jay ritter, professor of finance at the university of florida. >>> and one big tech executive speaking out against speaking at one of the data bases. google's chairman, eric schmidt, said that widespread spying by the government on the company's spying would be wrong. he said his company has registered complaints with the nsa, president obama and congress. >>> and one of of the country's big home builders is where we

jay ritter, professor of finance at the university of florida. >>> and one big tech executive speaking out against speaking at one of the data bases. google's chairman, eric schmidt, said that widespread spying by the government on the company's spying would be wrong. he said his company has registered complaints with the nsa, president obama and congress. >>> and one of of the country's big home builders is where we begin the focus, tri-point homes is buying it for $2.7 billion, the transaction will give tri-point access to land in key markets and make the company one of the ten biggest markets in the united states. the shares rose to 15.16, wearhouse up a fraction, to 3730. and shares of cisco rose, the giant faced higher food profits and business, which was down from last year, the stock went up more than 4% to 33.96. >>> and active investment certainly working for icahn, they say now is the time to be an activist investor because of local rates and management at u.s. companies. shares at icahn rose to 108.95. and a comeback helped vulcan. their net income more than doubled in the t

jay ritter at university of florida, looking at 40 years of ipo data, on average if you don't get thermed its pier roup by 3%. basically a lot of that would be the people flipping and putting pressure, selling pressure on stocks. a interesting bit of food for thought. a lot of investors i spoke with, you know what? they're stepping back. one of them at savant capital management tells me you could go to vegas or buy twitter. in his mind it is the same. he is staying away from. tracy: a lot of people are stay thinking like that. rick, last question, what worries you? you wrote the risk to the s-1. i read it. i thought it sounded pretty risky. apparently people are not bothered about that. >> no not at all. we were pretty forthright in our base case it is really not about the risk area, i think it is about the likelihood really exceeding what they think they are going to exceed. i think today, at $46 we think people are assuming it is as ubiquitous and pervasive as facebook within the next 10 years. to put that in numbers, we think that valuation assumes we're 1.8 billion twitter users b