That rally overnight. You can see right now at 99. 65. The dow is still within about 2 of its record close and on track for its second biggest weekly gain of a year. The futures as we head into this are looking at this point like they are up about 35 points above fair value for the dow. The s p is up by over 1 points and nasdaq up by five. We have a great number of people ready to talk about the markets this morning, including haung paulson who will be joining us in studio at 7 00 eastern time. Plus, we have marc lasry. We are former wells fargo ceo dick kavasovic. Its going to be a big show. Thank you, becky. We have Corporate News this morning, that music when you first saw becky this morning, that tweety bird song, the reason were doing that is because twitter filed for its ipo with regulators. Making an announcement in its tweet, the social networking site following for an ipo confidentially under a new law intends to help emerging corporations with less than 1 billion in revenue go public. Now, Goldman Sachs is the lead underwriter and were going to have more about this throughout the whole forecast. But Julia Boorstin will be live at their offices in just a minute. And were going to talk to a buzz representative who says the twitter ipo could be worth between 10 and 20 billion. Some saying its 16 billion right now now. Jpmorgan reportedly plans to spend an additional 4 billion and commit 5,000 extra employees to fix risk and compliance issues. This comes as the Company Faces a number of investigations by regulatory authorities. Thats a lot of people. The bank will spend 1. 5 million on managing risks and complying regulations and plans to add another 2. 5 billion to its litigation reserves in the second half of the year. And pimco and the blackrock got more than a quarter of verizons billion dollar bond buyout this week. Together they bought about 13 billion of version rienzons bond deal. That means that hundreds of millions of dollars on paper gains were made for those two firms. Joe. Youre not happy about this twitter thing, right . Am i wrong . No, no, no. Youre happy . Yes. Im happy. Im happy. I think its interesting that it is able to do the under a billion thing and its market cap is going to be huge. I also think its interesting from the perspective that were almost seeing a mini its not a bubble, but were seeing a mini sort of 19 mid 90s move in the social media stock that remind me of excite dot whatever those things were back then. Pets. Com or whatever. My point was, and it was kind of i dont rm like twitter. I mean, i try to cut but youre addicted. No, im not. I try to cut down on the number of people that i follow. Most of the people that i do follow i dont really want to hear every waking thought from them. I dont care what theyre thinking, but i sort of have to know. I was saying that i hope the ipo, since it had to happen, i hope its getting to closer to when the whole thing goes away. Five years you cant turn it off. Thats because people you happen, the haters nudge me into responding. Five years from now, are we still going to be doing this, andrew . And if so, will anyone ever leave their house to actually have any actual social contact or will it its great as a news wire. It does work great as a news wire. I know. But you know what . There will come a day when we wont need to have to know about every bit of news and maybe we could watch a sunset. Kim kardashian is getting 10,000 and 20,000 a tweet. One day, you can, too. Wow. Thats ridiculous. What i just said and what you just said, dont you see us rushing towards some apocalyptic ending . Cant you see that the world is going to end badly when this is happening, andrew . This is like this was written about in the bible. I think they mentioned knows tra dammus mentioned kim cash dann when shes making 10,000 a tweet. Look out. Exactly. Meantime, new jersey, information coming into the news wires this morning on two horrible disasters on the shore. A fire destroyed 80 of the boardwalk in what had already been ravaged by sandy. Seaside. It kept jumping from one to the next and the boardwalk is made out of wood. New Jersey Governor Chris Christie did address reporters on the scene. When i got my first full briefing before i left trenton to come here, i said to my staff, i feel like i want to throw up. And thats me. After all the effort, the time and resources that weve put in to help Seaside Heights rebuild, to see this going on i said at the top is unthinkable. Scott cohen will join us live in seaside in the next half hour. And then, where i went to school. They showed the fountain on cu, just flooded which was the main part of the campus. But a lot of boulder, heavy rains, like 7. 5 inches in 24 hours caused some dams to overflow. Flash flooding. At least three people dead. Authorities have called on thousands more people in the city of boulder to evacuate. Its a creek that where all the water collects. It began rising to dangerous levels. Really tragic. I dont remember anything like that in the 70s when i was out there, but they referenced something that happened in colorado. 140 people died in flash flooding back in the 70s on one of these things. So its not like it hasnt happened before, but shocking to see it happen in boulder. And it happened so quickly. People were in their houses, they looked out and it was like a a lake. Yeah. We get flash flood warnings now on the smartphones, all of them pop up and tell you beware. Power outages, about trees down. They come in on, you know, landlines. Texting. Phones ringing. Id never get any, no one contacted me. Then something was going off. And you got caught up in the weather, too. Go to chicago for the day . Go there on business, after youve done you get up at 4 00. You come in late. But then you leave and go on a plane to chicago, do a bunch of stuff, get on the plane last night. Late. And then get on a plane last night. The dow is on track for its second big day of the year. S p futures up by 1. 25 points. Oil prices, which weve been watching so closely because of syria, theyre down by just over a dollar. And take a look at the tenyear note. You can see the yield this morning at 2. 921 . The dollar, as we mentioned, did rally earlier in the session as the nikkei was reporting that Larry Summers could be named as the next fed chief as early as next week. You can see this morning, the euro is at 1. 3292. The dollar yen trading at 99. 59. If im ever nominated, i want the first line of mirror nomination to be the dollar strengthened on reports that blah, blah, blah, blah. That might not have been the case if it was reports of jan the yellen. But that races the question is Larry Summers really left of janet yellen . What is the one thing that every treasury secretary needs to learn how to say . Its like when if the stock goes up on the company that youre ceo of when youre resigning, that is bad. This is what got me. Theyre moving them so as many as 50 sites to make them harder for the u. S. To track. The opening offer from syria was that we would do this and jerry said that is way too long. Did you see robert franks, a piece on putin yesterday . I didnt. Guess what his net worth is. 40 billion. Thats minimum. Thats what they know about. Hes kgb and he was lecturing all of us yesterday on human rights. Look at the situation with gay rights and and i told you how reasonable he sounded. I know robert menendes, our senator in jersey said he wanted to bomb it. You can want to bomb it. Did you think it was then like if a sociopath or a psycho path writes something about all of his murders in an elegant way, do you think it sounds reasonable . Yeah, i do. The problem is its going to influence those who read this in the paper. In all honesty, i was not in favor of this before, bit swayed me. The point that every american is that could happen. Something else that came back, i didnt wasnt that happy about was that, you know, someone gave him that line about not being exceptional. Obama said, you know, people that live there think theyre exceptional. I dont think theres any question. I dont have any selfdoubt. It was late in the history of human civilization. We finally figured ow how to do it. And we put everyone together from all around the world and sat down and figured out how to do it. If you dont believe were exceptional and youre running this country, that is depressing to me because this is what happened. If youre a gay athlete in russia, do you think he understands other peoples point of view . Who, putin . Yeah, putin. Absolutely not. Im talking about obama. That was part of the apiecement tour. Anyway were going to go across the pond, a little closer to russia, time now for the Global Markets report. Carolin roth is standing by in london. Good morning to you. Good morning to you. I dont necessarily have a view on this, but let me tell you what the markets are doing in europe. The xetra dax is off by 0. 1 . Ftse 100 off by 0. 25 . The ftse 100 off by 0. 3 because metal prices have been falling and thats putting pressure on some of the metal sectors and some of the metal stocks. In terms of the bond markets, we have been focusing a lot of the tenyear italian paper. The yield at 4. 53 . It has shot above that of the tenyear spanish paper in all these political tensions. What is the future going to be of former Prime Minister berlusconi . In connection with that, i wanted to bring you comments from the current Prime Minister. He said italy must show it is credible, serious and able to service its debt. Its taken a lot of effort to keep the government in place. There are other reasons for the rise of the dollar in japan. Maybe because the government in japan has upgraded its economic forecast. Its the seventh time its done that this year. Sterling dollar, up by around 0. 10 . Back over to you guys. All right, carolyn, think about it, then. Maybe the next time we come to you, you can just give us a wink or a nod on how you feel about it. Its a pretty touchy issue, so ill still steer clear of that for the moment. You werent fortunate enough to be born here, either. We understand. Thank you. Now back to our top corporate story of the morning. Twitter confidentially filing an ipo with the s. E. C. Julia boorstin joins us from outside twitters headquarters in fran. I was going to tweet something about toss you to you and then i decided im not going to get caught up in this whole mess, julia. Oh, come on. Youve got to tweet, joe. You figured out how exciting twitter is as, obviously, have 200 million other people. So heres the situation, joe. Filing confidentially as twitter yesterday did means that twitter doesnt need to disclose any details about his business in the public just yet. Now, twitter can file confidentially because it has less than 1 billion in revenue. The question then is what is twitters valuation . We have key estimates. At its most recent funding round, twitter was valued at around 10 billion. But based on Light Trading in the secondary market, its currently trading at 15 billion or 16 billion. It could include the likes of video, ads or fees from, say, microsoft bing. Hemarketer expects revenues to be lower. But it projects 950 million in revenue next year and 123 billion in revenue in the year 2015. So who is going to catch in on this ipo . Twitter has raised 1. 16 billion since 2007. Its first round of investors included mark andressen. The next round, a year later, included jeff basos of besos expeditions. And twitters it sounds like we just lost julia. But we do have somebody else who can talk about all this. But joining us to talk more about twitters fans, jeff steinberg. How much do you think this thing is really worth . I hope it stays at 10 or 15. The beauty of this thing is that everybody is getting to it earlier. It will have 1 billion in he are knew the year it goes out. 200 million users facebook has. So this is the company of the future, right . How often do you click on advertisements . If you think lamar is a good company, right, this thing is 100 times better. And when you think about this whole issue, and maybe we can bring julia back into the conversation because i think we got her back, when you think about this whole idea that this has been done confidentially, that is the big twist on this relative. What does that mean . It means were not going to hear about any of the numbers. Three weeks before the road show, the numbers will come out. Normally, when they file for an ipo i think its going to leak pretty quickly. Its too big of a company for it not to. But i think its nice. This can get Companies Going public again. If youre less than 1 billion in revenue, youre not a massive, Massive Company, you can do this with it is a massive, Massive Company with 10 billion, right . Well, on a relative basis. When youre fee, yes, a company can put an ad in your feed. What . If its television, they can put a commercial. I know that. But im not going to look at it, im not going to click on it. You dont have to. You dont have to. Im not going to. Julia. Joe, if you havent noticed, there are ads in your feeds and thats probably a good sign that twitter is doing a good job. Weve talked to analysts in the past day. To a lot of people, twitter ads are less intrusive because they flow less obtrusively than facebooks ads. An advertiser will get to pay less per person who see thats ad if people like the ad, if they engage in it, if they click on it, if they retweet it. So twitter is encouraging advertisers to make ads that are more compelling. If you think media has a future, media generally, young people are not subscribing to newspapers, the average Television Viewer is late 40s, early 50s. Were seeing the birth of media again. Twitter, i use differently. Facebook, i have an account, but i dont check in very often. Twitter im kind of addicted to because it meps with me job. And also, as i say, joe, you said you didnt want to tweet this morning and i gave you a hard time about that. But the truth is that most people would use twitter dont tweet. People come to twitter to use it as a contemporary news feed and they go thereon to get information about entertainment, news, sports, to follow their favorite chefs or celebrities. And people see it to get contest. You do brand recognition. Yeah. Dolean was saying the other day that maybe they will be just a broadband company, right . Cnbc will continue to push out televisions. In the future, maybe youll be putting it out on video, on twitter, delivered over cablevision or comcast pipes. That could happen over the next five to ten years. Twitter could be the new cable network. Everything else could be pipes. Why wont they go to hour long specials . This can take better technology. Becky, even more before we see what jon is talking about happening, we have to look at the partnerships twitter has done with various tv distributors. Look at the Partnership Twitter has done with espn. Twitter has been a lead honor in figuring out social television. Theyre working with espn. Theyre letting espn imbed clips and there are ads in those clips. This is whats going to happen to me tomorrow. Less has been able to get 1 billion in retransmission. Everybody else is blind, but were going to try. Tomorrow night, im going to easily sit down and surgeon on high def cbs and sit down and watch alabama. Why is there not a place for that in there is. Unless you think people get to 47 years old and they just start watching television, thats your possible argument, right . Or people are not going to start watching television and this is how people will get all their content. Maybe it will be add on to the way things that im not getting old. Its not going away, right . But theres no more joe, youre one of a kind. Theres no more joe kernen coming out. Joe, it is an add on. Youre going to be watching tesionaying attention to your iphone, but many other people are going to be sitting there watching the sports game and tweeting about it. Its going to be a wonderful world. One last question. Why is this not going to be facebook . Because everybody got so bummed a year ago. Why isnt it my face . Look at where facebook is right now. To your point, my hope is that it stays at 10 billion. That it doesnt run away. The private market is trading on shares around 15 billion to 16 billion in terms of valuation. And you think it will show up at 10 . Im saying i hope it would be more around that level. I hope it doesnt crash up to 15 or 20 or even 25. The private market is what was blamed for what was wrong with facebooks ipo. But is it the same saturation in the private market here . No. Its a totally different situation. Its a very different situation. Only about 5 of twitter shares are being traded on the private market. Twitter has kept much smaller number of shares total and a tiny, tiny percentage of those are trading. So a huge number of facebook shares are trading relatively. But twitter has kept that trading under control. The issues, if you want to be invested in the future, if you want to be invested in native social advertising, you want to be invested in mobile, you want to be invested in content, this is one of the very few stocks you can buy. So the problem is, people can bid it up because there are so many ways to get in on it. Im not going to tweet, but all right. Jon, thank you. Thank you for having me. Thank you julia in San Francisco for being up early this morning. Jeans are big, too. No one sees me below the desk. So why wear anything, then . I would have worn the suit pants if i was going to be over there. I think its a cool look. Jeans and a blazer i know, i know. I was with cramer last night and now im going to start wearing a tie. Its a thin one, a hip one. Right. But i need someone to you know, my kids are 13 and 1137 theyre not quite im starting to see this. Tweet me anytime. Tweet you . You can call me, but if you want to at reply me can i call you on a landline . I dont have a landline. I didnt think you did. I have a cell phone. You do . Of course. I dont talk on it. Its mostly for data. I think those are a fad. Coming up, california takes you think im the you dont even have a smartphone. No, i dont. Take steps to raise the minimum wage, plus were going to tell you what i like this thing that jim said because i didnt he looks a lot closer than we do at whats happening. And the internals of the market can tell you thing. Its got jim cramer amazed, awed and astounded this morning. And these are his words. Plus, in fox sports news, the patriots starting the nfl season, they just found a way to do it. They squeak out their second narrow victory of the season, holding off the new york jets, 1310. The patriots managed nine first downs and 234 yards total offense, but thats all they needed. First, as we head to break, lets check on the weekend foreca