joining me is brendan greeley and leslie picker. us started. -- brendan gets a started. >> the euro hits a four or five year low against the dollar. it fell less than a dollar 21 after mario draghi says they may increase stimulus. there is still a risk of deflation in the euro area. that said, italian and spanish bond yields are falling. the spanish tenure is a record low of 1.53%. he was one of the most eloquent speakers of his time. a democrat who made the case for the party's liberal wing. former new york governor mario cuomo died yesterday, he was 82 years old. he served three terms as governor, and in his speech at the naturally four democratic convention compelled him into the national spotlight. he was considered a likely president joel -- presidential candidate. he ultimately decided not to run. the second time a plane was waiting to take in june hampshire to enter the primary. he died of heart failure just hours after his sun was sworn in as his second term as governor. search teams are still having a hard time finding the

leslie picker has just broken the story here he joins me from new york. this is fascinating. what can you tell us about the deal? >> what we have learned so far as they are working with morgan saks and -- goldman sachs and morgan stanley on a deal. it may be a battle of the companies east coast, versus west coast. >> tupac versus biggie? i don't think this is going down. with the private valuation of over a billion dollars? >> exactly. when you talk about the average float size -- we're talking about an ipo of 15%. that is a two point $5 billion valuation for this company. it is sizable. when you look at their business model, a kind of resonates where -- with where alibaba was. individuals making a profit selling on their site, which of course is easy to scale. their ceo told bloomberg news back in 2013 it is profitable. we've not seen their financial sense then, but if they are profitable, that could also be a plus. >> bloomberg news reporter leslie picker, thank you very much. shoppers dancing in the aisles for the first dotcom boom, but was it a biased? >>ust? ♪ >> i'm cor

. >> leslie picker spoke with aaron on the floor of the stock exchange earlier today. >> we have been building our business for the long term. we started the company 10 years ago. we have continued to develop that mission over time. there is annualized revenue. in the process, the business has been misunderstood. we sort of look like and feel like a consumer company. that is confusing. but we sell to enterprises. we help enterprises manage information, whether it is a hospital, a media company. the way we do that is, we handle all of the governance and security issues those companies have very it will make it really easy to interact with the end-user. >>, the key sticking coats -- point is your cash burn rate. the marketing and sales have been a big expense. how do you turn that around? dca path to profitability? -- how do you see a path to profitability? ask the vast majority of our revenues is recurring subscriptions. we have visibility into what our current cash flow looks like. we look at how aggressively do we want to spend to compete for new customers? existing customers continu

earlier our very own leslie picker spoke with aaron levie about how relieved he is the company finally got out of the gate. she asked him that very question. >> we started the company 10 years ago with a very simple mission. we are now at a $225,000 annualized run rate. i think the businesses been misunderstood because we sort of look like and feel like a consumer company and that is confusing, but we sell to enterprises and we help enterprises manage their most critical corporate information whether it is a life sciences company, and hospital, a media company, a service institution and the way that we do that, we do all of the compliance and governance and security issues, but we build products that make it really easy. >> in the 10 months you are -- your company has been public one of the key points is the cash burn rate. we are looking at $9.4 million of cash burn every month. how do you turn that around? do you see profitability? >> one of the unique things about our business model across the broader markets is the vast majority of our revenues are recurring subscriptions are it we

leslie picker with us, and this goes back to use of cash, yahoo!t absurd uses of cash that there is. >> $40 billion of cash is what we are talking about. that is what is up for grabs. they also have a stake in yahoo! japan, which is cash as well. >> my message here from leslie's observation on yahoo! -- it is not just about earnings, it is not as apple, apple, apple microsoft -- all of these other companies have cash. >> the way we can tie together both procter & gamble -- sorry olivia? >> 12% fx hit for procter & gamble, but the number jumping out at me right now is caterpillar lowering the forecast, probably white shares are down 6% in the premarket right now. they've adjusted the 2015 forecast to $4.75 a share from $966.50. things are turning very quickly. >> what ties these two stories together is companies were not prepared for america to be the engine of growth. there were so many strategies and it turns out the growth is happening here. >> it is true. we will have much more on the earnings coming out and also on this jorgen vig knudstorp --

leslie picker is also with us. liz what was the big lesson that you learned in 2014?ere were a couple themes out of last year. it was the year of the jumbo ipo. that was really interesting. we usually don't get to play the calendar with large-cap companies. aftermarket performance was very strong. ipos outperformed the market by about 16% on average in the u.s. that attracted an interesting group of investors. >> i know there were rumblings. is the going to be enough money out there to sop up all of the shares? is it going to be the same in 2015? there is no aluiibaba. >> you are right, there will not be as many jumbo ipos. there will be smaller ipos. the backdrop is very constructive. we are projecting a 10% increase in all overall expected indices. that is a great backdrop. >> tell me what the pipeline looks like? >> we are hearing that a lot of the big deals did take place in 2014. 2015 will be made up of many deals, but they will be smaller in size. a lot of companies getting some traction for the end of last year, will pick up next year. shake shack is one that p

leslie picker has been following the story.have been talking about burgers for the last few minutes. >> it doesn't get better to do with that. the company wants to pay dividends to its inside backers. we are talking about union square hospitality group. most of those proceeds will go to the insiders. >> what we talking about valuation wise? >> we are talking about $568 million. we did a story saying they could fetch a $1 billion valuation. what i have heard is part of the strategy could be they priced it at this range and that gives them flexibility to raise it. if you recall the markets have been choppy. it's not the best environment for doing a deal. they want to come out as quickly as possible since they disclose their filing. they have a 21 day window. they hit that one on the head. >> there are a lot of restaurant change going public. there was potbellied. these have been successful ipos. >> almost across the board these ipos have surged on the first day of trading. we have seen 100% johnson the first day. that is a functi

i want to bring in leslie picker. leslie one question why do they need to go public? to go public about a year ago. the markets got a little rusty and the financials did not look great. they decided to raise another private round in july. that round valued that at $2.4 billion. they had enough time in cash to sustain themselves until now. now they go public. with box, it was not a choice. there investors were encouraging them to go public. >> what are you hearing about the demand here for the stock. the man on the roadshow was good. this ipo has a pretty small float size. they came in and purchased about 10% of the offering. if you think about the strategy give them that first-day pop. will it go up 30% so they close the gap on where they are valid you'd -- are where they are valued in july. >> they had 10 months of delays getting into the market. >> the delays impacted the psychology of the investors. they had 10 months to improve those. that is one thing that impacted them. they had some pretty high cash burn rates. some of the things people were looking for is that

our guest host for that hour, leslie picker. tom keene is sharing with -- in davos.morning must read comes from stephen carter. he writes fans should care because it matters whether the champions cheat areas fans should also care because it seems the nfl left integrity on a private jet somewhere. this is what everyone has been talking about. it seems to be hitting a nerve because people feel this is something the patriots have done before. >> are we chasing it down because the headlines right themselves or does it have with the patriots? i was looking for information and when you google patriots the word that shows up next is cheating. no one likes a dominant team, except that teams supporters and they have been caught before. this is not new. it fits a narrative we have. >> professor carter writes they find ideas in the rulebook that no one figures out and they have broken the roles, and destroy the evidence, when the -- >> the thing i think people love about football is it is a democratizing thing to watch. they are more talented and capable. when you hear stories

my colleague leslie picker and i broke this yesterday.sites like gilt and others have had trouble ipoing. >> maybe things seem to be turning here? >> etsy does sort of have a niche in the market. maybe they are a different category. >> maybe that will get love as the boutique amazon. big banks have started to roll out their earnings. jpmorgan coming up short. we will dive deeper into the banking numbers. ♪ >> we continue our countdown to the opening bell and it is time to the deep -- for our deep dive. jpmorgan kicked off bank earnings and wells fargo, as well. jpmorgan posted a 6.6% drop in earnings estimates. wells fargo topped estimates rising 1% 8%. jamie dimon is on a call right now with analysts and journalists. he made more comments about wage inflation. he said it will be good to have a little bit of wage inflation and the oil price drop is going to benefit consumers in the long run. i want to bring in the senior equity analyst at morningstar. they have a hold rating on jpmorgan shares and on wells fargo, as well. think you for jo