The of the Police Driver in death of freddie gray. Prosecutors say freddie gray was fatally injured while being transported in that van. That is your bloomberg first word news. I am emily chang, and this is bloomberg west your quote bloomberg west. With over oneead billion rides in 2015. How uber is responding to the competition, and snapchat is said to be rivaling facebook in video views, even though facebook has 15 times as many users. First, to the lead. The tech ipo darlings of 2015 lost a little more love, finishing down more than 10 , fitbit since its debut, is downined, and etsy since it went public in april, and gopro is down. Why are people so anxious . Cory johnson joins us, and david fitzpatrick, a founder and ceo, and also alex, a bloomberg reporter. What is the Common Thread here . The Common Thread is that when they went public last year or 1. 5 years ago, they had this astronomical growth. They said they had all of these were notties, and they as focused on the bottom line, on property, and now in this investment environment, this turn in Investor Sentiment we has seen in broader markets sent investors fleeing some of these companies that seem a little bit riskier, so that is kind of the overlying theme. Consumers can be fickle, and if they are not really proving they have a solid Business Plan going forward, investors are being more cautious. Are youory, what seeing . Is one that did an offering and then a secondary offering that let them of the insiders it outside. Get outside, but the point of an ipo is to have the stock performed afterwards. For the company, the point of the ipo is raising money, so raising money is part of the company plan, and you can see that these companies are having varying degrees of success in money,ble to raise fitbit among them. The Company Really raised a lot of money to fund their operation and introduce new products and to bring their company ahead, and that was a priority ahead of insiders making money or allowing traders to trade. Gopro can make the next hot device, or something beyond, and for fitbit, there is the new fitbit looks a little too much like the apple watch. Not supposed to take on a goliath like apple, what are they supposed to do . Everyone is going to have a watch, and i think everyone will have a camera to strap to their head. You have to figure at what they are doing on the Software Side well. Doing i think fitbit is doing better than people give them credit for, because everyone competes with each other on their fitbit with steps and that, and if they can build on that, it keeps these companies gigantic and gives them the right to have huge market cap, in my opinion. Ry the giant in this is fitbit. Sorry, that is my agent calling. Vertical. That is an interesting distinction clean we are focused on fitness. Apple watch is trying to do something for everybody. We have got a smaller fitness. Emily at the same time, the Tech Companies are not seeing these guys. Alex, what is going on there . from my conversations around what investors are thinking when these companies are looking to ipo and how they are preceding what is out there, enterprise Tech Companies that have recurring revenue that people can see the path forward, they can see cash flow, those are the ones that are being preferred. When you look at the Tech Companies in the s p 500, the big ones are the intel and cisco, and it is the fitbit, gopro, these less proven Business Models that people have more concerned about. Across the board outside of tech, and you have seen these kind of connections , and they are looking something to put their money in because there are some broader concerns. Emily 2015 was supposed to be the year of resurgence or tech ipos. Its not that, then, david, what . David some are never really going to be in serious trouble, like facebook, one i am fairly so it is, ae about, game, where is the real dominant Company Going to come from from among these small startups that have been out for a short time and even among the socalled unicorns that are not public yet . Skepticismlot of about how valuable these companies are, whether they are public yet or not, and time and time again, none of them are in real jeopardy and will remain good investments. Emily ok, we are going to be covering it. David, you are with us for the hour. Our editor at large, cory johnson, thanks for stopping by, and our ipo reporter, alex, thank you. Now, staying with the markets, the nasdaq extended climbs for an eighth straight session, and our bloomberg senior markets correspondent julie hyman has a look. To the wires down for all three major averages, but the nasdaq did not quite make it there. All of the benchmarks saw s as they tried to recover. Nasdaq 100, however, did make it, so there was a detergent pods between the larger cap and smaller cap stocks in technology. On the downside, it was biotech showing some weakness. One ceo issued disappointing guidance, and amgen was pulled it down with biotech, and vertex after the close on friday, its ceo also commenting in a conference that the drug pricing in the future will depend on the outcome of the coming election, and apple saying it had reached 10 million users for its music service, and it got a couple of upgrades, amazon rebounding, and intel, as well, rounding out the top tech reporters. Julie hyman, bloomberg, new york. You, all right, thank julie. Bets are on for fantasy sports, at least for now. A judge ruled draftings will be able to keep going, along with a judge ruled that duel can keep fan going. At least for now. Coming outup, swinging in retaliation. Thus, surprises between netflix and amazon at the golden globes. It details, later. Emily it took spotify six years to hit one level, putting to the financial times, reporting the apple membership site after they launched a service compatible with and speaking of stats, ramping up with some major new numbers. It registered more than 1. 4 billion rides in 2015, 200 million just in december. Remember, uber came out last month and said it also had booked over one million rides, but that was counting from its inception in 2009, so what does it mean . Reporter whor news covers all of these ridesharing and ours is with us, guest host, david, is still with us. Is this really apples to apples question right there is carpooling and other services. Is it fair . Really, there is the peertopeer ridesharing, and uber is at 30 market share really, so definitely behind either way. In the united states, we think about uber all of the time. Uber. Uber, we should realize they have a lot of products, and this puts them together in one bucket. Million pering 70 week, and that is almost 4 billion a year. It is also about how efficiently you invested. They came back to us and said they strongly disagree with it. They have experienced tremendous growth. It means that drivers can consistently get more rides and earn more income on our platform, reducing the need for subsidies. What do we actually know . there is a lot of sniping on both sides. It is opaque, and i think both are trying to come up with estimates for the other side. I would say generally number two, which is what uber is, in is united states, lyft certainly spending a lot of money to Grow Market Share against uber. How much and how that plays out with didi is hard to say. We talked to some drivers who said they could make more was thath didi, but it uber was more widespread. How does this play out for uber versus didi . There was a question about whether or not uber was a monopoly. Emily it is funny because the l. A. Times have the opposite story, saying that lyft is gaining on uber, particularly with the millennial crowd. David i think it is really interesting to think what could isthe implications of did because theh lyft, scale of activities on your platform really make a huge lyftrence, and if didi and can improve their software at a pace and scale comparable to uber, i think that could be a to deftly stay in the market. I have been an uber user. They gave me 50 in credit just to get me to stay on, so it is very aggressive. To look at cooper, and american companies, we think game over, but china is a huge market. It may be opaque, but didi is a huge company with tencent and alibaba behind it. Emily hey, 50 in free rides. I will take it. Meanwhile, air, uber is cutting rides in 100 or more cities. Is that alarming, or is this just a typical part of the story . It is january. Eric they are cutting 80 cities and are planning to do 100. Were talking 10 , which is somewhat significant, and drivers are up in arms. Across the board, bieber says he will make more money. You will get paid less on each drive, but you will get more rides. People are super skeptical and saying theyre going to go to l yft. There is some churn. Yes, customers are definitely used to uber saying your rates are going to go down. Emily ok, alex, thank you. David, you are with me for the hour. Well, they are certainly not having any trouble raising money, but i want to turn to israel. Israeli tech exits. Our middle east reporter Elliott Gotkine reports. another bumpy year. Exits including ipos told more than 9 billion last year. More is really startups remaining private for longer in the hope of getting a bigger exit down the line, and also the window for opportunity for ipos shrank, according to one of the reports. There is a lot of talent, and the Technology Comes out of israel continues to be very attractive for multinational buyers. So i would expect in 2016, we will continue to see significant volume of transactions. 2016. Billion, and i5 would not expect 2016 to be less than that. There may be less unicorns, but in terms of their ability to generate significant demands and m a, i would think it would not be less than 2015. Elliott there were several big ones, 1. 25 billion. Has giants making acquisitions in israel. Microsoft is the most prolific, buying five in israel. Elliott gotkine, bloomberg news, tel aviv. Newss elliottg gotkine there. Fever hit china. The force is strong in china, taking in more than 63 million, and some are predicting that china will become the largest movie market in the world i next year. Entertainmentour reporter who covers media for us, and david is still with us. Star wars got the box office, but it is still chasing the global record of avatar. Of sales int europe, australia, brazil. ,ountries across the world where avatar got 80 dumbly and dollars got 80 million, and the next is getting to a much bigger overseas total. Emily i am sure we are going to continue tallying up the numbers every weekend. I went to transition to the golden globes. First of all, aaron sorkin winning the screenwriting award. Steve jobs it was a very controversial movie, and kate winslet winning in the actress category. I did talk to aaron sorkin. Listen to what he told me about this particular script. Sayith steve jobs, i can that the rest of the world may not agree, but this is the first time i have felt at the end of a wrote exactly the movie i wanted to write. Emily it is interesting. Apple has not been happy about this movie getting made. Aboutbs family not happy this movie being made. He still won the award. What do you make of that . Sorkin is aron great screenwriter, but i have an issue with someone who takes a person and write stories about them, because people watch a movie and think that is about that person, and the same thing happened with the movie about facebook. I cant tell you how many people come up to me and tell me they do not like Mark Zuckerberg because of how he is nervous and etc. Emily in the industry . Reporter it is true, your storytelling is legitimate, but about realries people, and in this case, they are 25 years old, i think it is questionable making hollywood movies about real people that are partially fictional, and i think that is why so many people in Silicon Valley were upset about this steve jobs movie. There is very little support for it in Silicon Valley. Reporter there have been a lot of reference is made to citizen kane, about William Randolph hearst and david, that would does not bug me at all. That is a much more responsible vision. It is more marketable if you use the real names. Emily some other surprises. Amazon really surprised with this mozart in the jungle and beat out netflix. Report on yes, last year for transparent, and it has been a acclaimed show. Mozart in the jungle is popular, but most of the responses i saw thought that was the biggest surprise, because it is a pretty good show that beat out some really good shows. Network are the networks that got two prizes, two networks that did not do all somewell at the emmys, and Networks Like hbo got nothing. Emily how much does a golden globe matter . They gervais was saying really do not matter at all, but do they . Are fundedhey everyones favorite rewards show to go to, and i was at the hbo movie, and i went up to the ceo, and i said, richard, you go to a million of these, but which ones of these do you enjoy . He said everyone gets to drink is looser,n, and it but in terms of the significance of the awards, they realize they are voted on by 82 journalists, whereas the oscars are aware you went because all of your peers think you have given the best performance. Emily all right, our entertainment reporter, and david here with me throughout the show. Coming up, we are going to be talking about the yahoo brain drain. That is next. We live in a pick and choose world. Choose, choose, choose. But at bedtime . Why settle for this . Enter sleep number, and the lowest prices of the season. Sleepiq technology tells you how well you slept and what adjustments you can make. You like the bed soft. Hes more hardcore. So your sleep goes from good to great to wow only at a sleep number store. Find the lowest prices of the season, going on now. Save 600 on the 1 rated i8 bed. Know better sleep with sleep number. Emily i am. West. Bloomberg in hong kong, we are joined by yvonne man with the stories making headlines in asia. china has come out swinging in defense of the yen. One of the most senior officials in charge of economic the says forecast of a large fall in the currency are ridiculous and that anyone shorting the yuan will not succeed. A senior economist at the pboc says investors have misunderstood the reasons behind the recent weakening of the currency. Chinas slowdown has growing. Mplications for india 1 syntax fell 4 10 of monday, having dropped more than three times as much earlier. China is indias largest trading partner and Third Largest export market. Indian shipments declined 12 consecutive months through november. Idc says the mobile market in china contracted with the past three quarters, while shipment delays also hurt xiaomis sales. China is their main market, accounting for more than 90 of total sales. Cap cow has made a 1. 5 billion bid for lowend entertainment. Melon streams the widely popular korean music also known as k pop. Emily weve been watching these messaging apps closely. How big of a deal is this . How will this take over help them . Yvonne if you think of chatting in korea, you think of kakao. Its the number one messaging app in the country. Give it access to the biggest these extreme and service in korea, and it is huge. They are trying to reduce the dependence on traditional forms of business and diversify its revenue. Tapping into ks is one way to do that. They also want to expand offshore. This could be a potential big deal. How they are going to monetize this is a big question many analysts are asking. If you take a look at how each generation each user generates revenue, kakao generates four dollars per user. Whatsapp generates six cents per user. There is an opportunity for monetization. Emily yvonne man, thank you. To the real estate listing site auction. Com, rebranding itself as tenex, creating a new platform where buyers can purchase a home completely online without ever talking to an agent. The former website has gone through a series of changes and expansions since receiving an investment from Google Capital in 2014. The companys various real estate platforms have resulted in 200,000 residential and commercial property sales, totaling 35 billion since 2007. Joining me to discuss the rebranding is tim morris, ceo of the newly named tenx, former cfo of yahoo , and former interim ceo of yahoo we are going to talk about that. Lets talk about tenx. Why the rebranding . Tim its another step in the evolution of the company, but we are changing, so the name is changing. As you mentioned, the first true online transaction ability for consumers to buy and sell a house with or without an agent. Auction functionality, nonauction functionality, value propositions for brokers, functionality for brokers and agents, better tools and data and intelligence for everyone. We look at it as a rallying cry. We want to make buying and selling real estate better for everyone. Emily youve been compared to trulia. Tim we are not a listing site. We are a place you go to transact. For instance, we are trend partners with zillow. When you come to us, you get the preportion of the transaction, the diligence, the transaction itself, and the closing, and a transaction manager. Emily you are launching in dallas, denver, phoenix, and miami. Why not San Francisco . Tim we wanted to pick the best markets that we thought were most translatable to the rest of the country. We stayed away from l. A. , San Francisco p the other ones are more representative. Emily do you think yahoo needs to rebrand . [laughter] tim what a transition. Tim im not that current on the yahoo story. Its similar to what i know is going on at the end of 2011, beginning of 2012. Similar. Ily i think that Management Team needs more time to turn it around. Its a really big job. Theyve got the media side of the business. Theyve got the technology side. It is a huge ship to turn. You need the time to make the plan stick. Emily if you armor samira, because you if you are marissa mayer, because you have been in this position, what would you be doing . Tim you are trying to minimize the external distractions and execute your plan. Emily what should the plan b . Tim i really couldnt tell you. Is there something that you think could have changed the course of yahoo s history for the better . Tim the only thing i can think of is, they are a mix of media and technology. That decision was made a long time ago. Its tough enough to be the b