, that's when wire card blew up and within weeks, the fca significantly tightened the rules and supervision of payments companies so there are two primary subsidiaries that dlocal has here that handles an amount of the flow the other subsidiary which was a legacy one, at the end of 2019 had 57 employees, at the end of 2020 had zero. why is that? we expect that the company is trying to avoid supervision by the fca saying we have nothing here so we're not certain that that's the exemption that the company claims to avoid being regulated by the fca, but we suspects is it is. but these are major payment processing entities and we see no reason why they're not licensed by the fca. instead, they're overseen by malta. as far as what the company would say, i don't know. we present a lot of different elements here. they probably wouldn't ask questions, but i think that they would just -- look, what companies tend to say is, you don't understand our industry. you don't get it and your report is

manus: when i catch up with other people involved in the ipo roster, talking about creating depth anddity, do you think this move now with a consumer orientated ipo changes the liquidity and the depth of the uae markets? >> it does change it in a very interesting way. this is a very interesting industry. i don't think there is a company like americana where it serves you as a customer three times a day. keep in mind, we have 270 million customers in the region. we have 12 international brands, 12 countries. if you look at the performance of the company, over 2 billion in restaurant sales. amazing management team, great track record, great balance sheet. i think it adds a very interesting industry to the whole stock market. manus: everybody is screaming the word recession to me and interest rates at 5%. your business, do you think it will be resilient when a slowdown downturn comes? >> let's go back and take a look, we have gone through corona. that is an unfortunate good experience to see how resilient our business is. you see how we managed our cost. then how the business came back a

ipo last year but pivoted to hong kong as beijing cracked down on its firms listing overseas.: the hang seng doing great yesterday, it's up about 3.1%. property companies have chinese stocks being supported by these developers. developers ramping up liquidity support for them. it's an industry group that settled by huge amounts of debt and represents 35% of the chinese economy, so anything in line with them to raise money is going to help. lifting the hang seng and beyond. david: the bulls are out in their bermudez. asia is up .5%. the dollar is down, yields in china on their way up. commodities are rallying. it's a story of fervent risk appetite may day here in asia. plenty more ahead. this is bloomberg. ♪ millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now, introducing, the best price for two lines of unlimited. just $30 per line. there are millions of happy campers out there. and this is the perfect time to join them... add a line to your

that is partly why we have such a successful ipo. we are the more affordable option.e have nearly every type of space in every type of community. people come back, cross-border travel, might start working more for airbnb, we have found a resilient model and i'm feeling confident about it. emily: our bloomberg opinion columnist has in an instant take, if airbnb has a problem it is you are making too much money. how do you respond to that? guest: no one would have told us 2.5 years ago, we are increasingly investing more in the customer experience every year. the reason we are getting more profitable, we are more efficient, incredibly efficient, 6000 employees, we spend a lot less on marketing than any other travel company. we are investing a lot more in the customer experience this year. we will continue to be more efficient, we will continue to deliver more and more for customers. i understand that people care about value. they want to make sure that airbnb is a brand, you can come to, get a great value, known for affordable travel. people are concerned whether or not

because of these volatilities, we are seeing the ipo market globally, really 20 link the -- really 20 link -- windowing. when you talk to the ceos around the world, what do they tell you about capital flows? does that sentiment suggest when capital markets activity will pick up, how it will ook like in the near future? >> thank you for the question. good morning everybody. if you listen to what james just walked through, he described a period of change and uncertainty. capital markets are highly geared to confidence. we happen to be in a moment in time where there is greater uncertainty and the trajectory of economic growth in interest rates are all more uncertain than they have been in some time. it's not surprising in that environment, the capital markets activity has really decreased. history will tell you that when you go through a transition, you go through a change, market participants, capital allocators need time to adjust to the reality. james highlighted, we have gone to a decade of easy money, of very accelerated price appreciation, and we were rewarded for deploying capita

those -- if you own any of those -- there are so few that are up not even talking about spacs >> the ipoame public in 2021. >> where is the accountability >> on the part of the underwriters >> us. me i don't know people got away with -- >> it was a different time people were willing to pay multiples. >> where are more people reporting on multiplans? how about that that's fabulous. a guy, michael klein, we all know, who will be on the spin-off credit suisse and he crossed away now, you can say he didn't sofi i like -- >> i i know you do >> it's been lost in these things i get them in the lightning round >> how is wheels up doing? $1.59. >> listen, we can skwuft sit here all day and call people out. >> i sat there every day questioning spacs. every single day >> i will give you total credit. with when they mattered. maybe lucent isn't worth -- >> it was one of the great ones. >> i think if you pull the tape you would hear us saying this is not normal what's going on. >> i always feel bad >> i would always go, oh, they're going to make $700 billion. >> remember when you endorsed quantum sca

ryan is really one of the few ipos from 2021 that has actually been a winner. very good buying opportunity here. jonathan in indiana, he called to ask about americo . they have had a few other businesses as well in both real estate and insurance. right now they are cheap for a reason, the moving business ain't great when the market is falling apart. as long as the fed is raising interest rates, it's just too risky. let's get to the bottom line. the genetics looks interesting but i want to see how the numbers look in the fourth quarter before i give it my blessing. anavex you have my blessing for speculation but only speculation and ryan specialty i think is a bargain. as for americo i'm going to say no thanks. let's go to stephen ohio. >> i have a question for you. carvana is burning through cash, what is allied exposure to them. >> i don't think it's that bad. i think you have the right to look at it. they do business with hertz, i don't care for carvana but i don't think it can hurt allied that badly though you are right to worry. one of the reasons i'm not r

i police of i prefer alibaba the closing price in the ipo it is still trading close to ipo levels theett indicator for gdp ratio in china is 55%. in the united states, it is close to 150%. my top pick is alibaba for the fact that it is aligned with the china long-term goals. the company generates a ton of cash i expect that to accelerate when the chinese economy opens mid next year. >> sid, thank you. have a nice weekend. >>> coming up on the show, the world cup kicks off this weekend. for the first time, u.s. sports books are gearing up for a big pay day. >>> shares of farfetch falling ahead of the opening bell after a wider than expected third quarter loss sales coming in lower than expected shares down 11% pre-market >>> williams-s, no ornoma with shares down 7% pre-market. >>> ross stores sharesare jumping. shares up 16.5% in the pre-market trade stay tuned "worldwide exchange" is back after this ♪ for skin as alive as you are... don't settle for silver. harness the power of 7 moisturizers & 3 vitamins to smooth, heal, and moisturize your dry skin. gold bond. champion your skin. i

. >>> renault announces plans to spin off the ev unit and eyeing an ipo for the company as early as theecond half of next year. we hear from cfo thierry pieton. >>> and the eu warns that the u.s. inflation act breaches trade rules. the european trade commission telling cnbc there is concern about the impact on business >> sources would like a solution which actually does not discriminate european companies in terms of access to provisions including subsidies of the inflation reduction act. >>> marginally down day for the stoxx 600 across european markets. we have a sense the midterms are the key focus area in the united states and while cpi and inflation numbers on thursday will determine what the fed decides from there and whether they will move or pivot to perhaps a shift to lower interest rate hikes is in the cards today's mid-term elections kickoff in a couple of hours as the polls are set to open there will be the factor we have a few earnings to come out today. that shifts the table when it comes to the european market pandora at the top of trade. going up more than 7%. stoxx 600

investor i speak to, whether at the lower end of the curve or participating in the growth rounds pre-ipocaution to the founders and startups they are investing in. now is not the time to be risky with capital to appointment. it is a time to conserve cash, be disciplined with hiring. they are seeing that in the private sector. but frankly what we have seen from this earnings season so far is concerned there will be a deceleration of growth in the final three months of this year into 2023 and that there are other headwinds impacting the bottom line across a broad range of sectors. the only reaction to that is cost discipline and how punished have those companies been? meta-the prime example because they have not been given the same evidence that they had when it comes to cost. kriti: it is interesting you mention cost discipline at the time a lot of these companies have a lot of cash on their balance sheet. why are they not using it? ed: a lot of it has to deal with your rate of cash burned, it is a lot until it is not. to talk about cost discipline, many of the companies at the growth end

there is no appetite for ipos and won't come back until the market is more secure and forget about spacs, please. the craziest thing is what people are buying. later tonight, we'll talk about what i call the if recession, as in if there's a recession. here are the stocks to buy not sell exactly the napmes you're supposed to sell do you think the bears bet against new corp usually line up against the wall and just annihilate? they spent the last few weeks rallying like crazy. they're saving it. they're not immune but seem immune to a slowdown they finished nicely when the market pulled back into the close because the market is led by tech, which is the biggest sector companies that let you buy now and pay later or help businesses figure out who is credit worthy or make point of sales are a dime a dozen and most of them are just pro se nothings who can keep them straight i have to look them up every single time and i know a lot of companies. same for the companies that help manage, massage, explain or protect data i wonder if we couldn't have that done by palo alto and salesforce.com and m

i think they endured a heady time i remember standing next to eric on the day of their ipo at nasdaq, and he was feeling a little, i don't know, seemed queasy about how quickly the stock price was moving up. he doesn't have that to worry about anymore now. >> he may be queasy on the other sense. >> now he can focus on building the business from about the point where the stock was at the ipo. and it's an enterprise business more than consumer clearly despite what we went through in the pandemic now our next guest had different takes on the software space. baird maintaining an outperform rating but lowering their price target on zoom citing lower free cash flow while our second guest believes productivity stocks like zoom will benefit from cost-cutting along with salesforce joining us baird senior research analyst will power and mighty capital founding managing partner s.e.moyati i'm curious about what zoom 3.0 perhaps might look like at this point. things relatively stable one might argue but not on that rocket ship trajectory we saw during the pandemic. what do you like about what you

some years the price will be different and a couple of years ago they got pre-ipo equity that did very up next year they'll be priced differently so it all balances out over the long term and we don't make major changes unless there's been major change and the stock has dropped and there's not been something dramatic as far as work, we've chosen to be on the more flexible side i think the future will be flexibility. i don't think it's purely remote and i don't think it's purely five days a week or four days a week i think after compensation, flexibility would be the most important benefit for employees. i think the best people won't be in silicon valley and in new york and the best will be everywhere you want to compete you'll need to have a more flexible policy some jobs will want people to be physically together. even us, we want some creative teams to be creative in person i don't think peer remote is necessarily a good thing long term either because i think people will get very lonely and people's bubbles get very small and it's hard for young employees to kind of be apprentice app

obviously since the company's ipo, they've been focus on profitability.on in cash flow, adjusted earnings was the strongest it has been. how would you describe where uber is on that journey? >> this has been a long journey, well over 12 years now since the company was first founded in 2009 even then, at the earliest stages and even up until last quarter, naysayers were saying you can't grow an on-demand marketplace like this and also be profitable. it's basically a statement that's been blanketed across every company, including airbnb, doordash, you name it. i think what uber has proven with two straight quarters of growth in ebitda and free cash flow is that you can achieve growth and profitability, you can create a mobility and logistics network that's increasingly profitable. this feels really, really good to a lot of the early employees and investors that had to weather a lot of that naysaying. today uber has over 120 million active customers, it's done about 2 billion trips in the last quarter and it has net revenue of $8.3 billion. that's growing 73

ipo's a private company go from zero to 50 billion. probably worth 10 billion. ipo at 100 billion.this side of ledger on private side. public holding the bag. spaces is unmitigated disaster. vcs made millions. the public is holding the bag s there any introspection in silicon valley the vc world we have to give a retail investor a shot at making money instead where we all cash out? >> i think the introspection when it comes to the quality of diligence being done. a little bit, sarah, to your point, we don't want anymore elizabeth holmes situations with cult of the founder die ma'am i believe. how do you allow retail investors giving them that amount of money. i'm seeing innovation around that. some companies are trying to provide access to vc funds. it is slow but it is starting. >> sarah. >> we're seeing people like bill gurley at bench mark one of the most successful cvs after all timing is like direct listings, that means you go public sooner. as we see more of that innovation, hey you shouldn't be a 100 billion-dollar plus private company we'll start to see people get in earlie

dissociate yourself from the stuff that i think is permanently brown, the lower quality arc stuff, ipos. >> you think that's permanently not a good investment? >> for the minimum of the next cycle we're not going to go back to that stuff as leadership. there has to be a period of purgatory or apathy or neglect for that part of the snooshgts y market >> you like the value or cyclical stocks. >> yeah. >> going into a potential recession where the fed is raising interest rates into an inverted yield curve >> this is what we wrote this morning, we're trying to marry in a nuanced way respect for the tape, with respect to the cycle. as you mentioned, negative 35 or negative 37 basis points this morning. we know what's on the other side of that typically. you can get good rallies with inverted curves. we've had it in 2007 when stuff like industrials actually led. i also think the 001 experience with industrials is interesting. industrials were leadership into and through the 01 recession >> do you think energy still leads this market? >> i think energy is sec skew lar leader what do leaders do

the hotel had shelved ipo plans this year. haslinda: in the markets, it is about profit-taking.sts in china over its covered policy and a rash of defiance against the government. pretty much read across the board. that is it for "bloomberg markets: asia." "bloomberg daybreak: europe -- daybreak middle east is next. this is bloomberg. ♪ 202 pounds on golo.'ve lost so the first time i ever seen a golo advertisement, i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change. so i decided to go with golo and it's changed my life. when i first started golo and taking release, my cravings, they went away. and i was so surprised. you feel that your body is working and functioning the way it should be and you feel energized. golo has improved my life in so many ways. i'm able to stand and actually make dinner. i'm able to clean my house. i'm able to do

saudi arabia again decided to hold an oil ipo, this time the sale of shares is planned.a processing unit with an audio frame from listing 30% of its papers on the saudi stock exchange is planned to raise a billion dollars . be able to apply for participation in the period from december 14 to 16, i will add an oil refinery 70% owned by audioframe and 30 local private investment company , it is she who will place her shares during the seller's placement, while saudi aramco will leave its share unchanged. the global tech industry has lost almost $7 1/2 trillion in a year, the leader in this area, the nasdaq index from the leaders has become an outsider and has fallen sharply. although a year ago it set a historical maximum, the main blow is caused by inflation, the rise in interest rates is precisely to the company's monetary policy industry tends to be the most vulnerable. many in general can earn only in conditions of extremely cheap financing, which has risen in price this year, and as a result, not one of the fifteen most expensive these us companies was marked by an in

then exponential fitness has become a post-ipo winner but could strong gains remain in its future i'mking to the company's top brass. palo alto looks like there's a real good quarter. we're going to talk about it with the ceo stay with cramer >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter have a question? tweet cramer #madtweets send jim an e-mail to madmoney@cnbc.com. or give us a call at 1-800-743-cnbc miss something head to madmoney.cnbc.com. folks, it looks like we're gonna have to land this big old bird earlier than expected because it's the xfinity black friday sale. get the fastest mobile service with xfinity mobile. yeah, we'll be cruising in to get the best price for 2 lines of unlimited for just $30 each per month. oh my! plus, for a limited time, get 500 dollars off an eligible 5g phone. even you in 22c. flight attendants, prepare for big savings. drop everything and get to the xfinity black friday sale. click, call or visit a store today. >>> earlier today general motors held an investor event here at the new york stock exchange where they l

lee: the day of its ipo, robinhood was valued at $32 billion.h before, the company was fined nearly $70 million by regulators, for causing users "widespread and significant harm" over the past few years. and it's facing more legal battles and regulatory reviews. and this isn't the case for every single platform, but certainly some, in my opinion, have crossed the line into encouraging people to take on excessive risks. lee: we reached out to robinhood and several other investing platforms. they all declined to be interviewed. remember, trading is only one way people have been taking risks online. sports bettors see an open field of endless possibilities. dabbundo: it's something i do and love. and it's only growing. lee: and sportsbooks keep upping the ante and tracking the results. all: oh! man: you can actually see when a big play happens bets per minute will jump up. and then they'll go down. so, you can actually kind of tell what's going on in the game just by looking at that screen. no matter who you are, two more. okay. being yourself can

transactions, fearing secondary sanctions from washington in saudi arabia again decided to hold an oil ipoe the sale of shares is planned, the processing unit with an audio frame from placing thirty percent of its securities on the saudi stock exchange plans to raise billions of dollars book formation process applications for large investors, will open on december 4 will last six days, and private investors will be able to submit their applications to participate between december 14 and 16 , adding a refinery 70% owned with an audio frame and 30 local private investment company. it was she during the placement. true to their shares. and with audio, the frame will leave its share unchanged. the global technology industry has lost almost seven and a half trillion dollars in a year, the leading nasdaq index in this area and from the leaders has become an outsider and sharply decreased. although a year ago it set a historical maximum, the main blow is caused by inflation, the growth of interest rates is the most vulnerable to the monetary policy of companies in the industry, as a rule. many in

transactions, fearing secondary sanctions from washington, saudi arabia again decided to hold an oil ipothe sale of shares is planned by the refining division. with an audio frame from placing thirty percent of its papers on the saudi stock exchange, it is planned to raise billions of dollars. % owned by an audio frame and a 30 seat private investment company. it is she who will sell her shares during the placement, and with the audio frame, her share will remain unchanged. the global technology industry has lost almost seven and a half trillion dollars in a year, the leading nasdaxx index in this area from the leaders became an outsider and fell sharply . although it set a historical maximum a year ago, the main blow is caused by inflation of interest rates in the monetary policy of the industry, as a rule, the most vulnerable. many people can earn only in conditions of extremely cheap financing, which this year has risen in price. well , as a result, not one of the fifteen most expensive us it companies, they were marked by an increase in value, even such a giant as microsoft lost abou

there are a lot of questions around when the ipo will be and what the potential valuations could be.be very tuned into what the outlook looks like to gauge the prospects of its potential ipo. >> do not miss the fifth bloomberg economy form taken place in november 15-17. we will be there. >> you can watch the full thing on bloomberg new economy.com. ♪ >> this is daybreak: asia. counting down to major market opens as we see investor optimism post u.s. cpi. the best rally in a decade. october inflation numbers easing a little bit. haidi: is it overdone? are investors going to be worried? we know the potential for patching is when it comes to base cpi readings is high. we could be back to more sustained cost pressures. certainly it was a big move when it comes to equities and risk assets. downside for the dollar. shery: japanese ppi numbers coming in higher than expected. 9.1%. the estimate was 8 .02%. we could be talking about continuing inflationary pressures but at least the market of reaction across asia is positive with the nikkei jumping 1.5%. japanese yen holding at 141. we talked

in saudi arabia again decided to hold an oil ipo, this time the sale of shares is planned, the refiningvision with audi aramco from the placement of 30% of its shares on the saudi stock exchange is planned to raise a billion dollars the process of forming the order book for large investors will open on december 4 and last for a week. well, private investors will be able to submit their applications for participation from december 14 to december 16. i will add an oil refinery 70% owned by audioframe and 30 local private investment companies. it was she who during the placement of the sale of her shares, but with the audio frame her share would remain unchanged. the global technology industry has lost almost seven and a half trillion dollars in a year, the leading index in this area nasdaq became an outsider from the leaders and the flight dropped sharply. although a year ago, the historical maximum was restored, the main blow is caused by inflation of interest rates, it is precisely to the monetary credit policy that the company in the industry, as a rule, is the most vulnerable. in gene