but the offering size is a little above the estimated size. so they were looking for 62.4 million shares. ing will be rebranding itself sometime next year. the shares are due to set trading under the kicker symbol voya. i don't know what was wrong with ing, but in any event, the company will be joiningous friends at "squawk on the street" at 9:50 eastern time. sdwr joe. >> we're going to talk about the markets. an rue, in tv, do you remember it used to be distinct every week it would be different and it would be a different killer and they would find himself and stuff. but now, most of the successful shows, there's a running story line. >> over many years. >> over many episodes. so i want to talk about -- in terms of wa we talked about yesterday with the fed. it used to be we always knew the fed lived behind us. you saw what happened yesterday. not only did the fed said we're here for you with '85 -- >> multiple. >> they may even be ready to get more. and for the first -- you know, that's the -- >> they've been on that for a while. >> just reading the journal this morning, it says that had federal reserve pressed forward and hindered at even dialing it up, that failed. but if the job market and inflation fails to meet the central bank's expectations, the markets took little comfort from the fed. it says here. now, in the past, that would have done it. >> remember it said if we are japan, if we never get -- >> you skaurd me because that was the first time i really -- but i was saying in a good way because it means they're here for good. >> it means we're japan. >> i think that's what people realize. >> but in equity likes, and that's a horrible thing. >>. >> you don't need to worry about, you know, that rates are going to go up and udly all our borrowing costs -- >> yesterday when the fed said we're at 85, it's really bad out there and we don't even think 85 is working and we may need to -- when they actually admitted they may need -- it's no longer tapering. >> people expected that by the end of this year. >> the idea that we may not be tapering, we may be going to 105 means the fed has no idea. and i think they're scared to death about a long period of disinflation or deflation. >> six months or a year ago and you started looking through it, people who are living with their parents, they have 11100 year mortgages, the money gets devalued. >> he's a student of that and i think we saw into his thinking yesterday that he's petrified that they haven't done enough yet. how do we get to 2% inflation, much less 6.5% unemployment. >> dare i say his name, roubini threw out a report last night. he said 2015 is the new 2008. he believes this will end in a massive horrific crisis. >> from the market's perspective? >> i believes inflation is going to arrive in 2015. >> i think a lot of people would be relieved to see a little inflation. >> so would i. >> this is qe3, isn't it? that was not wrong. and i think a lot of people two years ago, if you really did say two years from now we'll be at 85 billion a month and -- talking about ratcheting it up from there. so the company is, like, dead. >> now they may do more, why did it stay down 140? >> but you used a very -- joke very well that if you doubled and doubled and doubled with the market doubling, now we're -- >> you know at the moment. >> addiction is a progressive disease, too. addicts say that the same amount of heroine after a while is worse. you you need to add more and more and more and then it finally kills you. >> but how about the doughnut analogy, if you eat too many down i couldn't tells, them maybe -- >> roubini was never worried about the economy. >> we'll see how nasty it is. we're going to go across the pond to the global markets report. join in on the conversation, ross. >> good morning. . >> you're no help. >> you have red arrows everywhere. >> the thing about this is it always could look worse than it is. declines of about 6 to 3 decliners outpacing advancers at the moment. take a look at the individual bourses. you'll see the xetra dax mixed. the dax up 21 points yesterday. the ftse mib up around 0.2%, as well. heavy earnings day today here in europe. i'll run through probably the biggest one to focus on, really, as well, dutch shell up 1.5% this morning. the ceo will retire in 201437 the first quarter pretax profit came in at $13.3 billion, better than expected. bskyb reported a rise in pretax rovts for nine months ending in march. all for saying they're going to create 550 jobs. it's interesting, the british insurer really bullish stance posted a 28% rise in sales for the first three months of the year. and infineon, the chipmaker stock today in europe up nearly 8.5%. second quarter profit beating expectations. it really is about the ecb and what they will do. there was an expectation. we are waiting to hear about plans for other measures, whether they might think about a funding for lending scheme which we got out of the bank of england. and ahead of that today we had the finals of the pmis for manufacturing. 46.7 is where they came in. the flash is 46.5 and it's still weaker than the march numbers and it's the german numbers, again, that dragged that down. as far as yields are concerned, yields in italy and spain declining, 3.85% in italy. and this is more on the back of the pm now saying he wants to put growth at the top of the next eu summit. and there is this thought this if they can get the tax potentially on the politics of austerity in europe, that is going to help out both italy and spain and that's why yields continue to move lower in a low-yield environment. that's where we stand right in and out in europe. back to you guys. >> thank you, ross westgate, we will see you very soon. we're now going to tell but a story royaling wall street and washington. the nyse is investigating stock surges tide to a federal information leak. subpoenas have been issued to firms and individuals w in connection with a leak last no. that case in question deals with a d.c. political intelligence firm which alerted its clients that the government would soon make a decision favoring health insurers who participated in a medicare program. that alert talked to surges carrying several major health concerns. the official government was not made until the next day. joining us to toss about what this means. good morning. >> good morning inside information is a very funny thing. if you know about a merger before the merger, i understand. there's a lobbyist or somewhere in washington who gets a heads up or is somehow involved in the people's business, if you will, is that information insider information? and that's what this case is ultimately going to be about. >> that's exactly what it's about. this is about expert networks inside the beltway and that is you have people who troll the halls of capitol hill troll the halls of the agents, whether as lobbyists or as researchers and are providing that information, that service to a client, either as an advocate, as a lobbyist or as a researchers because it can influence how companies act, what they do with respect to policies and, yes, these companies also sell ta information to hedge funds, to professionals who trade on wall street and that's exactly what this is about. but ultimately, i think it's somewhat analogous to the whole issue involving expert networks, which is the mosaic feeling. if you have kwaupt quality research that's taking place on capitol hill by individuals and being sold so that an investment decision can be made in a more sophisticated, more informed way, that does not constitute insider trading. it does if it crosses that line and there's actual material nonpublic information. but we talked about the halls of capitol hill where rumors abound, discussion concepts are always in play. i think this is a very gray area. >> to me, there's a distinction and a difference. in the corporate sphere, everybody involved in a transition or what otherwise would be considered inside information has a duty, a duty to the company and the information is clearly -- the information is clearly confidential. in the government context, it's not clear to me that the information necessarily is even supposed to be confidential. >> andrew, that's exactly the point. and i think that one of the fundamental issues, when you get back to what is insider trading is material nonpublic information. one is is it material? but the other one is the one you just hit on, which is nonpublic. i'm not sure that this is. and then you have the whole issue of the speech and debate clause, the fact that the legislators, staff, do actively engage in discourse to figure out what's in the best interest of policy, what's in the best interest of a particular district. i'm not really sure it is nonpublic. >> where does this all go if that's the case? >> an investigation that normally runs its course highlighted because of the story that came out in november of 2011 about why the stock act about whether members of congress are actually profiting some information that they have. is so, naturally, there are going to be investigations. if there's a lean that was crossed, in other words, someone actually had material and agency you point out nonpublic information, we could see an action. we have never yet seen an action against a staff member. >> do we want the rules to change? with so many people floating around the beltway tying to get this information, to the extent it is available in public but only to those willing to pay, do we want to change the rules? >> i think we do not. there has to be a balance between rules, regulation and congress to do its job. and there are always advocates on the hill who are seek to go change the rules or impose the rules. but the fact is, our system does work. it can always be tweaked. there are bases for bringing forth some cases where lines are clearly crossed. but i'm not sure this is it because the goal is not to frustrate, debate, discourse the engagement. think about the conversations that all are having in the studio about interest rates. imagine if that kind of discussion if a political intelligence person were involved in that discussion on capitol hill, that all of the sudden that's subject to regulation. i don't think that's what's intended here. but i think the insider trading rule, although we're a common law society and jurisdiction are adequate. i don't think there needs to be regulation in this area. >> thank you for joining us. >> thank you. when we come back, we're going to get the state's reaction to facebook's quarterly results. was that growth in mobile advertising enough to satisfy investors? we'll find out right after this. and later, a cnbc exclusive, billionaire financier ron perelman in his first exclusive cnbc interview. he also controls the global leader in lottery machines and a company whose name you see at the end of almost every movie credit. this is a rare hour-long conversation, one you don't want to miss. and it starts at 8:00 a.m. eastern time. [ male announcer ] when gloria and her financial advisor made a retirement plan, they considered all her assets, even those held elsewhere, giving her the confidence to pursue all her goals. when you want a financial advisor who sees the whole picture, turn to us. wells fargo advisors. welcome back, everyone. u.s. equity futures are indicated a little higher. this comes after a big drop in markets yesterday when the dow was down more than 130 points. this morning, dow futures are up by about 30 points positive fair value. s&p futures up by close to 3 points in fair value. ford is adding 2,000 workers at a missouri plant. the automaker says it needs to keep up with surging demand for pickup trucks. ford's pickup sales are up about 19% for the year and among some of the reasons, home builders examine construction companies. revenue beating the street's forecast for cigna. is cigna raised its revenue for the year. revenue numbers came in at $4.2 billion. i guess you've got to be facebooked to have huge revenue gain these days. 38% revenue increase and a lot of that had to do with mobile app sales. everybody is saying mobile, mobile, mobile. that is the key things to worry about and the promise for the future. >> it was really good. the first was mobile revenue which we just mentioned. now it's 30% of all advertising revenue that's came in. and we're looking for engagement to go. we remember very pleased with results especially on the top line. i wonder whether the company was awarded its valuation before somebody does something. i don't understand these things, i don't understand what instagram is. i don't see where there's a barrier to entry. will this grow into its valuation, ron? >> i think it will. just to be clear, i think we're going to need maybe a quarter, a few more quarterers of good results like we just saw for it to get back to writ was pre-ipo. advertising growth has reaccelerated three quarters in a row now. and we're seeing berts results in the payments business. i do think it's a matter of time. when i look at these results and i try to think what was negative here, i'm not too sure i can find anything to be clear. it's going to take a little bit of time as it has for all advertising mediumses as they adopt new -- which social is. that's something we're waiting to see here. >> someone at facebook watches the landscape out in silicone valley to see what's coming and can't they continue to monitor the whole landscape and decide where it's going and be the major player? >> i think that's exactly right, joe. we saw that about a year ago with instagram. what's interesting is now they're over 100 million new users up from 22 about a year ago. so they can absolutely continue to buy. but what's interesting to me is that it's sort of hard to build up another social network. once you have your friends, your family, your pictures, the switching cost is relatively high. you see that with linked in and i think you see that with facebook, as well. >> in terms of monetizing it, is there anything new on the horizon that helps make the future brighter in terms of being a moneymaker rather than being a social phenomenon? >> that's what we'll have to see. but i will say one of the great -- good things that came out of the quarter was from a mobile perspective, not only is 30% of all advertising now mobile, but they actually have a few products that are somewhat differentiated. one oef of them is mobile app installs. you think about the millions of apps available on apple as well as on google play, and it's hard to differentiate this. facebook allows that. it's enabling that through the mobile apps. new products like that, i think that's interesting and we should see continued growth there. >> ron, thanks for your time this morning. slowly, my iphone, you know, those little things -- some people go like this and they have every page, those things, i'm slowly -- >> what page are you on? >> the two are not filled yet. but slowly, people are reaching me. like amtrak, i was taking the amtrak and i was like, where is it? and i went to -- and it said amtrak app, click here. and boom, done. >> what does it tell you, like where the train is? whether it's on time? >> you just press it, yeah, where it is, where it's visiting. yesterday i'm on drudge or something, you hit on app, now it has a thing, boom, there it is. >> because of my ipad, i even understand this part of it. >> it's happening. future is happening for me. and sooner or later i'm going to fill that page and am going on to the next page. i figure why not? there's no limit, is there? with facebook, have either one of you been parted from any of your dollars based on something that's happening on facebook? >> i still want to know. i know their mobile ad revenue has been better. >> how does it work, though? google figured it out somehow with those key words and all that -- >> no, there isn't anything dramatic about it. when we saw too big to fail, the by, they happen peep to claim their favorite book were "barbarians at the gate" who went to business school wherever. >> every ad you're paying for at that point. but it's probably a book sale. >> that's what's amazing. >> i would think patch and local stuff, isn't that the future, too? with facebook, you need to send it to your community that's on there. >> i would like more privacy, but that may be a generational thing. i think young kids don't want any more privacy. i would like more privacy. >> drinking. >> i saw it in a movie the other day. >> yeah, the father and the watch, which was about -- remember, that was the one that after trayvon they couldn't bring it out. but vince vaughn has a daughter and he's on her facebook and he sees her making out with this guy and it's everywhere. >> that's the problem. that's what you don't want to see. let's talk more about the markets. joining us right now is marty flanagan. the company manages more than $729 billion. he is attending the investment company institute conference in d.c. today. marty, thanks for being here this morning. >> thank you, becky. it's great to be here. >> you know, as the conference theme i think is perfect. it's unchanging commitment in a changed world, which points out what everyone there is thinking about. the world has been turned on its head when it comes to investments and thinking about your retirement. yet you're still expected to find a way to get north of 8% for investors so that they can feel like they are putting enough aside for retirement. how do you do that? and what do you think about what the fed said yesterday that they may have to step up what they've been doing on a monthly basis? >> it's a really good point. as you said, it's the theme of the conference. but it is such an extraordinary time and listening to the fed, one of the main topics here and i've been coming here for decades is there's a number of topics about the fiscal strength of the country. and relying on the fed and what's been a topic on the show for months now with just times are stepping up and addressing the fiscal debt. and by doing that, that's going to create the confidence in the marketplace. that's going to create -- bring consumers back. companies will grow, will make the markets grow. that will help retirement plans, etcetera. >> are you holding your breath for that? the idea that we're going to do something more when it comes to the data at this point? >> look, all of us got very excited over the last year. i hold my breath, i don't think we have to keep pickup pushing on that. the reality is the best thing you can do as an individual, great financial advice, focus on the financial plan and make sure you have very strong retirement. >> but how confident do you feel with the markets to this point? a lot of it has been based on the idea that the fed is going to be there or the economy will start to improve and so they can pull back what they've been doing and the real economy will take over from there. how confident do you feel about that? >> you know what? i think the real economy has been stronger than people have been giving it credit for. if you look at some of the other opinions, the housing, housing starts, there are a lot of good things that i think ultimately, you know, are under the economy and corporations have been very strong. >> not employment. if it's the employment -- >> still 10% in most places. i just thought of something. if we can -- when you think about this whole i wish the fiscal guys would take the time from the central bank, half of the people that want the fiscal guys to take over want them to deal with long-term entitlements and cut spending. other half want them to do some type of stimulus. some people think we want the fiscal act in order to spend more. the other people want the fiscal -- >> could you do both? could you spend more on infrastructure and