we started the week, we had the twitter lockup ipo, it broke and the thing just careened down 20%.hen that next night we had the ali baba, biggest ipo over and then we have the beats by dre. there's a lot of tech stuff going on. if you're think about it with a no so rosy glasses on, doesn't look great. >> this feels like a little bit of a frenzy for me. it probably was the late stages of a bull market going op. we had valuations above their historical averages. everybody is fired up on the stocks and look what happens when a little bit of bad news come out of these things. to me this feels like the late stages of, you know, the second tech 2.0 rally. >> part of it is i think that google and facebook are going head to head like a couple of kids in the sand lot that they want to buy all of these new companies before they get public. they're racing to put a stake in the ground and get these names. it's a little bit more like what happened in the cloud space when we had hp and dell trying to buy all these names. it worked out great if you owned those names. but the point is the compani

we had the twitter lockup ipo or ipo lockup. it broke. and the thing just careened down 20%. night we had t theally baba coming. ite going to the big the biggest ipo every and then we have the biggest market cap company in the world buying or thinkingly knowingly, we don't know yet, theory going to buy, you know, beats by dre. it seems there's a lot of tech stuff going on. i've got to tell you if you're thinking about it with not so rosy glasses on i, issue got to tell you -- >> it feels like a frenzy to me. probably the late stages of the bull market going on. we see valuations above the historical averages. everyone is fired aunld loot what happens when a little bit of bad news comes out of these things. they get absolutely eviscerated. to me it's like the late stages of the second tell 2.0 rally. >> part of it is google and facebook are going head to head like a couple of kids in the sandlot that they want to buy all of these companies before these new companies get public. they're racing to put a stake in the ground and get a space. think it's like what happened with the

you had the twitter ipo lockup, it careened down 20%. and then the alilbaba deal, the biggest ever. and then the biggest market cap in the world buying beats by dre. it just seems like there's a lot of tech stuff going on. if you're thinking about it with not so yorosy glasses, it's not great. >> this is a frenzy, late stages of a bull market. valuations above their historical averages. everybody's fired up. look what happens when bad news comes out, they get absolutely eviscerated. this just feels like a late stage to the second tech 2.0 rally. >> i think google and facebook are going head-to-head, they're like a couple of kids in the sand lot. they want to buy the companies before they're public. they're racing to put a stake in the ground and get these names. it's a little bit more like what happened in the cloud space with hp and dell trying to buy the cloud names. worked out great if you owned them, but not for hp and dell. they are relatively small, expect for whatsapp. not something to worry about. >> the original question, what about the market. >> you see the momentum stop,

twitter's stock down 17.5% right now after a post ipo lockup period preventing employs from selling expired today. a lot selling. trading at 32 bucks. the dow is down 103. the nasdaq is down 43. s&p down 13. >>> amazon is betting on twitter which lets twitter users add items to their shopping cart. once they link thekts they can add items and reply to a tweet that has a product link. amazon is hoping to expand sales with the help of social media. >>> a bear that apparently became too accustomed to the good life at a ski resort is headed to a sanctuary. he was captured after running through the heavenly resort. vets nursed him back to help and released him 25 miles south of the lake last week but he returned and began to approach people again. that's why wildlife officials decided that heavenly is too domesticated to be returned to the wild. >>> 2 investigates uncovered concerns about the oakland animal shelter last month. we discovered that animals had been misidentified and mistakenly put down. less than a week of a our -- of a our report -- after our report, tonight there is a new call to

ipos for the last 20 years, you have an active market. maybe more than groupon and zynga and may be about the same as facebook. they also had an earlier lockup for employees to cover the tax bill that would have resulted from the ipo. lockup that left the nonexecutive to sell that, there were half $1 billion in shares. the old saying on wall street is there are lots of reasons people sell but only one reason people buy. this does not code well for what the insiders can see about their business. on that point, what does this indicate to you about the future of twitter? six months now, one year from now, can they get the user growth story back? and >> i think this comes to expectations. this is one of those wacky stocks were people horribly jumped in because they knew it, they used it, and with the news they had last week at momentum starting to go down, some of those people on the retail side started moving away and that has compounded the problem. going forward, the expectations for growth have to get under control. company isthis really changing the way people engage with media. >> that is the key phrase. company or stock -- totally differe

after dropping nearly 18% on tuesday, on the heels of a post-ipo lockup expiration. that is when the insiders can't sell. they get to sell and apparent with twitter they all sold. this sending the share price to an all-time low for the company. so where does twitter go from here and what other lockups should we be on the look out for? joining me united advisors chief strategist scott martin. so you know as people who might want to invest in twitter some day what do we make of the fact that insiders dumped stock like a hot potato sending it down 18% and wiping out four billion dollars of market value? >> it was really nasty, wasn't it, gerri? is kind of from, we should have known category because you're right. twitter had a really good ipo. went up 30 plus some% in the couple months and took elevator ride down to where it is now. kind of become the johnny manziel of the stock market, kind of a boom-bust issue. that is the thing, gerri. it is running into the period which is sec mandated lockup where like you said the insiders can get out. ipos in general are success f

lockup expiration and a lot has happened since. >> i bought a call spread the other day. down here at $30 when it was flirting with that post ipo lockup level it seemed the news was so bad it couldn't bet worse. when you see they upgrade the stock today and you get a 10% move. it tells you that investors and analysts are off sides on the name. >> i always think these things are so late. we get tired seeing these l analysts coming in late to the dance. where were you when it was trading at 42 on the way down. if they think it's cleared now, the marketplace seems that as an all clear signal. i don't know if it was all clear yet. i was going to add to my position. i never do that. so i held back. >> i think linked in is pretty interested. trading up to 260. the move is 50% correction of the entire range. i know valuation is stretched. that's been the reason to sell it on the way down. but technically speaking i think it looks okay. >> let's move on and talk microsoft ceo. stepping out at the code conference unveiling a new real time skype translator and unleashing strong words for investors. take a listen. >> i think of bills sort

twitter shares down part of that as their ipo lockup expired and some investors plan to sell, some plan to sell. stocks down 9% in the early going. the dow dropping 68 points. nasdaq down by about 18. the s&p lower by 7 points. michelle and frank, back to you. >> thank you, jason brooks from kcbs news. >>> 6:44. >>> you never know when the chp is watching you drive. kiet do has the story of a bay area man who learned that the hard way. >>> reporter: the story of how corey mcdonah ended up in the hayward hall of justice is a high-tech tale that is equal parts dumb luck bad choices and good police work. >> i put down no contest. >> reporter: with sweaty palms and a we builderred look, he pled no contest to reckless driving and gets a lecture from the judge. >> as bad as all this may seem to you right now, this might be one of those things that might save your life. >> reporter: on april 2, air 37 was on routine patrol over the east bay. it flies at any time of day with a gyro stabilized thermal camera and lens capable of zooming in from several miles away. something caught officer tony ja

shares hitting their lowest level since the ipo as the lockup expires. mark mahaney joins us now from san francisco. mark, the executives told us they weren't selling into this lockup. i don't know who is. but it's having a major impact on where the shares are going. >> yeah, this is unusual. this kind of move just on today, i mean, you know, you've gone through lockup expirations with a good number of the internet ipos of the last two years. i think this is the most extreme example i've seen on the day. i assume the executives, when they said they weren't selling, and the vcs, were being truthful, but perhaps not. >> is that what you're thinking? >> no, no -- >> big holder of shares who are taking the opportunity amid calls of bubbles in certain stocks and sectors in this market, to dump shares while they can? >> no, it's very hard to know. i would think that a lot of this is the shorter term money in the stock, using this as negative catalyst to pressure the shares. but they're very -- you know, you've had -- you've had people within the company who've

lockup period ended. here you see video from their ipo last november. shares flooded the market driving the stock price lower. things didn't go well in tokyo. the nikke closed lower. we have all the news before the bell good morning. >> reporter: scott. good morning. it was a tough day on wall street. we are looking at futures mixed. after stocked did fall sharply on tuesday. today look for data on productivity and consumer credit. janet yellen is testifying forehead lines out of that event. the nasdaq was up 57 after yesterday's trade. let's say the company could be valued as much as $200 million. it makes more money than amazon and ebay combined. he says he is not interested in taking over the job permanently. mug beg mulligan stepped in with disappointing earnings into canada. he says he can't estimate how much target will have to pay to cover losses during the breach. we have most of the week covered after today. it is an important weekend for all the moms out there. we have rain in the forecast and then we switch over to a big time warm up. major c

shares just became available for trading, quadrupling the size of the public flow, because the lockup from the ipoire. >> insiders selling their stock. millioners holding 205 of those 480 million pledged not to sell. still down 9%. ♪ >> live from bloomberg headquarters in new york, this is "market makers," with erik schatzker and stephanie ruhle. >> you are watching "market makers" on bloomberg television. i am erik schatzker. >> i am stephanie ruhle. 10 for the top business stories from around the world. credit suisse close to settling a tax evasion investigation with u.s. authorities. adeal with a guilty plea and penalty of more than $1 billion. cracking down on foreign banks that help americans even a taxes. a big payday for angela ahrendts, she started last october. >> ahrendts. thengela has been given stock is worth $68 million, she came to apple after being ceo at the rate -- at burberry. ukraine casualties are rising. rebels have seized more than 30 government buildings in the eastern part of the country. they are trying to take control of odessa in southern ukraine. >> another day, another

frye was one of two senior employees who filed to sell part of their stake in twitter when the ipo lockup period expired. twitter in the german session done just over 1.5%. >>> foursquare's coo will reportedly step down in the coming weeks. recode reports that their location-based smartphone apps long time head of business development is also leaving. foursquare overhauls its product lineup, shifting away from its roots ises agame-like check-in service. >> terms haven't yet been disclosed. under the deal, microsoft will integrate sales forces to windows run devices. sales force users will be able to access their content. the collaboration could help further microsoft ceo satya nadella's push to become more cloud friendly. sales force continuing to rally up, now 3.8%. >>> after the break with the s&p 500 hitting yet another record and the nasdaq at two-month highs. will the week finish as strong as it began? stay with us. >>> mark zuckerberg and his wife priscilla chan are dough nighting $120 million to the san francisco bay area school system. the gift will be spread out over the next fiv

ipo back in november. it was down 17% on tuesday. that is when the lockup period ended and insiders were able to sell their shares. the stock price lowered. alibaba files for it's much anticipated u.s. ipo. easily surpassing facebook. the company could be valued for a much as $200 million. it makes more money than amazon and ebay combined. >> good morning. we've got a lovely day shaping up. mostly in the 50s. cool enough for a coat but you can ditch it later on today. give your ac a break you will need it. the 90s return today. 70 degrees in the sauouth bay. warmest time of day right around 4:00 p.m. the sun doesn't set until did 1y8 05. you are going to have to take the shot while i control from the desk. we are looking at the san mateo bridge. thank you christina hand to hand we are looking over here you see haze in the air. we are talking about a smooth flow with 101 starting to build. watch the east shore freeway building early. the north bay itself building westbound 37. thank you. >> 5:57 days after that circus accident. the show goes on. >> plus afte

ipo. only to see it move to the downside. it is down 45% this year alone and this is the lockup expiration when insiders can sell. l: we are watching twitter on that news. tech ipos, that whole group is underperforming. >> no doubt, cheryl. names like gogo, 3% to the downside. fireeye, varrone that systems 3% lower. david: trip advisors. we're about to get their financials. they're way down at the announcement. >> trip advisor, whole foods, just to name a few. this is earnings season. [closing bell ringing] david: if i'm not mistaken this is the session lows. cheryl: we're sitting at session lows for dow, s&p, nasdaq. watching small cap names, really taking a hit over the last few sessions. that is continuing. david: it is low of all of the indices. we have inverted pyramid here starting with the dow. that is not a good sign either. the dow suffering least losses, if you call it that, 12points to the downside. going down to almost a 1 1/2% loss in the russell 2000. small and mid-sized caps taking it on the chin. "after the bell" starts right now six big names coming out with their financial reports. disney, whole

the first day the lockup expires is almost never the right day. why? >> when you look at the history of ipo'sy is different and the market is different on those days. it's hard to predict what people will do in the days before the lockup expiration. you're never going to pick the right day. there will always be a feeling you could have sold higher. you could have bought lwoer. -- lower. the biggest problem that individual investors have is that they get so hung up on picking the right day that they don't do anything at all. decision paralysis. that's what you do not want to be in. that's why we advocate for a steady selling plan. most founders, executives, wealthy individuals put in place regular selling plans. they sell regularly to diversify over a long period of time. >> you were at linkedin during its ipo. thatarallels between ipo's can be applied to twitter? >> it was a big driver for me at well front, providing the service to twitter employees. you linkedin went public, had the same effect where the traditional industry swarms the campus, looking for the 50 or 100 executives or early em

lockup period for early investors ended. twitter is down 30% from its much-hyped ipo last november. analysts say now may be a good time for investors to stay on the sidelines. "we think that there is still a sell off in twitter that continues, a sell off in momentum stocks in general or social media stocks. we could easily see that stock price drift into the mid 20s..we get into the mid and low 20s we start to get pretty interested in the name but here at this point we would still suggest people stay on the sidelines." that was rick summer of morningstar. he says while twitter's user growth is on the rise, the pace of the growth is cause for concern. a mysterious microsoft event is scheduled for later this month. the company sent out "save the dates" for a media event on may 20th. its expected the company has been working on a smaller version of its surface tablet to rival apple's ipad mini. recently, microsoft revealed sales of the surface are up but higher production costs are resulting in losses. walmart is number one as retailer and now its on its way to number one as an e-taile

. >> twitter six months after the ipo, insiders with a chance to sell after the lockup expires.he stock down almost 40% this year. >> can we make a cross-border deal? germany's buyer acquiring merck's consumer business. the president of france throws a wrench or tries to in ge's plan to try to buy alstom. can hollande convince ge to sweeten the offer? >> apple trading above 600 since 2012, push for upgrades, new products incoming, are we in for a sweet spot for apple shares? >> a crucial morts for general moto motors. another engineer exits. jim says now is the time to buy. >> it has been a long road for shares of apple. the stock closele above the $600 mark since october of 2012, comes two weeks after apple announced the seven for one stock split, better than expected numbers and expansion of the buyback program from $60 billion to $90 billion. the low, 388. the high 702. closer to the 702 at 600. >> i think that tim cook listed on to carl icahn, he listed on to a lot of things a lot of people were saying and distilled it and recognized it's not just the buyback. it's the oppor

lockup period has expired. employees can now sell shared awarded in the company's ipo from last year.ter the break. ,,,, for over 60,000 california foster children, it's a challenge to replace clothes that are too small or worn out. i grew 3 inches last year. i don't need anything fancy. i never had much to begin with. when i look nice on the outside, i feel better on the inside. to help, sleep train is collecting new clothes for kids big and small. bring your gift to any sleep train, and help make a foster child's day a little brighter. not everyone can be a foster parent, but anyone can help a foster child. safeway knows you don't want to fly all over town to find the best deals. that's why they have lots of ways to save. real big club card deals, the safeway app and gas rewards. for mother's day weekend two pounds of driscoll's strawberries are just $3.99 moms love tulips. they're just $5.99 a bunch. and brew up starbucks for only $6.99. there's more savings to love... at safeway. ingredients for life. >>> good morning. still have a number of hot spots out there. westbound 237 leav

the lockup had the potential to be impactful given how much that stock was up from the ipo price. the stock is actually down another 10%, 12%. as a trader i'm not looking back and i think the stock is going to get very, very oversold. ironically on twitter it seemed like there was an lot of people waiting to buy this stock. it seems to be holding in here at 30. at some point i think if the stock gets washed out, you will have a sharp ripback into the 34 range. they still need to have the facebook moment to demonstrate how they are going to monetize their user base. if they can show increased engagement, i think the stock will work again. i still hate all these stocks and going much lower over the course of the year. i think twitter is a pretty special situation. >> netflix, you told us you closed it out. what are you doing with this? >> the stock went really from 370 almost down to 300 after that earnings report. to me, i think investors showed their hand. i think large investors might have been getting out. i'm still waiting for that tweet from carl icahn. i think when they exit

ipo. we have been awaiting the expiration of the share lockup. for saleon available today, that is quadruple the amount available for trading. some insiders have said we are not selling but the market is. we are seeing a lot of selling in twitter today. and discovery communications leading the consumer discretionary stocks after reporting revenues that trailed estimates. though shares are down by the most in that consumer discretionary group. >> time now for the big story, it is m&a in big pharma. the company is seeking to solidify its position as merck products. you've got clairton, coppertone sunblock. the bayer ceo explained the move. has a very strong u.s. position. -- than actually then bayer. theur intention is to take merck products, the brands, and bring them to other geographies and with that we will create a lot of revenue synergy. >> so does this a something larger in the m&a market? only companythe making headlines. you've got pfizer, the number one in the u.s., also seeking a deal for more than $100 billion. joining me right now to d

stuart: the twitter lockup has expired, so all those insiders who bought at the ipo price you can sellt to. the stock is way down, 11% lower on twitter, 34 is the current price. we keep a close eye on brick-and-mortar and trends therein. best buy down 3%. before the break you heard me says benoit $30 per month on my three dogs. i got a lot of flack for having said that because you spend much more. i was underestimating the amount of money i spend on my three dogs. in 2014 alone americans are expected to spend $58 billion on their pets. our next guest wants a piece of all of that. he is the barks box cofounder. welcome to the program. but busy i got this right, bark box is a box of stuff for your pet. that is not food, that is treats and goodies and bones and stuff. >> exactly. everything the dog loves. stuart: i can order one box per month of this kind of stuff for $20 it comes to me for as many months as i want. so if i want to give somebody present for their dog or cat. >> just dogs. stuart: pay $20 i get a box like that for one month. are you doing well? >> we are doing very well. s

it's an interesting lockup strategy to let people who wanted to cover themselves get out and cover tax bill that would have resulted from the ipot's also remember they were able to sell in secondary markets before this ipo and there have been very few big companies like that to let insiders sell before the ipo. >> i spoke with dick costolo last week. there were questions about whether they can accelerate user growth. listen to what he had to say. have a very specific way of thinking about the long-term plan for the company. it's about balancing investment and growth and operating leverage in operating efficiency. that combination of growth, operating efficiency can, and leverages the way i think about how we will build the business and how we will build the company while always paying attention to the market landscape. feel, max, about his response to the critics, to the skeptics? >> i think it makes little sense. it strikes me as a touch academic. i think it makes sense and they need to be careful. social,ybody with twitter is an 80% mobile story, how do you monetize your audience engagement without driving away the trendsette

the so-called lockup period when insiders that held shares since the company's ipo, they were free tol if they so chose and appears they are so choosing. yesterday they had record volume on twitter and down sharply and down another 4.6% today on 60 million shares. >> a stock that was 70 bucks at the start of the year. >> yeah. >> federal reserve chairman janet yellen in the hot seat on capitol hill giving her assessment of the economy here. >> steve liesman, what are the key takeaways you took away here? >> the key testimony from janet yellen, blamed the first quarter's economic weakness on the harsh winter weather and already sees a rebound in spending and production in the first months of the spring and that leads her to be pretty optimistic about growth this year. >> looking ahead i expect that economic activity will expand at a somewhat faster pace this year than it did last year. that the unemployment rate will continue to decline gradually and that inflation will begin to move up towards 2%. >> here's what's behind yellen's optimism. sees less fiscal restraint and less of a decl

the san francisco--based company's lockup period is expiring and that means for the first time employees can exercise shares awarded in the company's ipo. but some of twitter's most influential insiders say they plan to keep their shares. >>> san francisco is the new testing ground for an app to help you find a parking space. hope it works. but the city's attorney's office is trying to decide if it's legal. the app from an italian startup is called monkey parking that lets drivers leaving a parking space to auction it to someone looking for a public space. the person would pay between $5 and $20 for it. >> what do you think? >> i think i'm going to drive my car around the city a little bit. ♪[ music ] >>> time now 5:10. investigators narrow their focus as they look into the deadly plane crash at travis air force base. why the emergency response is now under the microscope. >> and an east bay couple receives nearly $6,000 from their sanitation district. the error that led to their unexpected windfall coming up. >> clouds and windy whipping especially toward the coastline. we'll talk about that coming up. >> and we just learned there are

lockup. that expires. that means, that now, 180 days later that insiders, executives, everybody who was involved in that iposell. so, or at least to a certain extent, right? that's what we're watching for. you may remember we had lock-up expiration occur last week for twitter and the last day, twitter was down over 1%. i'm not comparing the two. i am not saying tomorrow we'll see a lot of selling on zulily. however one chance here, the first chance that people get to sell. we'll see whether or not they in fact choose to do so. liz: david: nicole, thank you very much. liz: we head back to larry shover from the cme. eking out a little bit of a gain for another record. >> unbelievable we're in record territory. the whole floor has been a ghost town. i'll tell you, it is fear. all these excuses, all these reasons why we can't rally continue to surface. the price action people are worried about. how much longer than the s&p 500 and russell 2000 diverge. we already talked about interest rates. they need to go higher. will china fall under a mountain load of debt? our valuations, gdp? the list goes on and on. what

ipo. we have seen yahoo to the downside down 7%. down 40% this year. twitter, pandora, facebook all to the downside. new line today for twitter. the lockupiration where the insiders have the opportunity to sell this week. yesterday down 18%. linkedin squeezing out a gain. all underperforming the s&p 500. only one has an up arrow this year out of all the names we spoke about, that is facebook about 4.5%. liz: twitter, the high here is 74, just getting hit once again. the winds of change are blowing through the health care industry. thathere has been massive rush f megadeals recently including the $14 billion acquisition that was kind of the most recent. activists bid going through. how about a thre 3-wheel deal? at the same time, selling the animal health division to eli lilly for 5.4 billion. and then you have two major blockbuster deals currently in the works. teaming up with bill ackman in a $40 billion acquisition. finally the mother of all form a deals, this is getting crowded, $106 billion bid for the uk after zeneca. -- astrazeneca. what is behind all this consolidation in the farm a space? joining me now in a fox business exclusiv

second worst performing stock on the nasdaq 100 after alibaba filed for its ipo, focal point for investors, after twitter lockupap. social media stocks trading lower today and underperforming the major indexes. lastly, a look at the high growth momentum names, because when we see a sell-off in the nasdaq, these are the stocks that generally get hit, and that seems to be the case today. online travel player priceline in focus ahead of its earnings report tomorrow. tesla also trading lower ahead of its earnings report after the bell. back over to you. >> in addition, zillow and fox and green mountain and others, too. thank you. >>> the dow is now up 110. back in a minute. that's why i got my surface. it's great for watching game film and drawing up plays. it's got onenote, so i can stay on top of my to-do list, which has been absolutely absurd since the big game. with skype, it's just really easy to stay in touch with the kids i work with. alright, russell you are good to go! alright, fellas. alright, russ. back to work! when folks think about wthey think salmon and energy. but the energy bp produces up here crea

lockup, insiders have to decide how much stock they want to sell. they typically agree to wait six months when their agreement not to sell expires. no insider sold the ipo. that was a positive statement of conviction in the future and one of the reasons i believe that the stock has been a fabulous performer until lately. but after peaking, it's become a death star. it's horrendous. there's lots of worry when the lockup expired the big guns would let some go, right? perhaps in the giant secondary offering, like so many others have been doing since the peak and then they have hideous declines after the deals. how, in a highly unusual s.e.c. filing, two twitter cofounder and officer dick cost low swore off the opportunity to sell. they said they wouldn't let the stock go. several venture capitalist pledged the same. all told, 20% of the shares outstanding said they'd stay the course and not dump stock. nevertheless, as we found out today when the lockup expiration occurred there were tens of millions of shares that were just freed from the restrictions and a ton of stock hit the open market from the get go. now, i don't want to point fingers, who the blame

ipo of $74. today it's around 39 but still above its initial public offering price and the big question is how will twitter fare when this insider lockuporgan brennan joins us with more. >> reporter: 480 million more twitter shares will become available for sale, four times the number currently trading on the nyse, but twitter has been very vocal that its biggest shareholders have no plan to sell, holding at least 50% of outstanding shares, so among them ceo dick costello, co-founders evan williams and jack dempsey, so we looked at 11 other social stocks big lockup expiration since 2011. on average prices finished up 2% so the equivalent of day, just under 2% the day of and down again just under a percent the day after. take facebook's first big lockup expiration in 2012, stocks jumped over 6% the day before and fell 6% the day off and fell another 4% the day after. similar pattern for linkedin in november of 2011 which both of those, by the way, saw a number of insiders sell, but when many insiders stay put, it's a different story. yelp, for example, fell over 4% on expiration, but then surged over 22% the next day. so analysts tellin

ipo low this morning, 36.39 ises price tag. that's off 6% in the pre-market. >> what was it? that news related to stock freeing up in the lockupi have not been following it closely but i believe there was stock on locking up. >> let's ask jim. >> jim cramer down at the new york stock exchange. hey there, jim. what do you have coming up on "squawk on the street" and what do you think about the situation with twitter? >> well, i think there's a ton of stock for sale, a lot of the larger shareholders committed to keeping the stock but when you have original investors with a low basis, i think the first day they can sell they will sell and i've got to tell you, i think there's big blocks being positioned right now, guys hitting the stock down, betting they will be able to cover on any sort of big block. i think this is going to be with us for some time because the stock is up substantially from where it came public, not where it opened. >> jim, you and i know there are certain institutional investors that invested in pre-ipo they would sell the stock no matter what the price, based on their mandate they will sell the day they can