Ipo market and tonight is expected to be the cornerstone. Twitter is expected to price its ipo in the range of 23 to 25 a share. The company plan toes sell 70 million shares. This offering represents about 13 of the company and it values it at as much as 13. 6 billion. Were going to talk more about expectations with the money manager in just a few minutes. But andrew, ill send it over to you. Thank you, becky. We have a little couple of notable after the bell movers this morning. Tesla posting betterthanexpected earnings, but the electric carmaker sales and profit forecasts disappointing investors and shares falling on that news. Abercrombie fitch are lowering their profit forecasts below consensus. Also, earnings at 21st century fox, they missed the mark. They missed wall streets mark, that is. And the tv and film companys results were hurt by investments in new cable channels, also weaker performance from its movie releases. Open tables and earnings revenue topped analyst expect ages. The company allows diapers to reserve restaurants online. It says its going to be strengthening its mobile platform. And papa johns earnings, they were in line with consensus. And finally, lets ed ad one more to the list. Live nation entertainment, their earnings falling short, but revenues beating the street. Joe, over to you, sir. Andrew, i dont 21st century fox. I think thats a mistake. You know you know, i thought it was, but how can its 20th. Is it a Different Company . Its outdated. Is it a Different Company . No. This is the staple at 20th century fox . What is this, y2k . Remember conan obrien, in the year 2000 i know you dont like change. 21st century is a Clothing Store in new york, isnt it . Century 21. Its a cheap Clothing Store. But i like it. Thats where i go. Just because the date rupert . Yeah, i believe it was. I think they took a poll of the staff, either Senior Management or the whole place. And they said change it to yep. 20th century was so backwards. So im going to have to go through this again . In a hundred years . Yeah. If youre still living im on the grid and im a cyborg. And becky changed her twitter name. Yes. joekernanshair is available. How do we know Anthony Weiner really didnt get you dont know whether thats his thing. You got caught. He eventually admitted it. But what if someone takes over that was his excuse at first. You what if someone takes over joe squawk . It got hacked and then oh, my god. And this guy was like an ax murderer. Who shut it down . I dont know. Twitter shut it down . I dont know. But its available. It would say all kinds of things about you and now im going to become that and youre not going to go who it is. You know, today i was looking at im gullable. Im like the girl or the guy who uses whiteout when he can on a computer i was watching notice how i said girl or guy quickly. I was looking at today on a twitter thing there was a little bug. Have you seen that . I havent seen it. Im going to look right now. Have you seen bugs moving around . If you go to a certain person and then i theres a bug. Its a spec moving around. It looked like theres a little flea. Where . It has to be on the person. The person does it that way. The person on their picture somehow gets a bug moving around and then you see it i saw it and then i went you were trying to swish it . No. You but i went to see if i tried to pull this thing off to see if its underneath. But then i realized its a person thats always moving around there. Did you know you could do that . No, i did not. Im going to do that. joekernenshair is a bug. On the next commercial. Your jacket is on. I know. Youre looking really sharp. No belt, know. This is a suit. It doesnt take a belt. I know that. But you buy the suits that dont take belts because you dont want to remember your belt. Correct. When you travel, you dont want to for me, im cantly wearing a belt. These have the tabs on the side. Yeah. I dont think those work well. Lets check on the markets. Yesterday, we had triple digits losses for a while and then it goes to flat. Were looking good today. Up 70 Points Partnership started thinking about something. You guys remember how long ago when it used to yell at everyone about did you say because they all said there has to be a correction . Yeah. And theyve missed how many points now . Yeah. But now no one is saying that any more. Everyone is saying, dont fight the fed. I dont know what it means. I wouldnt fight the fed, either. But even if you theres that story that says that i was saying where is the correction . Maybe it means well, he said it for a totally different reason. Hes not one of our normal guys. Hes not a market guy that comes in. We asked him the question of what he was going to do with his stock. The indication was at the beginning of the year im talking about a guy who works at the firm and his duty is to say what the stock market is going to do. Hes an investor like us. He happens to have done pretty well. No, he had. Im saying you wouldnt use him necessarily, the contrarian thing. He might be right and nobody else is looking for a correction right now. Lets look at oil. Oil is going to help the christmas season. Maybe we should go long retailers. Oil is down to 94. Lets look at the tenyear. Going back to about 265. Thats been creeping higher. We understand that. The fed is still buying. The dollar, we need it down below 1. 30. Thats what were looking for is below 1. 35 finally going has been down in the low 1300s today. 1320 at this point. Time for the Global Markets report. Ross westgate standing by in london this morning. Do you have twit ner london, ross . Has that made its way over there yet . Whats your twitter handle . Yeah. 75 of the users, right, are from overseas outside of america, joe. Theyve got to make money out of that somehow. Who are you . Whats your people that arent in america. Whats your name . Whats your twitter handle . Oh, rosswestgate. Oh, thats it. Youre one of these people that dont you see, i social myself with squawk and im proud of it. I dont need when you just get your name, is it because you could go somewhere else and be beckyquick. Somebody else took it and it was a guy. How did you get it back . I had mary catherine, she called twitter and it was a guy who was squatting on it. And i dont own beckyquick. Com because somebody else bought it. Thats an ugly visual that he was squatting on your yeah. And so they told me initially, they gave me it wasnt somebody who was named becky quick. They said you can do squawk joe, joe squawk or something. So its interesting that twitter will give it back to you. I think its only if somebody who doesnt you couldnt take it from another becky quick. Theyre nobodies. No. I wouldnt try and take it from another becky quick. But it was a guy who was sitting there there. And the guy who owns beckyquick. Com was a fan and no. Some people say at the real who are you, just andrew . Im andrewrsorkin. But for years, i was in a battle with a zaeter on a deal. Com. We ultimately settled with them. I think we we did pay some money just because it had gone back and forth forever. Anyway so, you do have twitter over there . Anyway, i wasnt really listening. So the twitter ipo tonight, its going to price tonight. So just keep that in mind. Yeah, no. I know. We know about that, joe. Its amazing, isnt it . There are no other becky quicks, are there . Oh, there are a bunch of them. Not that matter. No, i actually look i followed some of them. Theres one in ohio and some other places. Really . Yeah. Another rebecca quick. Thats amazing. I couldnt believe that. Were following it. Its big news over here, joe and becky, as well. And equities, you can see a bit more green behind me than red at the moment. Advancers current i outpacing decliners by around 7 to 2 and were near the best levels of the day. We just got a bit of a boost, actually, as well for german industrial orders. Better than expected up 3. 3 the on the month. More buying of big ticket items. They were expected to only rise 0. 5 . So thats up a little bit, as well. Thats helped the euro, up to a better level of the day. Take a look at the individual prices on the indices. The ftse 1 is 00 is fairly flat this morning. It was only down 16 yesterday. We had more good data out of the uk today. Industrial production and manufacturing coming in better than expected. Again, stronger data is now big market expectation that the bank of england will revise its Forward Guidance and bring it forward a little bit for when they think rates will go up and when well hit the employment start of 7 rate. The xetra dax up 0. 5 . Cac 40 up 0. 9 . Boosted by numbers from the likes of alstom and lafarge. Big earnings today, ill pick on three for us to focus on. First of all, lets kick off and see what weve got. Adecco, up 5. 75 . The worlds temporary Staffing Firm today, bullish, easily beat forecasts. Breezed through them. They say they expect increasing demand for flexible labor in europe as the region emerges from recession. Pirelli, tiremaker up 4. 5 today. This is on their latest industrial plan. And theyre exercising a focus on Premium Products and emerging markets, as well. They were another company that came out today and talked about the headwinds caused by the strong euro and still a patchy european market. And ing, the insurer, up 4. 8 today. It beat forecasts and its on track to complete its restructuring by the end of 2016. That is what were tweeting about, as well. Thats some of the news out of here in europe. Back to you guys. Thank you, rosswestgate. We will see you soon. In the meantime, were going to talk more about twitter. Twitters ip on is set to debut today. Joining us with what to expect is jeff seco from seco wells management. Youve been following this for a while. Is this going to be different than what we saw with facebook . I was one of the feeb that came out with facebook before the ipo and said it was going to be an unmitigated disaster. This has been very different. Coming off the wet blanket that they had, talking about how theyre going to make money and breaking news in media, not talking about the other channels of revenue that they tend to explore. So this was a deliberate intentional strategy to lower expectations. So i think there is going to be somewhat of a lower expectation, but thats beginning to thats beginning to unwind rather quickly. You think people are competed about it. But i think theres theres clear differences with facebook. Like what . Well, i think one of the reasons, coming off the coming off the road show, i think one of the reasons its different is because well, first of all, there was no movie made about the founders, so there wasnt that overwhelming hype that we had then. And then there was also the recollection of the opening day of facebook. But what i see is that this will be very different because facebook at this point has a valuation of over on 100 billion. And looking at the valuations coming in right now, if we come out at around this range, its a moderately priced ipo compared to where facebook is now and where linkedin is now. So theres more enthusiasm. The one question and concern i would have about this im a twitter fan, but twitter hasnt made a profit and warned in its prospectus that it may never make a profit. So its not at the same stage facebook was at this point. Does that give anybody cause for pause at this point . The worst thing for anybody to do is come up with a curse of high specations. High expectations are one thing. But ever earning a profit . Twitter has taken this to ta whole new level and saying they may never earn a profit. But the excitement is over the dream. Its the dream that twitter will one day be among the titans, like amazon, like apple, google. Everybody wants to be at the party. In this case, thats where twitter benefits. Is this just a case of good timing, then, when we happen to be at an ipo market that is going to be the best ipo market weve seen . Yeah. And i think if twitter would have hand picked a day in history, this is the day. I mean, valuations dont matter much. Fundamentals are pretty much out the window. We have a momentum driven market. That is for not investing in it. Well, yeah. Its an argument for where particularly at the market top, so but youre suggesting to invest in it. Well, because i think at this oint, if you look at the valuation i think the key is the valuation of facebook and to some extent the valuation of linkedin. If you look at those valuations and compare the potential that twitter has, if we get even a third of those valuations, we have a successful ipo. And that is the key. Is it fair to say that things are looking a little toppier at this point . Maybe its getting late in the party for stocks overall. A little pape toppy i think is an underestimate. The fact that you have companies that are coming out and saying that our stocks are mostly being driven by netflix, that are mostly being driven by momentum. Just understand, the suggestion is to buy youre saying buy the ipo at the ipo price. Lets say this thing runs on day one. It may or may not happen. Well, if you have access to morgan stanley, whomever normal people cant. Lets say it runs tom. And lets say it runs up 10 , 20 . No, i would never chase a stock right after the open. If you get shares allocated to you, i would say keep them. But i think thats a fools game to buy right at the open. That makes no sense to me whatsoever. Because a lot of people are looking at trading this momentum either on the upside or downside. You could be the biggest client in your office, somewhere around the country if you are one of the biggest clients, you get a hundred shares. And you get it and all it does is defray some of the other commission pes. Exactly. What im saying now is the thats the way it works. The institutions get the bulk of the shares and whatever the institutions dont take, they push down to retail. And what i saw with facebook is facebook was pushing a lot of shares finally had a few, area. They were down from the retail levels. Retail, yeah, they were barveging you dont want to join a club that will have you as a member, thats true. Facebook was basking in the are at the tail investors were basking in all the shares they got. Now the institution res going to hold a lot of these shares. That puts that puts twit ner a much better position in items of its stability. Keep in mind, the institutions had to come in and support the pipe as it was falling. And at 27 or 30 tomorrow, you would not buy it . You can buy it today on the open. Thats the choice we need to give our viewers. You buy it today or not . No, i dont think so you do. I think youve taken your allocation, you take your ipo allocation, if you get them, and you dont buy at the open. The choice youre trying to make is whether to buy at the open. Yeah. And i would refrain from buying after it opened. Not good or bad, just good. Clarify that. Jeff, thank you very much. Good. Appreciate it. Now to its not even an election year. Im getting a little bit, you know, i know virginia is important, but even when i go to washington, i dont think i even go through virginia. And so i dont do i care who the governor is . I dont know. Now to politics, a number of because were going to talk about this all day. I think you do because its one of the few doctor. We are looking it is. Trying to determine what happened, what whether they were right. But police has become all front and center. Im sort of getting tired identity almost. A number of key races that decided yesterday in new jersey, Chris Christie winning reelection with more than 60 of voting, 60. 5, its been a long time since that happened. In virginia, Terry Mcauliffe, he was supposed to win by seven and he won by two been and then theres the new york mayoral race, which was an interesting one. The big am will be run by a democrat for the first time in 20 years. Bill de blasio is featured in the Huffington Post on the lead story as americas mayor. He won with more than 73 of the vote. And i dont know whether theres any hyperbole there or not. Im not really sure america would have hes your guy now. You better watch your butt, too. You have to do something to get named americas name. Not yet. Not yet. Yes has to earn it. You do have to earn it. You giuliani was americas mayor for a period, too. I would argue that mayor bloomberg was americas mayor for a period im be watching to see if youre in different neighborhoods now or maybe back to west chester. When you start talk about, you know, some of the stuff thats going happen. We shall see. We shall see. Coming up, were going to talk about microsoft narrowing its ceo short list. Were going to talk about the names that made the cut. But first, alex wall yax joining us from the weather channel. Its a little cold out there, my friend. Chilly, but warming numbers. Its earlier in the east. Well warm up more this afternoon, but more changes on the way thanks to this system right now in the middle of the country. Thats bringing some rain now to these areas across the midwest and the great lakes. This is all going to be heading east to bring in some rain to that 95 corridor. So here we are for today, moving across the western lakes, ohio valley with chicago, indianapolis, cleveland dealing with that. Then dont, we work our way through the interior northeast to serve buffalo, syracuse, and by our thursday, tomorrow, now we see that rain up and down the east coast. That includes d. C. All the way up towards boston, as well. The thinking is it will be an early day affair with the rain and things drying out by the time we get into the afternoon. But wind this same front comes the cooler air. So today, upper 60s. New york should get up to 62 degrees. But as we work our way through tomorrow, temperatures are dropping and by friday, lower 50s are in place. There in nyc, 40 back to the west. Thats your forecast for the nation. Squawk box, more of that coming up next. [ male announcer ] how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u. S. . At t. Rowe price, we understand the connections of a complex, global economy. Its just one reason over 70 of our mutual funds beat their 10year lipper average. T. Rowe price. Invest with confidence. Request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. Time now for the executive edge. Microsoft has narrowed its ceo short list to about five people. Reuters is reporting that alan mulally and steven elop both made the cut. There are at least three internal candidates said to be in the running, including former skype Ceo Tony Bates who jou overseas microsofts business development. Microsoft had no comment on this for any of the internal candidates, as well. Ford went back to what theyve been saying about alan mulally that he is here through the end of 2014.