nasdaq is down 4% this week. it's against that backdrop that we're watching the trade in facebook. >> this really started may 1st and just continued on and on. yesterday we talked about some of the break down even in the financials that started that break down may 1st. jpmorgan extra fuel on the fire just this past thursday. now when you look at the option volume there yesterday of the 730,000 contracts that traded yesterday over 600,000 of those were on the put side. they were primarily buying these june 14th call spread. today far more piling into the puts. the financials are breaking down. you mentioned the technology sfox breaking down. terrible bureaucrat drop for this facebook ipo. i'm surprised quite frankly with fries levels it's trading at. >>> social media stock to facebook, zynga has been halted. give me your overall read which should be basking in the glow of facebook and is not. >> it's the ultimate sell the news for all these stocks. they definitely had a run up in the last three days on the hype an

nasdaq. securities and exchange commission does clear the stock to trade under the symbol at fb at 7:00 a.m. our time. and because the nasdaq is an electronic trading system, we do expect that to happen fairly quickly. it takes a while for the market makers to meet each other, nasdaq it happens quickly. scott budman is live right there now. good morning, scott. >> reporter: well, good morning, scott. yeah, and i want to take you back up top to see the scene that's going on as the nasdaq which as you mentioned normally trades in new york has come across the country to facebook, menlo park headquarters. heis is saying a lot about the power of the social network. many, many older, bigger, longer standing companies than facebook trade in new york, but the nasdaq coming out here to let these guys that you're looking down below know, hey, you are where the action is right now. you are where the big money is. you are creating that amount of wealth both in silicon valley, in the bay area, on the nasd

criticize towards the nasdaq today. take a listen to thomas joyce. >> it was nasdaq's failure.rguably the worse performance by an exchange on an ipo, ever. >> which, bob, felt has acknowledged anyway. in that big conference, spoke with you last night, and he was humbly embarrassed about what happened. >> and they are. >> changing the system for what they use for opening and closing ipos now. >> is as in nasdaq to blame for this turn? and lee believes the stock was doomed to begin with. and lee, you feel it was overpriced. and you know, no matter what happened with the technology, you wouldn't have bought this stock anyway, right? >> i don't think so. remember what was happening on friday. we had 12 down days out of the last 13. haven't seen that since october 1974. mark z and the funky bunch wants our millions of dollars but don't have an idea of how to make money off of mobile apps. but they want it flip it and rip it. it failed to get the stock higher, fundamentally. >> we should recognize that facebook raised $16 billion in a tough take. so, yeah, it was a flop. and i'm stil

this was supposed to be the nasdaq's grand moment. getting the facebook ipo was big in and of itself. friday was supposed to be the day. now they're left with an indictment of their own systems, indictment of their ability to handle an ipo of this size. tom joyce went onto say -- he's a big market player, you should listen to him. he said it was the worst performance by exchange ever. grasso himself comes out over the weekend and says he's humbly embarrassed by the whole process. whether there are any lawsuits down the road for the nasdaq, that's something to be considered. whether they lose business down the road is another thing to be considered. >> whether another ipo in this space particularly is going to come to that. >> if i'm twitter and i'm sitting out there thinking about going public over the next 12 to 18 to 20 months, does this impact a next huge ipo? who knows. >> john. >> i think they'll be able to land something like twitter, which will be a much smaller ipo. what they won't be able to do is get the giant ipos, the bloc

imagine you're nasdaq, okay.hat's your pitch to the next big ipo, like twitter, for example, to get it to list with you. tweet us at cnbcsquawk st and we'll air your responses throughout the morning. cramer will show you the way, get ready for his mad dash and taking one more look at futures as we bounce off the best day for the nasdaq so far this year. back in a moment. today is gonna be an important day for us. you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decatherms. how bout ya, joe? let's go ahead and bring it online. attention on site, attention on site. now starting unit nine. some of the world's cleanest gas turbines are now powering some of america's biggest cities. siemens. answers. >>> time for the mad dash on a tuesday morning. looking at best buy, down 18% so far this month. a little bit of a balance. >> right. i think people want to look at the earnings and say wow, i was taught very early on by a guy named joe ellis at gold mman s h sach's is how did

and i believe right outside the nasdaq is coming out and entering the nasdaq market. you see that shot right there as he comes into the building for this much anticipated ipo. this is happening live here. >> yes, basically up all night. they've had 31 of them staying up all night. essentially, doing anything other than what your normal job is. not a waste of time by any stretch of the imagination. in fact, past hack-a-thons have produced facebook chat, the like button. and, guys wharks's going to happen over the next half hour, you're going to have the scene there in times square. back here, employees are already gathering in hackers square. bob will make some remarks. zuckerburg will make some remarks. >> as we continue to rise ahead of the bell-ringing, carl, let's run through some of the number that is you need to know ahead of this facebook ipo. $38 a share is where the share is priced. that's at the high end of the rating. it will be the third biggest u.s. ipo. and as from mr. zuckerburg's stake, that could be worth $19.1 billion. not bad for a 28-year-old. >> lo

speaking of the nasdaq, of course, the nasdaq known for being out in new york, but this facebook ipo is so important it pulled the exchange at least virtually all the way across the country. you mentioned a little earlier the photographs of the hack-a-thon, what facebook employees are calling their all nighters last night. they're going to be here to virtually ring and open the nasdaq here in menlo park in silicon valley instead of new york. that's a bit of the power of the social network by the time facebook trades, it's expected to be well above that $38 price. where it goes from there, well, we'll be following that for the days and weeks to come. we're reporting live from facebook campus, back to you. >> all right, scott, thank you very much. the ipo making about 1,000 employees a whole lot richer. what they'll do with all that money, that's a good question. "today in the bay's" marla tellez also outside facebook. turns out they've started spending some of those big dollars. >> reporter: can you blame them, scott? that is right. good morning to you. this money, though, really more

we keep our eye on that nasdaq board.hat's taking place outside as they have gathered to see where facebook will hit the ground running. people are getting impatient. we'll try to figure out what the holdup is. >>> plus, some senators are going after facebook's co-founder. wait until you hear this one. at bank of america, we're lending an in communities across the country. fro omrevi htalielzeping t a neigbrhbooklyn..or.ho financing industries that are creating jobs in boston... providing funding for the expansion of a local business serving a diverse seattle community... and lending to ensure a north texas hospital continues to deliver quality care. because the more we can do in local neighborhoods and communities, the more we can help make opportunity possible. t dog. every bite goes above and beyond the call of deliciousness. that's a big 10-4 kosher. with no fillers, by-products, artificial flavors or colors. hebrew national. the better-than-a-hot dog- hot dog. home protector plus, from liberty mutual insurance, where

as of now nasdaq. >> i'll say nasdaq. i was wondering if you weren't waiting to have that in the form of a question. i do believe that nasdaq is going to be the one that gets fingered. >> the one that gets sued will be nasdaq. >> i thought it was part of facebook's management team the way greifeld was standing there. >> jamie dimon set a tremendous precedent. i hope it doesn't go from $2 billion to $5 billion. once you own up -- there are warriors that say don't own up. it will hurt us in court. you always have people who never own up. it helps them in the civil discussion. >> they put a statement out and apologized. not just embarrassed. humbly embarrassed. >> in terms of morgan stanley, one can argue they did exactly what they were hired to do. they priced it at perfection. didn't leave much on the table. delivered the money to facebook. what else are they supposed to do? >> they should make sure is doesn't break syndicate bid. they did go up in size and price. that's a dangerous thing to do for any ipo. >> i'm hearing

nasdaq fought to get the listing of facebook. they got it and then they were overwhelmed by the volume and had real trouble executing today. a lot of people never even got their confirmation reports. in other words, they thought they bought at $40, they actually bought at $42. a lot of confusion here. >> thanks very much. good to have you here. maceback's day comes at the end of another dismal day on wall street. the dow was down 73 point today. its 12th lost in 13 sessions and that's the longest losing streak since 1974. the nasdaq was down, just under 35 points, and the s & p 500 fell more than 9, wrapping up their worst weekly losses of the year. >>> in north carolina tonight, the jurors in the john edwards campaign corruption trial have gone home. they're resume their deliberations on monday. the jury got the case this morning after 17 days of testimony, much of it emotional, focusing on edwards' secret affair with rielle hunter and the anguish of his wife elizabeth. jurors made several requests for specific evidence and deli

facebook and the big mess at the nasdaq. shares down almost 15% from friday's ipo price of 38 bucks a share. nasdaq is in the center of the storm on this one. and since friday shares are now down about 2%. kayla tausche is at the nasdaq after the company held a key shareholder meeting earlier this morning. kayla? >> sue, that shareholder meeting was for the fiscal year of 2011. they're voting on a few things that election of the 11 board members, bob grifeld compensation as ceo which they easily waved in. there was one mention of facebook when grifeld acknowledged what happened on friday and says the value proposition for listing on the nasdaq is stronger than ever, pointing to western digital switching its listing from the new york stock exchange, and that announcement came yesterday. he pointed out a lot of other names that also switched their listing. that was the only real mention. we expected a lot of q & a. that didn't happen. the meeting was only 23 minutes long. as i said before, they said the listings business had n

. >> facebook history was made here today at the nasdaq, when facebook, the stock, ticker symbol fc beganrading. >> facebook ceo mark zuckerberg range the bell remotely from the company's headquarters in california. >> our mission isn't to be a public company, our mission is to make the world more open and connected. >> bob was on hand for the big day and to give zuckerberg some new does. >> this is the first time we got the nasdaq hoody. >> but too many orders delayed facebook's opening by a few hours. >> somewhat marg its debut. and there was disappointment about the lack of a first day pop. some had even expecte the shares to double. instead, facebook opened at 42 and change, hit a high of 45, and there were reports underwriters had, were sliding below the ipo price. >> today facebook users had a mixed reaction to its lukewarm start. >> it is just a part of our life and i don't see it ass a threat. >> it is a great tool for some stuff you want to do but i just don't think it will be around as long as people think it will be. >> from now on facebook may be just another nasdaq tech stock

hear why nasdaq says the problem happened.king carlina to have dinner at my place. she's italian... and you can't cook. ♪ do a lot of sending... and receiving. sending...and receiving. sending...and receiving. sending...and receiving. sending...and receiving. [ bob ] i got the tickets. [ male announcer ] and with citibank popmoney, it's even easier to keep sending...and receiving. let me get you back. no, it's on me. i insist. no way. yes way. well let me chip in. [ male announcer ] send money from one bank account to another, with citibank popmoney. easier banking. every step of the way. >>> it the debuted was a dead but will facebook bounceback. what it would to expect our respect. and no clouds of fog have moved into the bay area, how long will this the ground we will talk about that coming up. >>>

are we talking about a $200 million problem for nasdaq, $50 million problem for nasdaq? how much is this going to cost nasdaq? >> based on the people who said, i did not execute that trade, and all this will flow back to the nasdaq. disclosure of $13 million in reserves is a joke. >> that's a total joke. >> it's a joke. >> i think they put $13 million aside as is typical for these types of things. i mean, they're not saying this is $13 million. there's no way they're saying -- >> the answer is they don't know. >> because he's coming up with the accommodation packages now. he's got to come up with accommodation packages. >> do you not agree with me this is a very unusual situation, we haven't seen anything like this in a decade? >> absolutely. and that's not -- i mean, that's not a no brainer. give me a break. go ahead, bob. >> very limited here, gary. i wonder how much exposure nasdaq really has. look at -- look at the securities laws carefully. they've got a lot of coverage here. >> bob, if a regional broker deal -- they can prove they put in sell orders on friday, whic

i don't solely fault nasdaq.s a stake in this, but markets as a whole because the public has been disappointed here. one of the most telling examples that we saw out of the experience of 1987 is when you don't produce reports, confirmations of execution, investors start reentering orders at different prices and you don't know where they are. >> i got a question. >> hold on. you having been in this business a long time and also you've talked to people, how much did the underwriters spend of their gun powder? how much did they use holding it at 38 on friday? have you heard? >> well, you're speculating and i don't want to speculate. they don't -- >> you don't talk to anyone? >> no, i do talk to people. >> how long can they hold at 38? >> it's reasonable to expect the whole world is expecting it to break 38, which means the trend followers are going to sit on the stock until it breaks 38. >> that's what i mean. that's what i told stephanie. she goes, oh, i don't know. >> but the reality is they could be easily disapp

the emerging markets, nasdaq 100 and russell 2,000 fund up by at least 2% each. that is tonight's market focus. >> tom: some of the nation's biggest cable companies are teaming up to give their customers more access to wireless hot spots across the country. cable vision, comcast, cox communications and time warner are banding together to form the cable wi-fi network. it should be up and runing in the next few months. with more people watching sloo on the go from mobile devices, they say the wi-fi network will help them compete with cell phone and satellite companies. turns out at least today facebook is not worth $100 billion. that was one of the results of the stock trading below its offering price here today on day two as a publicly traded company. that brings us to tonight's word on the street. disappointment. lindsey bell is an investment analyst at the street.com. certainly initial shareholders have to be disappoint bid the share price, but is it fair to call the initial public offering of facebook a disappointment overall? >> well, certainly it's going to d

nasdaq didn't have a chance. there's no way that that platform could have kept up, and high frequency trade, they t didn't have nearly enough input for their models to do as much trading to damage it as much as they're being blamed for. when you hook in retail, and they're not happy, retail is the customers of not only the ipo, but facebook in general, in an election year, they're going to dig and dig and dig until they find some scapegoat. one scapegoat i know isn't going to pony up, that's the exchange. the exchange shouldn't. 15 million i heard? that's 14 million more than i thought we'd get out of it. >> thank you. by the way, a strong tdemand fo the two year note. thank you very much, rick santelli. >> last check, facebook 31, 71, down 7% right now. let's get to brian shactman with breaking news. >> i'm keeping my eye on chipol chipolte. cmj. i want to get this right, the u.s. attorney for the district of columbia is basically looking, an investigation into possible criminal securities law violations, it has

well, but particular lip the nasdaq. -- particularly the nasdaq.me undivided attention to the end when it starts trading. it's quite a coup for the nasdaq to get facebook. zinga and groupon, and angie's list have also recently been traded on nasdaq. >> it will be up from $38. where it closes, probably somewhere in the middle there, and then all bets are off, because the excitement will die down. >> reporter: or will it? the excitement may not die down right away. a lot of people comparing facebook to google's ipo. google priced at $85 when it went public. it went straight up to $100 a share. now we know google more than $600 a share. at facebook headquarter this morning. it's certainly a beautiful day for ut's bono -- u2's bono. he is now the richest man in music. his total shares are now worth $1.5 billion. he beats out sir paul mccartney, the richest musician, who is worth about a billion dollars. so will the hype die down? right now retail demand for facebook, the highest every for any ipo. people want to be a part of it. certainly people are ad

it is the nasdaq on this occasion.avid faber, gary kaminsky and melissa lee still standing there on duty. melis melissa, this has been an extraordinary debut. >> you know, i think we might be having problems with her ifb. gary, let me go to you, if i could. we're seeing the words fizzle, words underperform being reported in stories about facebook. how much of that has to do with the trading glitches that started at the moment? david faber recording earlier that traders were backing away a little bit when they couldn't get this thing open. >> i should let you know that the trading glitch in terms of to this minute people knowing what they do have, what don't have in terms of position, they're not over. they're still existing. i just got an e-mail two minutes ago. people still do not know if they participated in this name what they're long. make that point right now. sue, to me the biggest story about facebook today and i said it right at the top of the 11:00 a.m. hour is very simple. the allocations people got were hist

the nasdaq generally under pressure, but some bright spots today.at shares of hewlett packard. of course reporting after the close yesterday. second quarter profit beating expectation. a little low on the third quarter guidance. full year guidance beating the street. announcing also 27,000 people will be laid off. that's part of the restructuring plan. the stock now up nearly 2% although it opened higher repairing some of those gains. also want to look at rim shares. another exit in the management strategy there. we are seeing the london-based global head of sales, he has left the company. the stock down about 3.2%. and also another bright spot is pandora today. popping about 14%. this company also reported after the close yesterday. a loss of 9 cents. that was half of what the street was expecting. revenues exceeded expectations. the full year guidance, they boosted it. again, seeing a nice pop in pandora shares. back to you. >> thank you very much, jackie. we had another auction today. $29 billion in 7-year notes up for auction. rick santelli's be

the nasdaq has turned lower. bloomberg index a bit positive.res of hewlett-packard this morning did close higher yesterday the company looking at cutting thousands of job. -- of jobs, be could be 25,000, 10 to 15,000 from the enterprise group. "the new york times" says 30,000 company-wide as meg whitman tries to reverse the slump in demand for computers and services that helped oust her predecessor. i'm jane king, bloomberg news. >>> have a great weekend. >>> talking that rare solar eclipse. mike you want to tell us where to best view it? >>> eureka, chico reno going to be over where 100%. for us, you want to head out around 5:30 sunday afternoon into the evening we'll get an 84% partial eclipse it will begin at 5:13 peak at 6:33. let's look outside show you what is going on, look at that sunshine it is a nice start, hazy in some areas temperatures cooler as we expect it, 42 napa, 46 santa rosa upper 40s to low 50s for the rest of us. warmer antioch 60°. mid 40s around gilroy and santa cruz and low 50s watsonville, monterey. sunny, warmer still

touch it from nasdaq. don't think you really touch it, obviously. >> if you're a believer in what the nasdaq is doing and assume they can deal with the fallout here, correctly, and keep the companies that have already given them the word they're going to list there, and obviously not lose facebook. >> i think it's reputational risk, right? why go -- why go there? you don't have trust? and i think that there's just too much head winds. i don't think you have to go there -- there are a lot of values in this market right now, scott. i don't think you need to be chasing it. >> as you know, nasdaq, for all the flaws in the ipo, nothing to do with the fact the stock is now trading 31 or 32. so, again, if the stock was trading 40, 41, i'm hard-pressed to believe we would be having the conversation. to answer your question about nasdaq, just in terms of valuation, given the sell-off in the stock, i think it's probably pretty interesting. i do think -- you might question how they handle it, but i think they've trie

we have melissa lee over at the nasdaq. and peter soren tino is with us and good to have everybody on the program today. peter, in the past we have talked about financials. i want to kick it off right there. because i know you're an owner of financials. what do you want to do with a company like jpmorgan? are we down 30 billion market value, and now we're talking almost a $5 billion mistake? >> yeah, maria, really it begs the question of are the financials too big now? and have we gotten too complex? it's certainly killing off the argument that you can't have more regulation on them. you know, this was something that was held out as something they should be permitted to the and managed to shoot themselves in the foot doing it. it's an industry that we have a hard time getting warm and fuzzy over because of the changing regulatory environment, the negative press and their propensity to -- as i said shoot themselves in the foot routinely. >> so what would you say -- i mean, what would you look for for any sign that in fact th

nasdaq down 1.25%.he recent slide partly can be attributed to institutions and other investors selling some tech names in order to raise capital to buy shares of facebook. check out this interday chart, facebook listed on the nasdaq and the exchanges really sold off as you can see there, 11:00 to 12:30. a real sell-off of nasdaq because there was perceived ineptitude of excouldiecuting t biggest ipo ever. facebook was supposed to start trading at 11:00 a.m. and we are hearing of technical difficulties at nasdaq and a number of investors are waiting for confirmation. so nasdaq getting impacted by the inept trading. >>> and jpmorgan, the stock continues toinue lose value on heels of the huge trading loss. the stock is down 17% since last thursday. that's a market value loss of some $30 billion. it has fuelled a drop in the index equating to some $127 billion in value. based on the s&p finances index. dimon has regrets, the bruised up banker talked about personal regrets and that no one or no unit can or s

you were there down at the nasdaq. you like all of us i'm sure gazing at the board waiting for the first trade to come in. waiting, waiting. never came in. how badly does this reflect on the nasdaq? >> down by more than 3% and certainly we saw the turnaround in the stock as news of these delays started to leak out. this is what happened, nasdaq on a conference call said 11:05 is when trading was going to begin. it was delayed because of communication problems and tremendous order flow. finally it opened about 11:30. to give you an idea of the flow we saw in the first 30 seconds of trading, 82 million shares of facebook did start. and then there are other separate issues that we're still dealing with right now. we are getting indications from a lot of institutions on the street that they have placed orders on the open facebook shares and as of right now, bob, i know you spoke to this as well, they are still not confirmed. they don't know if their orders have actually been filled at this point. >> it's a little bit of an

. >>> nasdaq ceo said the exchange is embarrassed.pected to start trading at 11:00 a.m., but didn't open until 11:32. a flood of late order cancellations overwhelmed the system and the exchange plans to change its process. there was incredible volume, but facebook closed almost unchanged at just $38.23. >> i'd like to know if they were orders to sell or orders to buy. >> it's clear the brokers were in there helping to assume the price. >> jamie dimon is presented at a conference in new york today. a third regulator will probe the losses. the house speaker john boehner says dodd-frank cooperate have prevented j.p. morgan's losses. >> there's no law against stupidity. and as long as deposit money wasn't at risk and as long as there is no risk of a taxpayer bailout, they should be held accountable by the market and their shareholders. and it they are. >>> and egypt heading for its first ever democratic vote. one possible winner is the former arab league chief. yousef caught up with the candidate and joins us now. what kind of mood did yo

it is not just investors who are suing nasdaq and people are looking at nasdaq.rgan stanley's kind of trying to put off the failure of the ipo on friday on nasdaq saying it was their fault. nasdaq can push back against this by suggesting that it is not their fault. that the ipo size was increased the week before. and i think that may even be a bigger issue here and that will be what they'll rest their hope on. >> what do you make of this notion that they're in crisis or damage control here? what does that even mean? >> first of all, the idea that facebook won't jump exchanges is a little like that cliche of, you know, leaving the barn once it's burned down. >> it's burned to a crisp. so i don't know. i guess it is punitive and more angry as a measure and nasdaq has a lot of soul searching to do. this is very much inside baseball. this is just something that goes on on wall street about how shares are exchanged and sold. there are legitimate issues for retail investors in that this high frequency trading, partly is what overwhelmed nasdaq along with not really spe

it was one of the most actively traded nasdaq listed stocks. so was its online gaming partner, zynga, whose stock fell almost 8%. there was a $1 billion deal over the long weekend. industrial products distributor interline brands will go private for just over $1 billion, including debt. shares shot up almost 40% as shareholders stand to get $25.50 per share. it's third-biggest shareholder and the private equity arm of goldman sachs are the proposed buyers. interbrand has one month to see if it can find a better offer. in our exchange traded fund market flash, all the fund's most actively traded funds were up at least 1%. the emerging markets fund led the way, up almost 3%. and that's tonight's "market focus." >> tom: if you stayed home this past holiday weekend, don't despair! there's plenty of time to plan a summer vacation, and the industry is counting on it. tonight, we begin a week of special coverage on summer travel with a look at how this summer is shaping up. suzanne pratt begins our reporting. >> reporter: at this liberty travel office

i think you will see nasdaq.hat delayed the entire process. >> what do you urge people to do with nasdaq shares specifically as we are watchk them go into the green following what we saw on friday where the stock was down 4% if not worse? >> i think again, nasdaqi think the market has penalized them appropriately. and i think, you know. >> thanks so much. appreciate your time yet again. >> the reason he got tossed was not that it appeared on his resume about computer science degree. but instead, he didn't come clean fast enough about it. here, my hat's off to him. he is under big pressure and he has come clean about this. i think he will probably do the right thing by the firms that were harmed by this. that's disaster management 101. he is doing a great job about that. obviously people are going to request whether it should have been a new york listing in the first place. >> coming on cnbc and facing the music is yet another. i'm just going to throw that back at you. a lot of people would take issue with what yo

nasdaq apologizing for the glitch that delayed trading friday.aming poor design for the problem which delayed trading of the shares for 30 minutes. computer systems were overwhelmed by cancellations and updates as the biggest publish offering in history went into high gear. we are positive, we've been teetering on possibly going lower dow at the moment up 40 points, s&p and nasdaq still in the green, bloomberg index trading up still. live at the new york stock exchange, i'm jane king. >>> not enough people clicking the like button on the ipo. >>> right but this is only day two. it is hard to see this morning, depending on where you are with the fog. >>> thankfully it wasn't around yesterday or you wouldn't see this beautiful picture. fascinating yesterday's eclipse all the crescent shadows, fantastic this is not one for me, but i will put some on facebook soon this is tammy and her son taking pictures showing up on the back of his white shirt cool visual clue and cue on how it was yesterday. we have a lot of cloud cover, breezy, winds of change c

the company began trading on the nasdaq on friday. take a look at how the stock opened and how it closed. the facebook anticipation did not help the markets much.

who's to blame, the company, nasdaq, or maybe general motors. we'll debate. a type of illegal trafficking some say is bigger than guns or drugs, and, mandy, this is one that may claw your face off if you're not careful. >> looking forward to it. today is the best day for stocks in may. just after the dow fell 11 of the past 12 days, the s&p is also having its best day of the month so far. and the nasdaq is recovering from what could be its worst month since november of 2008. we remember what that was like. apple is also rebounding in a big way, folks. perhaps from the money that is coming out of facebook. and facebook investors meantime not liking that at all if the shares well off the lows, but still struggling. check it out. ipo price at $38, mark zuckerberg's stake was worth about $19.1 billion. with today's drop, the same shares are now worth about $17 billion. well, facebook investors have suffered more than $11 billion in paper losses, but i'm just going to put this in perspective for you because 243 companies in the s&p 500 have market cap values less

they would tell you that this is all nasdaq. . >> do you think there's any chance they leave the nasdaqch? companies switch all of the time? >> there's all sorts of talk about who's online now. we were all winding up for this to be over. the story is just beginning. >> i'll see you later. one busy woman. david, over to you. let's talk about that underwriting that didn't seem to go well. stevens used to run equities at wachovia. he now runs the hedge fund. nice to have you here. >> we both know you for years. let's talk about that tension between the cfo of the company, the company itself and the underwriter. should morgan stanley have more effectively pushed back or did they simply misjudge demand and that's why they may not have puched back. >> given the hiech hype that surrounded the deal going back 6 months to a year, the level of oversubscriptions and tranks actions have become essentially meanless. i meaningless, because everyone piles on in the deal. i don't envy the job morgan stanley had. it is a great firm that has done some good transactions in the past. in this particular cas