we have leslie picker with more. didi was that mean?t a boom that people thought. >> right it did well when it first came out. up 29% then over the course of the day, we tend to see this from time to time it wound up ticking down closing over 1%. didi is one of a bunch of ipos this week. 17 deals this is the busiest week since 2006 didi is the largest ipo amid the cohort the chinese ride sharing giant raised $4 billion in the deal after spiking 29% with shares closing over 1% of the ipo price. that gives them a market cap of $68 billion as of yesterday's trading. you talked about this, brian krispy kreme the doughnut maker raising $500 million. selling more shares, but priced below the market range ipo price of $17 per share the valuation is $2.7 billion. that is twice the price from the purchase five years ago. nonetheless, the top line growth of 15% and lack of profitability and combined with the broader trend to healthy eating made them balk at the price exchange. it will be listed as dntd. these come amid record-breaking second quar

leslie picker is joining us now with what we need to know.>> reporter: seema, robinhood disclosed the prospectus yesterday. nothing short of high popping growth the company has more than the entirety of the accounts added at the end of 2019, for the whole year the company quadrupled the top line generating more than $500 million. robinhood with $1.4 billion loss that was entirely to the discount over emergency fund raising over gamestop mania. robinhood agreed to pay a fine due to outages in march of 2020 and misleading communication with customers and investors in the prospectus, it is the rfk f risk factors that were top of mind robinhood may not grow at considerable rates, but many in the country are returning to offices. the bulk of the business is transaction base the payment for order flow that is money robinhood receives for routing transactions this is under scrutiny by regulators robinhood needs to maintain requirements and many are not hypothetical it came to light during the gamestop saga. shares will ultimately be listed in a mont

what we don't want is what leslie picker talked about, every deal north of $2 billion has broken print. >> i thought that was an interesting stat that leslie shared with us yesterday the big deals have not done well. >> what should you do if you're goldman? you price it so that it works. >> okay. which do you think they did that >> i don't think they care at all. >> but do you think where they priced it was the -- >> i don't think they have any idea i think that they're so busy trying to figure out who is who -- >> they're so busy trying to sell those uber shares, by the way. this morning i was hearing from some guys in europe. >> underneath you it says goldman not done allocating robinhood ipo shares that's what led me to be skeptical. typically by now you'd have a better idea. it's 902. >> usually you'd have me sitting here saying it's ten times oversub skriezed. >> if you knew it was allocated to, but i'm sure there's someone at goldman who says cramer doesn't know what he's talking about. the issue is you can't have the print price broken because if you have, say, 30% who are thinl

leslie picker doing great work covering the ipo of robinhood. jim cramer give me a last word before i said goodbye >> the syndicate should step up say the flippers are gone. leslie has done this amazing reporting when you hear what she said about the stick is versus the carrot i don't think these people care if they don't get more shares. robinhood doesn't get big allocation it's a free for all. got the get the flippers out and the syndicate has to come in and jam it up. but the clock is ticking on the jam up, judge >> we'll watch it >> and the green shoe, jim >> i hope these options people are taking the stuff, jon you do with your brother they need the education or what's going to happen is what josh said when the market goes down they'll be blown out. we have to root for the people trying to be in our markets >> for sure. can't thank you enough for coming out >> thank you guys. >> adding voice to the conversation today we look forward to the interview with vlad >> thank you >> that's jim cramer guys we'll take a quick break. anastasia, stay wi

i'm leslie picker. let's get to kate rooney for more >> hey, leslie one big risk here.e of what happened back in january for robinhood. he talked about customer dissatisfaction, litigation as well as congressional investigations around gamestop they also highlighted the need to raise capital pretty much overnight in order to meet deposit requirements bottom line, robinhood says, quote, we cannot assure similar events will not occur in the future at the time robinhood was able to call up its venture capital investors to secure more than $3 billion. that deal was in convertible debt at a 30% discount to the upcoming ipo price and as a result, robinhood reported a $1.4 billion loss for the first quarter. that had to did with the dead deal as for the public company a similar event could hit shareholders when available cash is not sufficient for our liquidity and growth deeds, the start-up might need to engage in equity in debt financing to secure more funds they cannot be sure that would be on attractive terms, as they put it and if additional funds are raised through debt,

lot to get through >> yes, we will get it all done, robinhood, though, is where we will start leslie picker is at the nasdaq with the latest there. leslie >> we're starting to get some indications coming in, still $39.25 at this point in time that implies about a 3% gain from where the company priced its shares last night at $38 a piece. it is something that we will be watching closely today because as the indications have been coming in, they have trended downward, first one came in around $42, a little after 10:00 in the morning, since then we have seen them tick down that aid, it is still early days, this process involves pairing shares, you have to get a certain number of shares paired before you can start to begin trading to open that stock for trading. so that's what we're keepi ing n eye on directionally they have been trending closer to that ipo price. i'm told it is a mix of institutional and retail orders that have been coming in very unique aspects to this deal on the demand side of the equation, you have a large amount of stock that is going to be going to retail investors we ha

leslie picker.o you think this is any sort of ver on the future of this retail investor boom on robinhood. >> i think concentration of risen, but also crypto, we know that -- those are not things that i think you will want to bank on any time soon. the thing i struggle with on this company, what did they innovate on? when you looked at the s-1, i thought the average size of the accounts and the sort of trading they're doing, it's not likely to be the thing they're able to build on they're going to have to offered more services and grow with these clients if foss clients' balances do grow is it a referendum on what people think yeah, but it's just not for me >> they brought the other that was revolutionary. is there any else that is revolutionary? it's a complete 2021 thing -- but apparently you hold something, and you don't let go? it was literally trading 33 are they revolutionary in some aspects, yes danny moses called me before he said this was the worth-performing ipo of its size since mf global

thank you very much, leslie picker >>> ahead, covid-19 cases are climbing across the u.s. is once again requiring masks indoors regardless of whether you're vaccinated the latest on the delta variant next >>> plus, commodity inflation, is it peaking? why one analyst is changing his tune on industrial stocks. and we'll speak to the ceo of betting big on climate technology all when "power lunch" ruretns now geico could save you hundreds on car insurance and a whole lot more? cool. so what are you waiting for? mckayla maroney to get your frisbee off the roof? i'll get it. ♪ (upbeat music) ♪ ♪ ♪ whoa. here you go. (in unison) thank you mckayla! dude, get it. i'm not getting it, you get it. you threw it. it's your frisbee. geico. switch today and see all the ways you could save. these days you have to keep everything moving and reinvent the wheel. with a hybrid, you can do both. that's why manufacturers are going hybrid with ibm. with watson on a hybrid cloud factories can use ai to automate the little things so they can focus on the next big thing. businesses that want to inno

leslie picker has the report >> reporter: when schools and venues shutdown, the part-time teacher azarint benefits were a lifeline until october when all but a few dollars were stolen. >> without the funds, moon became homeless. >> reporter: living in his car for weeks. >> i'd usually lay against that side of the car and lay my legs over the center console. >> reporter: moon and millions of unemployed americans received their state benefits through debit cards like these but they lack chips, a common security barrier against fraud. still 45 states plus d.c. use debit cards mostly without chips although many also give recipients a direct deposit option our investigation found states like california and nevada found an outsized share of stolen benefits during the pandemic because they had a greater reliance on chipless debit cards. >> a card without a chip, that's really easy to copy. >> reporter: criminals can then take the duplicate card to an atm for cash according to cybersecurity experts like charles henderson from ibm >> it's just a matter of picking up a reader,writer and duplicati

leslie picker has those details for us leslie >> jon, that's right bill ackman will still buy a stakece is something ackman laid at the feet of regulators >> to sign the deal, and then we push forward with the transaction and then actually in the last -- this week, last few days, the s.e.c. raised i would say a deal killer which is they said that in their view, transaction did not meet the new york stock exchange spac rules and what that meant -- i would call that a dagger in the heart of the transaction, put tauntine in an awkward spot. >> he clairerified a key sticki point is a minority stake in a company that is due to list later this year in amsterdam as for investors, shares are trading just about 2.5% above the spac's ipo price, but after a run-up earlier this year, due in part to retail interest, the stock declined 26% year to date. so now tontine has a year to find and consummate a new deal he said if he finds one, it will most likely be more of a straightforward merger rather than one with more of the creative and complex structuring as was the case with this most recent deal

leslie picker joins us with this and more on that. >> reporter: good morning, frank.th ipos, this year bigger isn't always better, at least when it comes to this year's crop of ipos tomorrow 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 inv

does that guarantee they remain on top leslie picker is here speaking with the head of the climate fund bi-monthly newsletter and raising a multibillion dollar climate fund so we spoke about the outsized amount of capital flowing into environmental plays including tesla. something that reminds him of what happened with technology in the late '90s. at the time he says society realized that the internet was going to touch everything just as he believes climate companies will but the capital markets aren't quite set up yet to value winners and losers, he says. >> i think we'll see the same pattern in this cycle, in the climate revolution, where there's going to be a lot of excitement in the early days companies may jump and react to that excitement. but a long-term ecosystem of capital and capital solutions will grow and that will help the revolution unfold. >> now coulter says tesla is similar to aol in the late '90s and is a poster child. fast forward a few decades and people are rarely using home pages like they used to. he notes tesla may not end the way aol did and doesn't believe cli

i'm leslie picker, jim's off tonight, but you are in luck we have a special edition of "fast money" comingerving up summer stock sizzlers. what you should be doing with your money as we head into the second half of the training year including three big names you might want to bet on plus, is this the new target of the reddit revolution? this name rising the ranks on the reddit boards, what is it and how you can play it, and later, we want to hear from you. tweet us your stock questions at cnbcfastmoney. we'll answer some of them live

we're about to bring you is predicted either we have breaking news this morning from robinhood and leslie picker. leslie. >> andrew, we knew it was coming this is the price range offering size and valuation for robinhood in terms of its marketing that it's seeking as it begins its road show. today the company filed an amended s1 showing it is looking to sell shares between 38 and $42 each 55 million shares total for an offering size at the high end of that range of $2.3 billion now in terms of its market cap, in terms of its market cap at that $42 per share high end of the range the company is seeking $35 billion market cap in this ipo. now it was reported they had been expecting a valuation of about $40 billion here their last private market valuation was $11.7 billion raised last september. we are expecting a listing next week if you recall those road shows have been compressed now that they can be virtual at this point in time and also in today's amended filing you're seeing updated financials from the first half of the year the company reporting estimates for revenue as low as 546, as high a

we've got a news alert in the ipo market let's go to leslie picker. >> melissa, i am hearing from a source that duolingo has priced it's ipo at $102 that is above the range that it boosted about 18% from its marketing range. the top end of the boosted range was $100, so pricing $2 above that that implies a valuation of $3.7 billion for the app that teaches new languages to about 40 million users $521 million is the offering size for this ipo. shares of duolingo will begin trading tomorrow they will be listed on the nasdaq under the symbol suol >> thank you, leslie picker. >>> got a buzzkill for ups, seeing its biggest drop since october. the company saw a 16% decline in residential shipments, and the ceo will be sitting down with jim at the top of the hour with more on the results. you won't want to miss that exclusive interview on "mad money. of course it's had its impact on fedex, tim, and i know you're watching that. >> well, look, there's some sense that there's really some slowing in the e-commerce business and that may be short-term, and, again, very difficult comps. but ultimately l

robinhood prices tonight, trading tomorrow leslie picker always following the money for us as she is what can we expect leslie picker >> hey, scott, we looked at some of the biggest deals of 2021 it's clear that bigger isn't always better here at least coming to the deals this year. tomorrow we'll find out if robinhood expected to raise 2.2 billion at the midpoint of the marketed range face as similarfate. here's the performance since the debuts of the six ipos raising more than $2 billion through ipos in the u.s. this 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 thi

revealed that a cost-saving but outdated technology is fueling this type of theft here's cnbc's leslie pickerthe pandemic, performer and part-time music teacher moon found himself out of work. those benefits were a lifeline until october when he found out all but a few dollars were stolen >> my am tire account was cleared out. >> without those funds, he becametemporarily homeless living in his car for weeks. >> to sleep, i would usually kind of lay against that side of the car and lay my legs over the center console >> moon and millions of other unemployed americans receive their state benefits through debit cards like these, but they lack chips, a common security barrier against fraud. still 45 states plus d.c. use debit cards. mostly without chips, although many also give recipients a direct deposit option. our investigation found that states like california and nevada saw an outsized share of stolen benefits during the pandemic because they had a greater reliance on chipless debit cards. >> a card without a chip, that's really easy to copy. >> criminals can then take the duplicate card to

. >>> robinhood going public in the nasdaq today leslie picker, people have to be disappointed. >> yeah, i think people who expected this deal to trade higher, i don't know if we could use mike's protractor for it it's been all over the place it was down as much as 10% earlier today, it's come up a bit in the hour or so since then only about a quarter of deals do trade down on day one. you also don't see them with founder-led and venture growth, it has happened in the past, though shares did price low at the end of the range, it's also worth noting, there's been high volume today, people expect it could trade about 100 million shares, which could be about two times the size of the ipo. unique to this deal is the fact that robinhood customers were big buyers there was significant retail allocation, maybe not at the he end of the range, about 35% of the deal, i'm told it's closer to the end of the range. but that kind of adds in layer on top of today's performance. it's not just a one-day blip that isn't great it's now that you have users of the platform, a different type of stakeholder t

. >> robinhood is releasing new details about its upcoming ipo leslie picker is following the moneyfrom the new york stock exchange for us. leslie >> robinhood is planning to list its shares next week before it does, they'll embark on a road show in its ipo, they're asking for market cap as high as $35 billion, about 36 times last year's revenue trading activity has sky rocketed in the first half of this year, propelling the number of net cumulative account on the platform to 22.5 million that is contributing to the estimates that it raked in as much as $574 million in the second quarter robinhood also noting it could face a slowdown due to decreased levels in activity particularly in crypto currencies selling shareholders, including the two co-founders looking to cash in as well. robinhood is allocating as much as 35% of the deal to retail investors. the company intends to list on the nasdaq under the symbol hood, scott? >> maybe it's the most principle risk involved in this story. what happens if retail pulls back in their investing and trading activity that seems to be the number one

leslie picker with the details leslie >> reporter: sara, that's right. similarities between the dot-com era and what's happening with environmental plays today >> so it feels to me a bit like technology in 1998 it's a moment where society is beginning to realize that technology was going to touch everything and that the capital markets hadn't quite set up for how they were going to deal with that >> he says tesla is akin to the aol of the late 90s but notes tesla may not end the same way i asked if he thinks climate is in a bubble but will be a twisting and interesting journey. guys >> okay, leslie, thank you very much sun light financial will benefit from the rising interest making its trading debut today following the completion of its spac merger with apollo backed spartan acquisition corp shares finishing higher by nearly 5%. sunlight ceo joins us. welcome, your employees are here and everybody is happy it's a big day for you >> a really exciting day >> why spac? >> first, we had a very healthy cash flow, a strong balance sheet and we're a profitable

over to leslie picker at the nasdaq leslie, you've been following every tick of this robinhood action >> reporter: every tick is right, frank, starting with the indications as high as 42 this morning and then they went down to 38, which is about where the shares opened. they were down as much as about 10%. but you can see they've come back they've made up a little bit of ground down 4.4% i'm told that a lot of the volume is comprised of retail. there is very, very heavy volume, important to note that, almost 1.5 times the shares sold in the ipo, about 55 million shares in the ipo. upwards of 70 million in terms of volume at this point in time. we could close today with 100 million shares turned over in today's trading on its debut now while shares are lower today, you can see now going down to about 5%, clearly a lot of volatility today, we did talk to the nasdaq president nelson griggs who noted a red opening day, a red print on the opening day is not always indicative of future performance >> we look at one-day performance. i have been in the business for over 20 years and a lot of

we have leslie picker with more. >> reporter: for the last decade, the equity markets have been shrinks 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 week for ipo. a huge rush before the august period where investors do away f for the month. we see 18 ipos

throughout the day robert frank is looking at the billionaires the app will create we havehave leslie pickerew the first offering of the year despite months of hype, the company pricing shares at the low end of the range implying a market value of $32 billion. now the muted pricing is luke warm investor sentiment and the attempt to be conservative to garner the day one pop of users who received an outsized source. robinhood broke into the mainstream amid the mania of gamestop and amc the ceo was pulled in front of congress virtually to discuss the decision to halt trading in it certain names that notoriety did not stop more users from signing up. robinhood doubling its net cumulative accounts since december that growth, plus the robinhood brand and retail trading space is the bulk of the case here the bear case centers of risk and litigation and likelihood revenue declines as the popular ty of dogecoin fades and additional risk of volatility today and in the days to come with the unprecedented amount of stock with retail investors and 15% of employee shares unt untethered to lock up. g guys.

black stone apollo group i don't know if you've been watching this but leslie picker talked about howade some calls on this and i think leslie and i are in agreement. it is possible that it would go public but we are not there just yet. did i catch you eating doughnuts? >> i was trying to move the doughnuts around because there was a lot of them. >> tempting. tempting how much are you up to now we've gotten calls on twitter for a counter. four you are picking up steam >> this may be the end >> do you feel okay? >> maybe one more. one more >> he only had four. he can handle four >> that is a lot of sweetness. >> a lot of sugar. >> a big come down >> we also decided, andrew, you know how you go to a wine tasting, you can taste like 30 different but you didn't really drink the wine think about that buts that gross. >> that's nasty. >> we can't think of a way to do which is really to taste all of the doughnuts. >> and apple coming up and a check on bit county, this time out of india. uno, dos, tres, cuatro! [sfx]: typing [music starts] [sfx]: happy screaming [music ends] woo! you are busy

leslie picker has that story p.s recently turned his attention to impact investing and is in the process of raising a multibillion-dollar climate fund he spent much of his year focused on technology investing and said what we're seeing with climate specifically, companies that are helping to improve the environment, is akin to the late '90s with the dotcom boom. the market expects climate focused companies to be pervasive. they just haven't quite worked out which ones will be the winners. >> there were few companies back in 1998 in technology, take aol, which were famous, but roll to the future, aol is no longer what it was. home pages are not driving technology today so we sit today where there's a realization that climate change will drive investing opportunities for perhaps decades to come. but the markets are still forming. >> if aol was kind of the darling of the late '90s, what do you think is the darling equivalent of the current stage for climate? >> clear in the public markets that tesla in some ways is gar

as we look ahead to the price, you want to talk to leslie picker because she's talking about the marketingthe key question, andrew we like to look at these things. is it coming out at a discount to peers is it coming out at a premium? are you getting a bargain or are you paying up? the answer depends on the multiple you use when you're trying to calculate this map a common metric in the brokerage space is how much a company is valued as to the number of accounts on a price per account basis. robinhood looks cheap at 13.50 relative to etrade when it was acquired by morgan stanley and t.d. ameritrade. logically, that makes sense as an analyst of mkm put it because robinhood's account sizes are lower than its peers what about traditional financial multiples? enterprise value to ebitda take schwab again, for example, trading around 6.7 times estimated 2022 sales robinhood's ipo pegs that 10.5 times. the art of course is always choosing which companies to compare it to. now i've spoken with several investors who are taking pause from the valuation risk as well as regulatory concerns yesterday t

we'll see how that translates into pricing within the next hour or so, feis. >> leslie picker, thank it should be kind of a compounding of the meme stocks you have to be prepared for the fact that all the hype has preceded the deal itself has the look of a cashout for insiders as well as you're paying back the emergency providers of capital back when they needed the money back in february so there's a catalyst to this deal happening now that's also interesting because if you're letting your own investors, your own clients buy up to a third of this deal, it complicates the pricing. you don't want to maximize every dollar you get from them one final point is the consumer facing buzzy app companies that have come public in the last few years have been disappointments. airbnb, doordash, bumble, think all had this great long-term story, and they've traded a little -- not terribly but a little sloppily they have underperformed since their first listing. >> a lot of the larger ipos were not done well initially out of the gates or, you know, shortly thereafter so that's going to be an issue

leslie picker has the report >> reporter: when schools and venues shutdown during the pandemic performer part-time music teacher azari moon found himself out of work. >> i had to go on unemployment insurance. >> reporter: those benefits were a lifeline until october when he discovered all but a few dollars were stolen. >> my entire account was cleared out. it kind of put me in a difficult situation. >> reporter: without those funds moon became temporarily homeless living in his car for weeks. >> i'd usually lay against that side of the car and lay my legs over the center console. >> reporter: moon and millions of unemployed americans received their state benefits through debit cards like these but they lack chips, a common security barrier against fraud. still 45 states plus d.c. use debit cards mostly without chips although many also give recipients a direct deposit option our investigation found states like california and nevada found an outsized share of stolen benefits during the pandemic because they had a greater reliance on chipless debit cards. >> a card without a chip, that's re

let's get this very, very latest on this now with leslie picker who is at the nasdaq where she's been all morning she's now alongside nelson grigs. they scored a big one here with robinhood, president of the nasdaq stock exchange. >> thank you so much as you can see that share price has been trading lower, pretty much since it opened very high volume out of the gate for this one, which i think was expected but just broadly speaking, what do you make of some of today's activity >> the volume is actually more than we expected we're already at over 50 million shares traded. and they offer a little over 55 million. we're seeing more activity than we had expected. >> with regard to winning this deal as they say in the lgss business it's usually a battle between the nasdaq and the new york stock exchange why is it that robinhood chose nasdaq as its listing destination? >> well, we had a pretty good run this year. about 70% of operating companies using nasdaq with robinhood we've known them for years. we tried to develop partnerships a lot you can do with robinhood. and they've been a good p

. ♪ >>> it's time for a news update with leslie picker hi, leslie >>> here's what's happening at thisattack linked to russia, clarifying what he expects russian president putin to do about the attacks. >> i made it clear to him that, that the united states expects, when ransomware operation is coming from -- though not sponsored by the state, we expect them to act >>> indcaitlyn jenner holding hr first press conference she did claim to be the leading republican challenger, though no independent polls shows that. >>> in spain, the ruling coalition is arguing over how much meat people should eat. a member of the far left party called on people to consume let meat due to climate change a minister called it unfair to spain's meat industry. the prime minister even weighing in, saying how much he likes a well-cooked children's hospital. >>> well, th-- well-cook chop. >>> how steve balance mer, dave tepper, and others are using their teams to save hundreds of millions thanks to a tax hoople it's an interesting story, coming up after this rush hour will never feel the same. experience, thrill

you know, we'll see underdogs hopefully evolving into comeback kids >> we had paid attention to leslie picker's great metric about companies that came to market raising 2 billion and being in the red six straight, now seven obviously, but this one is the worst performing day one ipo of its size. >> it is it was a rough day for the stock and i think for the investors particularly some of the retail folks that maybe got in on the ground floor for this. it's one to keep an eye on it's certainly interesting and if cnbc were able to bookend these interviews with tenev before the stock started trading and after. of course, david, it's really payment for order flow it's regulatory risks. i mean, this is what's very much in focus, if not in the long-term then certainly in the near-term. >> yeah, and those kind of risks, of course 80% as we know of the revenues coming from payment for order flow, questions about the long-term nature of the business at the same time those who were believers and listened to mr. tenev yesterday in both interviews and his discussion of it becoming a money app within five ye

i'm carl quintanilla with david faber and leslie picker. e starting out q2 earning see. big cpi, leslie. >> a little there. three big movers we're watching, shares of pepsi popping, raising the four-year forecast to help fight increasing sales in nor america. conagra under pressure to spike the earnings beat. the food producer cutting the fiscal 2022 four-year forecast due to inflation shares down 4% and nokia surging after announcing an improved outlook for the year on july 29th when it reports q2 results. shares of nokia up more than 8%. >>> meantime, getting breaking cybernews. hi, eamon. >> good morning. carl, multiple cyber security experts are confirming to cnbc all known websites associated with the hacking group revil are in fact down this morning. now, these are sites maintained by the hacking group which has been linked to russia in the dark web they use these sites to communicate with their victims to publicize some of the material that they've stolen all of those now are down, we are today, by two high-ranking cyber security offi

leslie picker covered the event all day. she joins us with more to break it all down. : andrew, by most measures, it was a disappointing debut for robinhood. the stock spent nearly all of its first day of trading in the red. it closed down 8% after pricing at the low end of the market range to investors a quarter of ipos listed in the u.s. trade lower on day one. it is a rare for larger deals. this was the worst of any deal robinhood this size. the cyclical ty of the business and pricing at the low end was supposed to ocoax more investor to bid, but signalled investors were balking at the deal and the retail allocation on top of it of the highest ever ipo traded via robinhood's own platform it left less fire power and momentum for day one as usually bankers can count on retail to come in and help the stock pop after it begins trading. now, robinhood users who received allocation are sitting on 8% paper losses guys >> leslie, stay with us. i have a couple of questions do we know whether the banks bought more shares so prop up the stock or they wanted them? >> reporter: a

i'm david faber along with leslie picker and mike santoli we are live from the new york stock exchangeim and carl both have the morning off. let's give you a look at futures as we get ready to wrap up the trading week you can see we are set up for a higher open. and our road map this morning, well, it starts with a word of caution from the treasury secretary. why janet yellen said we'll see several more months of rapid inflation. >>> intel is in talks to buy chip maker global foundries for $30 million in what would be the company's largest acquisition. >>> plus, mask mandate, l.a. county requiring all individuals vaccinated or not to put their masks back on inside >>> we'll start off with the market markets themselves i'm glad to have both of you along for the ride this morning. mike, i'd love to start with you. i had a couple of conversations this morning with people who at least are still around to actually have conversations with perhaps a bit more pain in the underlying market than seemed to be the case sort of at some of the big names that we look at, or even the broader indexes.

i'm david faber with leslie picker live from post nine at the new york stock exchange.n van horn, texas. this ahead of tomorrow's blue origins launch, of course, where jeff bezos will head into space. we will have more in just a moment first, a check on the markets a half hour into trading we are down on all the -- that's the lows that's the lowest in the first half hour with the s&p down 1.7% you see the dow down almost 2% nahp data out moments ago t diana olick has that for us. >> david, home builder sentiment dropped one point to 80 on the nahb wells fargo housing market index lower than expectations. it was 72 in july last year. it hit a record high of 90 in november of last year. now, the home builders are citing elevated prices, land, labor and materials continue to push home prices higher sidelining some buyers lumber prices have fallen more than 50%, shows savings have not trickled down to the builders remodelers or consumers. supply chain issues as well as inventory with suppliers are keeping retail prices elevated of the indexes three components. current sales

i'm carl quintanilla with david faber and leslie picker at post nine of the new york stock exchange morganidday. >> quite a bit of news for a wednesday. 30 minutes into the trading session. here are the three big movers we are watching today starting with apple. notching a new record high at the open, new reports saying the company is asking suppliers to bu build as many 90 million next generation iphones, as much as a 20% increase over 2020 levels. peloton getting downgraded to neutral from outperform at web bush that stock is down more than 20% year to date and we'll end with lululemon, a boost from goldman, a buy rating, saying that post covid recovery period has been favorable for apparel and strong brands we can assume spandex is in there as well. >> it is also day two of bank earnings we have city, bank of america, wells fargo all reporting. wilfred frost has them all for us. >> bank of america is trading, extending its losses, revenues slightly missed estimates, eps did beat, but flatted by one off tax benefit. investors were focusing on expenses, $15 billion compared to forecast of

summer on your tv, tablet, or any screen ♪ ♪ xfinity is here to inspire your biggest dreams ♪ >>> leslie pickerat's been largely institutional investors. with the recent rise of the retail investor, it's poster child, robinhood, is looking to narrow that gap. loo looking to sell up to 35% of its multibillion dollar offering, far higher than is typical that could go one of two ways, if the stock pops, it could help enrich account holders who bought in. if it drops, they upset a wider variety of stake holders that means it's imperative that they price this deal to perfection there are fewer institutional investors out there, retail investors. traditionally, bankers who allocate deals to a smaller group of fund managers are supposed to have insight into how much stock they're willing to buy and at what price retail is also seen as much more fickle holders of ipos, more likely, for example, to flip on momentum i've spoken with several investors. they're a bit nervous about the potential volatility as a result but who knows? maybe this is the deal that proves conventional ipo convention wrong we'll

now some are wondering whether that trend is ready to end leslie picker joins us with some answers. nies have been so robust. several large companies have defaulted. the net share supply on u.s. exchange are actually positive it's the highest in 16 years according to data from jpmorgan. many in the private equity show us this is only temporary. hullman and freeman raked in more than $24 billion. ceo patrick healey spoke to us for this week's delivering alpha newsletter he said it won't always be this ripe for ipos and spacs. >> as things get more they will get more picky and choosey it will go towards the higher quality in terms of business improvement or valuation impact for accessing the public markets for less mature, less developed companies. >> in the meantime pe firms like healeys are taking advantage of the hot ipo market while it lasts by selling portfolio companies. snap 1 is going public you can subscribe to our newsletters which comes out at cnbc.com/deliveringalpha >> leslie, typically if you look back historically does it end with a bang? does someone ring a bell, a high