tommy joyce, i call him tommy, look, no friends here. just facts.his is a tough one for them. >> yeah. they're pursuing strategic business moves or financing. strategic business moves. does that in your mind say we're up for sale? >> i think that they have to use, to use a term that draghi was trying to use but i think tommy joyce will use, any means necessary. >> to stay alive. >> because i think this is one of those situation where is we all kind of feel like, all right, let's trade with knight because their word is good. if their word is to be good, they need capital fusion. i don't think this is idle. i think this is a company that obviously the stock is telling me something. i'd rather read what the stock is saying than what the press release is saying. >> it's amazing to think about the number of glitches that investors have had to think about in the past few months. it started really with the bats ipo, trying to ipo on its own exchange. that got scrubbed because of a problem with its own system. then we had the facebook snafu. and now we have

. >> tommy joyce said the problem was a coding error when they were trying to write new codes.cifically, tommy said it was not the nyc's faculty -- >> no, i'm not suggesting it was the nyse's faculty, it was a new system rolled out by the exchange, and traders were trying to interact with that and i'm sure most were successful, but people could not test their systems against this particular platform previously, we should have expected there was a heightened possibility for something like this to happen. i'm just trying to illustrate. >> do you think a 64% selloff in knight stock is warranted? >> i think it's exaggerated. if you look what knight went down, it was in excess of the trading loss. >> we have to ask him. >> i bought shares in the after market yesterday, and i'm not that thrilled about it. >> you were mentioning vanguard, and fidelity, are among the biggest owners and they have taken a big hit. >> absolutely, thanks, everybody, we appreciate it. >> speaking of the man verses machine debate, facebook shares keep hitting new lows, technology got that stock off to a bump

brian sterling runs m&a for our firm and he was, had the long relationship with tommy joyce and tommyth everybody was key. i got wednesday afternoon brian said i think you need to be around. i'd like to have you in on all these calls so i was next to brian the whole time. >> this consortium of buyers. >> yes. >> they bought this thing for a song. going to make a fortune? >> bought it for a song, i think the stock is trading basically at tangible book which is where knight historically traded. what's interesting is that when you go to the brink on something, it is an energizing experience for a firm and i can speak a little to that, so i think that knight is going, was a superb firm before this unfortunate glitch. it will be an incredible firm after it. certainly, the investors that came into this are going to do well. i mean, we advise the company of the management and the board so we can take no part in the underwriting because we want to say we didn't want to be biased, we didn't want the underwriting over a deal, over a debt deal or anything else. i think they'll do very well becau

tommy joyce's contract is up. they're in discussions to renew it. he wants to stay.ow what that stock's been through and how much havoc it has wreaked. >> it'll tell you more about where investors and people on the market see. >> bob pisani is on the floor. >> i get questions. what's going to happen? the stocks in september. everybody wants to know what i think. hopefully more than what happened in august. have you noticed 90% of the traders hate the rally. 90% of the guys i talk to are convinced there's going to be a 10% correction in september or october if it doesn't happen in september. have you noticed, i don't know if you have, but 90% of the people i talk to are underperforming the s&p 500 so far this year. i wonder if that's a coincidence or not. don't get me wrong. all these people who believe there's going to be a correction in september are duly protected. there is a steep tango in the prices futures. out one month, to months are much higher than in the front month we have here. that tells you in -- quite simple, carl, the guy who are the option makers --

what, if anything, beyond what you're doing now are you going to do to make sure that brand name tommy joyces still the top quality name that people always associate with that. >> you're very flattering. thank you. i think reputation is crafted over a period of time and reputations are established by one's actions. so, i guess the actions we have taken and actions we will take in the future will determine whether people have a high or low opinion of me. i can tell you this, we're going to do our best to restore knight to what it was. our financial footing is better than it was. as far as i'm concerned it's business as usual at knight capital group. >> melissa lee has a question for you. melissa, go ahead. >> tom thanks for coming on "squawk on the street." you had mentioned the flash crash as one of the examples of technical glitches. the facebook ipo is another. and you came out swinging on this very program of blaming the nasdaq. you said first of all i want to point out this wasn't in any way shape or form an industry failure. the failure was nasdaq's. it was nasdaq's failure. now that yo

. >> that is the goodwill of a lot of people, including tommy joyce who almost single handedly and at country get over a very difficult period. but there is the reputation of a single man that i think mattered very much in a critical situation. >> incredible story. thanks, bob pisani. >>> over to brian shactman at headquarte headquarters. >> great work with special olympics in connecticut, impressive. this is getting a lot of 13 fs, from julian robertson's tiger management, fascinating moves. i'll tick down just a few for you. raising stake in amazon by 90% to 346,000 shares. how about this one, taking a stake of almost 2 million shares in facebook. we don't know what price. but we know it's down 5%. getting toward $20 a share. also a couple things in social media, increasing their stake in linked in to 3.3 million shares from 300,000. and finally, dissolving the stake in yelp, taking some profits there. back to you, carl. >> brian, thank you very much. >>> they're not household names, but tech security companies outperforming their social counterparts like facebook and groupon over