Thrilling pairs early gains. Allibabaalibabas day has ar. Coming up on cnbc today, we speak exclusively to ceo jack ma. Has sap got its head is in the clouds . It pays over 7 billion for expense firm concur. The ceo said says its not overpay. Its not what you pay for assets in this industry. Its what you do with them. I never was more confident with any Business Case i prened in the board room than i am with concur and sap. Scotland will remain part of the United Kingdom after the pro union camp reclaims 55 of the vote. David cameron says its time for the uk to come together and move forward. We have heard the voice of scotland and now the millions of voices of england must also be heard. The question of english votes for english laws, the socalled west lothian question, requires a decisive answer. Just as scotland will vote separately in the Scottish Parliament on their issues of tax, spending and welfare, so, too, england, as well as wails and Northern Ireland will be able to vote on these issues. All this must take place in tandem with and in the settlement for scotland. The properties made vows late in the campaign to divulge more powers to scotland. Scotland will expect these to be honored in rapid course. And helia is in edinburgh with the latest. Helia. Morning. Well, the bite that you threw to with David Cameron saying this is the end of the debate, its been concluded, well, far from it. Reaction in scotland, although it looks quiet outside wont be quiet for long. Scottish people voted, 10 in staying together with the United Kingdom of great britain, but they were promised more powers and they will expect that by january. Even though David Cameron in his speech promised to keep that pledge, promised to keep that vow to divulge more power not only to schoolland, but to wales and Northern Ireland, too. He was also using the speech to throw a backbone to many of the back ventures were seen rising for these powers that could mean english mps will lose power in comparison to scottish mps. But here in scotland, its a somber tone. Last night on the streets when we were out, there were a lot of yes campaigners talking about their dreams being fulfilled, this once in a lifetime opportunity. But while they were going to be sanguine and they said they will accept this decision, they are going to be looking for massive change because history has been made. Alex hammond referring to the 1. 6 million independent voters saying that those people have given scotland a strong mandate for change and really made a Strong Political point. Remember, 86 turn out. Massive, massive in political history. Back to you, will. Thanks very much, helia. Helia stays with us throughout the morning this morning. Sterling jumped initially 0. 86 . Its paired back some of those gains. Its up 0. 37 at the moment, currently trading at 1. 646. The scotts voted to stay in the uk and thats being seen as a positive for two of the biggest Lenders Lloyds Bank of scotland and its higher by 1. 9 on the day. Rbs higher by 3. 5 . David, there was so much uncertainty around the Scottish Referendum, now that we know its a no vote, how do you play the market . Obviously, its very, very good news. I dont think the market was discounting a breakup scenario. If you look at short, sterling factoring in ahead of this referendum, a strong possibility of rate rises next year. In a breakup story, the bank of england is not raising rates. So the market wasnt pricing a breakup. The political dynamic is quickly changing, as well, as we can see. And the biggest uncertainty is a political one. David cameron had to go to scotland last week. Do you think he got away with it . Well, i think so. Hes again, hes got the argument in his favor in terms of the slogan issue about, you know, there should be more english masses, which you have to think about 41 scottish mpss up in scotland at the moment. So at the end of the day, this is interesting dynamic. And we are expecting a News Conference which well go to live when we get it. Weve also got the Labor Party Conference over the next week. All the parties came together over the last month or so. Will this be the latest chance for David Cameron . I think its potentially a change of leadership Going Forward. So they will be thinking about the may 2015 election which is now quickly coming into view. David cameron can try and push through the west lovian issue. We can basically get some more momentum going. But at the end of the day, if we had had a breakup, the negotiations would have been exceptionally difficult. That now is out the door. David, even though we got a no vote, the story doesnt seem to be over. Do you think this crucial vote will push cameron to make scotland a top priority . He has to honor his pledge. We will get more power in the Scottish Parliament. At the same time, having to address the issues in wales, the same issue here in england. Hes in a sense is setting their agenda. Wonderful. David owen, chief european economist at jeffries international. Thank you so much for joining us. Yeah. Now, if you want to learn more about what were doing on the show and we want to hear from you on your thoughts on the Scottish Referendum, email us at worldwide cnbc. Com. Wilfred will be looking at the markets for us now. Thanks, seema. Yes, markets stronger today. The main reason for that, of course, the no vote in the sdotish referendum, particularly the uk but europe. Also europe is up almost 1 in the green. If we look at individual bourses, the ftse 100, 0. 6 . Its a nice sigh of relief from british investors after the no vote. Quite a strong no vote, as well. People were right, if it was a close no vote, this issue would run along, but 55 to 45 is the latest figures weve got. Germany is up 0. 6 . Yesterday out of europe, we have the new setup as to how the ecb is going to take place moving forward. It gave european bourses a pick up through the day. France and italy up, as well. Moving on to asia, asia had a strong day overnight. Interestingly, the pboc announcing easing measures to ease liquidity for them. Also talk that theyve injected more liquidity into the top five banks, shanghai and hong kong, unsurprisingly up 0. 56 is and 0. 6 respectively. The nikkei strong today following news abe wants to post pension reform regardless of opposition. Also, continuing strength on the nikkei off the back of a weaker yen. And the u. S. Tenyear treasury seems to have settled now just above 2. 6 . The last two weeks has seen it moving around. Only two weeks ago, it was about 2. 4 . It was pushed up following an intense week of fed announcements, around 2. 63 . The tenyear german bund yield of 1. 1 today, gilts have ticked below 2. 6 and the italian yield 2. 4 . Forex, quite a lot of moment in forex recently. The pound, of course within lets start with that has strengthened today. It was up closer to a percent, that 0. 8 is now closer to 0. 3 . The yen continues to weakness against the dollar. Were at a sixyear low. Another fresh 0. 4 had movement on that today. And the euro dollar, euro weakening a little further again today. Coming up on the show, the man voted chinas number one strategist tells us why the country could be heading for japanese style deflation and how to position your portfolio to profit from it. As apples iphone 6 goes on global sale, were live camping out at the tech giants Flagship Store in new york city. If youre not quite convinced about buying alibaba for your portfolio, stay tuned as one Internet Expert tells us about one ecommerce stock that could give you exposure to the chinese consumer. And you are looking at a live shot of glass cow where ed milliband is due to speak following cot scotlands no vote. Well bring you his comments live after this break. The all new, head turning cadillac ats coupe. Its irresistible. Allibaba has priced its ipo is and set to start trading on the New York Stock Exchange today. Kayla tausche has all the details. Alibaba pricing its ipo 68 a share. A price that will raise 21. 8 billion in what could yet be the biggest Public Offering ever. It is more than 2 1 2 times the size of ebay and bigger than amazon, its two closest competitors here in the United States. The company will now focus on making a seamless first place. 22 billion stock into the market is no small feat. The company has tapped barclays, which ran twitters to do the same for it. Barclays will have the ablilit to sell right away. Underwriters are limiting those who could the first stock to an elite few. At a meeting between underwriters and executives in new york to price the deal, the ceo and chief Development Officer offered their confidence in alibaba as a longterm investment according to people present at the meeting. Alibabas two largest shareholders each multiplied their return on investment over the last decade. Now allibaba employees will gather at a Company Employee will be on the shares opening trading day to see if they can do the same. Back to you. And stay tuned throughout the day with ftse cnbc. Well bring you an interview with alibabas founder and ceo jack ma at 15 30 squawk on the street. That will be an exciting interview. We also want to know, how will alibaba finish its first day of trade . If you want to join in the conversation, email us, worldwide cnbc. Com or tweet us, cnbcwex. Theres our personal handles on the screen. Im going for plus 11. 3 on the open and by the end of first day, plus 0. 7 . Thats quite precise. And we want precise estimates from our viewers. So i think it will be about a 20 upside in the first day of trade. I think youll see good demand on the first day. Youre rounding your estimate to the nearest 10. How boring. We want to bring you some flashes. Gfk has been its been announced they will have to pay a fine of 2. 7 Million Pounds due to a pricing scandal in china and that will be included in their q3 announcement. Gsk is up 0. 56 so far in trade today. Now, sap shares are trading lower after the company agreed to buy u. S. Based softwaremaker concur telling. The deal sees sap offering 129 per share, a 20 premium over concurs price. Earlier, we spoke to the ceo Bill Mcdermott and he defended the deal. This is the only asset ofs kind. Its the number two independent company in the world as measured by size. There is no other than the category. They have way more than a 50 market share. Its not what you pay for assets in this industry. Its what you do with them. Obviously, the fairness opinions came in extraordinarily strong and the synergy on this deal is based on revenue growth. I never was more confident in any Business Case i presented in the board room than i am with concur and sap. Larry elison is stepping down as oracles ceo, taking on the new role of chairman and chief technology officer. Ellison founded the company in 1977. Oshg will now be run by his lieutenants. Cass will oversee manufacturing, finance and legal while hurd will be in charge of sales and service. Software and hardware will still report to ellison who insists nothing will change under the new structure. Mark and safra continue to do a spectacular job and i think deserve the recognition of their new titles. I will continue to work with john fowler in hardware engineering and mark and safro as i have exactly in the past. Im going to continue doing what ive been doing over the last several years. Theyre going to continue doing what theyve been doing over the last several years. Earlier today, we asked the ceo of rival suspect about the management shakeup. This is what he had to say. Id like to congratulate larry elison. He built a great company, hes had a fantastic run. I congratulated him and i wish him well. Im sure hell do very well. To his credit, he chose two of his trusted tenants to be coceos. I maize was a coceo for more than five years. I enjoyed the experience very much. Appleonians, you can now get your hands on the iphone 6 which went on sale today. The device uses a 4g lte modum, a chip from sky works, avargo. News that a supplier has been chosen or rejected by apple can lose shares sharply. Trade in frankfurt, all of those listed are up, avago and skyworks up the most, over 3 . Were going to talk back to david hern, a chief european economist at jeffries international. David, the market took a bit of a dip on the announcement how the ecb will do. Less announcements by the telcos. Was your take . We actually thought going into the lcros that the number involved was going to be significantly higher. It came in around about 83 billion euro. The understanding is that banks will take down more liquidity in deal when the second of these ltros particulars in. Draghi is committed in a sense to deal with the Balance Sheet and all Central Banks in the system by a trillion. So so far, its gone up by 83, 3 billion euros. It has a long way to go. Then a question about the bond programs, the ltros coming through next year and potentially quantitative easing. Quantitative easing continues to face enormous pushback from germany. But since telcos arent expected just yet, do you think Angela Merkel will come around to inflation and easing . The eurozone remains more abound, then they will end up doing quantitative easing. I think the decision was always one for december at the earliest. Now is when were going to get pushed back into march of next year. We know the ecb operators are clearly timetabling. We knew these changes were coming, they flagged that in the Previous Press conference and i think maybe the qe discussion now is up for march. The key thing is does the inflation pick up in the Fourth Quarter of this year. Obviously, the key thing is youve got very low bond yields. What impact will quantitative easing have on the system . But yeah, its the final thing out there and its a strong possibility it does happen. David owen, thank you so much for your time. Well continue to watch to see what is left in Mario Draghis tool kit. That was david oh, chief european economy at jeffries international. And we just want to reference the live shot youre seeing now. Thats Alistair Darling speaking following the success of no campaigns. Well bring you more headlines from that when we get them. Alibaba prices its ipo at 68 a share, the. Top end of the range that was raised earlier this week. The offering is a total of 21. 8 billion giving the company a market cap of 168 billion. Cnbc has an interview with the alibaba founder and ceo jack ma today at 9 30 a. M. Eastern on squawk on the street. Wendy huang is head of internet quality and wendy, how is it going to trade on its first day . I think even a Strong Demand that we are seeing now, the stock is likely to trade up in aftermarkets. For the investors, what they need to decide is whether they want to add more position in aftermarket if the variation does trade up to 220 billion. I think thats probably the major decision that they need to make today. And wendy, obviously, this valuation is quite steep in price per earnings. What kind of level of growth merchandise value growth do we need to see over, say, the next thee years to justify this valuation . I think if the company can maintain the ecommerce market growth, then that means that the overall retail sales on alibabas platform can double in three years time. So last physical year, their gmv was close to 300 billion u. S. If they can maintain their existing market shares, then that means that they can double their gmb in thee years time. Ourselves, on the other hand, if theyre seeing more competition on the brink of ecommerce platforms or if they could embrace the mobile ecommerce trend or vertical immerse trend as others are doing, that means theyre likely in a more defensive position to maintain the market share. Wendy, were looking at 2. 5 billion in Quarterly Sales for alibaba. Thats a big number. What are your thoughts on some of the biggest threads or head whippeds facing alibabas growth . I think what we need to kind of focus for the longterm, is china is the largest ecommerce market with a lot of potential. Also, there is still potential for the Online Retail rates to go up in the next three to five years. However, we have also observed lots of changes in the ecommerce space over the past two years, such as the emerging vertical platforms like the vip shop. We are seeing the ecommerce marketplace format start to transform from the regular sell format to the sell format. In addition, the whole ecommerce market is moving quickly from a pc driven Online Retail sales to mobile traffic driven online sales. So whether alibaba can embrace all this in the ecommerce industry, that will be i think a key for this companys growth and that presents both opportunities as well as challenges in the future. And lets broaden it out a little bit, wendy. Investors are looking for ways to play the fast internet market in china. What are some other stocks that could benefit from that explosive growth were seeing in the internet spaes . I think in the longterm, we will see more head to head completion among the three Biggest Internet Companies in china. Namely, tencent in alibaba. So for the longterm investors, i think they probably want to stick with the traffic gateways with tencent or buy due. For the investors who focused on the high margin or with the cash flow model, they may actually want to pay more attention to the Business Model like alibaba is running. Wendy, thank you so much for your time. Were going to leave it there. Thank you so much. Were going to be watching alibaba go public and those chinese stocks you just mentioned. Wendy huang. And were just interrupting that because youre now looking at a live shot of glasgow where ed millieband is speaking. Achievement and let us acknowledge it today. Now, what was this a vote for . What was this a vote for . This was a vote for solidarity and social justice. This was a vote for our National Health service. This was a vote for our welfare state. This was a vote for no because we know we are Better Together. And i want to Say Something also today to all of the people who voted yes, this labor party is determined to show over the coming years that we can be the vehicle for your hopes, your dreams, your aspirations for a better life for you, a better life for scotland and a better life for the whole of the United Kingdom. Now, friends, whether people voted no or yes in this referendum, let us be absolutely clear. This was a vote for change. Change doesnt end today, change begins today. Because within our country needs to change. We know our country needs to change in the way it is dublin and we know our country needs to change in who it is governed for. As alistair said, we will deliver on stronger powers for a stronger Scottish Parliament, a stronger scotland, and i know that all Party Leaders will meet their commitments to deliver on that promise. And we will also meet the desire for change. Across wales, a cross the whole of the United Kingdom, devolution is not just a good idea for scotland and wales, it is a good idea for england and Northern Ireland as it already is, too. It is also the case that we must meet the thirst for change in reforming the whole of our country and who it works for. You know what . I heard people around this campaign talking about stronger powers for scotland. I also heard people saying how can my life get better . How can my sop or daughter get a job . How can we deal with insecurity at work . How can we build a Better Future for our children and grandchildren . We know those were the questions people were asking. They were asking about whether our country worked for them. They were telling us this throughout our country, that our country only works for a tiny elite few at the top and this labor party knows that must change and we will change it. After the break, we will hear from uk leader nigel farrow to take notes of his reaction to the no vote in the Scottish Independence referendum. Stay with us on worldwide exchange. Let us also remember why it was right to ask the definitive question. Yes or no . Because now the debate has been settled for a generation. The uk market rallies on the news. Rbs and lloyds trade higher, but sterling pairs early gains. Alibabas big day arrives. The ecommerce giant prices itself, making it the biggest ipo in history. We speak today to jack ma. Has sap got its head in the clouds . It pays over 7 billion for expense firm concur. But the coe says he did not overpay. Its not what you pay for assets in tr industry. Its what you do with them. I never was more confident with anything i presented in the board room than i am with concur and sap. Lets have a look at european markets. As you can see, all of them in the green today. The ftse 100 taking strength from the no vote in scotland. Theres a large amount of uncertainty in the markets this week. Ftse 100 is up 0. 7 . Germany up 0. 8 . France up 0. 4 4 and italy up 0. 67 . And weve been watching the bond market closely to see if we could see this flow of capital from the equity market into the bond market. The tenyear treasury yields is Holding Strong at 276 , moving higher, indicating that the market is anticipating a rate hike at some point. The tenyear germany yield currently at 1. 1 , slightly higher. 10year gilt at 2. 6 . The 10year italy yield, down, but still hovering around 2. 4 . In the forex market, sterling has strengthened today, but it has paired some of its earlier gains. Sterling is up 0. 1 . It had been up as much as 0. 8 earlier. The Australian Dollar continues its downward trend gendz the United States. Dollar yen also continues to weaken against the dollar. Scotland will remain pars of the United Kingdom. Alex hammond says the high turnout of the referendum has been a triumph of the democratic process and calls for national unity. Helia is in ed enburg and louisa is in westminster for us. Helia, lets start with you. Scottish vote was quite resounding, 55 to 45 . It sounds resounding because last week polls were suggesting the yes camp was going to win it. Even though theres no change, nothing is going to be the same again. You can see that now in west mip sister because David Cameron this morning, even though he was talking about the fact that this debate has been concluded, in reality, its only just kicked off. Theyre going to have to thrash out a deal. Victory was clutched in the 11th hour, essentially, because its been a really lackluster campaign from the Better Together camp in the final hours the labor wag bees rocked down. Places like glasgow were saw voters for independence, it wasnt a big a turnout at thought. It was only 75 compared to that 85 that we saw across scotland. So really, in an ironic twist that David Cameron must today thank the labor party for keeping the union together. Back to you, will. Helia, thank you for now. Shares in uk banks are trading higher after the no vote was finalized. You can see rbs trading higher by around 3 . Of course, one of the biggest lenders in scotland. Were looking at Lloyds BankingGroup Trading higher by around 2 . Business as usual for the two banks. And you can see the market reacting positively to that no vote. On that news or on that headline, lets bring in simon mullen, head of research at otech technologies. Lets get your thoughts on the Scottish Referendum. We got the no vote. Businesses on a large part are reacting positively. Whats your response . Its remarkable how little disruption from the trend of 12month forward earnings the Bank Share Prices actually deviated prior to this vote. Thats because regardless of the polls, there never at any point had a yes vote ahead. But the banks, particularly royal bank of scotland were affected to a degree more so than nonfinancial companies. Im thinking of wear and an agrecco. Theres a lot of comparisons drawn from the canadian referendum back in 1995 when deposits left quebec and never came back. There were some genuine fears there. But now, royal bank put out a statement effect hely saying business as normal. Were continuing, nothing is changing. At the moment, those trend earnings are very strong. Earnings upgrade banks across the whole of europe. That is the trend investors want to back. And hj that with a bet and the bookies for a yes vote. Lets focus on moving forward. Would you be buying after these moves today . The stock price hasnt really moved. It is now value at an exceptionally low, relative valuation to its peer group, looking back over the last two years. In effect, weve sat still for a year waiting for earnings to sit through the share price. It doesnt have quite the same earnings as royal bank of scotland. Price not half as much. And i think the environment looks benign. The environment is benign, growth is slow, but its positive. Bank shares will benefit in that environment. Yes, i think people will back those shares and rightly so. Some market experts say that the Scottish Referendum will have a lasting impact. The confidence data is likely to move down. That will likely still be in charge in scotland. They did threaten all sorts of businesses that said they were going to deserve scotland in the yes vote. They will still have the possibility to do that. But actually, i tend to think things will be more positive because they can now go ahead, spend money thats not their own without worry background who is going to defend the oil and what currency theyre going to spend it in. They might actually be able to do things pro business knowing the english taxpayer is backing them up. It might create a positive situation in which royal bank will be a big beneficiary. Thank you very much. Well be joining simon to talk europe in a few memberships. Im going to bring you some flashes from russian Prime Minister medicine very who says he signed appear order introducing tariffs on ukrainian goods, so some fight back for sanctions that russia faced from russia itself on to ukraine. Now, staying with the scotland discussion, what is the reaction from westminster . Louisa bojesen is outside parliament for us now. I am, indeed. Im just getting my jacket fixed a bit. I am outside west minutester. I think there are a lot of people here, a lot of mps that were very relieved that we dont have to deal with the unalternativety that a yes vote would have caused. Nobody knows what the process would have been. Here this morning, though, a lot of people have been saying that the leader of the uk independence party, that they are the actual winners, went to scotland towards the back end of the campaign, trying to convince voters to get back on board to vote no. As you know, also, scottland having a majority of labor supporters which is going to be another thing thats going to be focused on with regard to David Camerons continued rain of the tori party. Cameron is promising another referendum if the toris written the general election in 2015. Take a listen. This is the fundamental dinners twin the Scottish Referendum, the economic alternative was based on one commodity, oil. Its a dangerous thing, to tie your whole future to one commodity. Its what some countries are forced to having to do. Weve got an economic global alternative. And whats the mission now . Whats your plans over the next couple of months . Well, theres another one going on up where i was yesterday. Well be battling with that. But, you know, we will be t forefront of saying england needs a proper, fair voice. How confident are you of increasing that voice heading into these elections . Well, i think that i think you get to touch a nerve on a whole series of issues. Its a growth party. Energy behind it. Yes, im pretty optimistic. Under all circumstances regardless of the outcome of this vote, one thing is clear that youre looking at. Almost 50 of scotland not being happy with the way their powers are dealt with now. We are going to see some big constitutional changes as you heard people here this morning saying already. A lot more questions to be answered here in the coming months and this is one that were going to continue to be watching, guys. Louisa, that you can very much for that. Now, back to europe, the ecbs first tltro allotment was 82. 6 billion euros on thursday, well below what analysts had forecast around 150 billion euros. Spanish and italian banks took up more than 45 of those loans. The next round is due to take place on december 11th. We are still with simon, head of research at otask technologies. Simon, initially people think its a lackluster take up. But theres still further tranches to come, the next one in december and a few things outstanding between now and then like the october asset quality review from the banks. Whats your initial take on the tltro take up . Huge issues to come between now and some of the later take ups. Quite a lot could change. But, of course, the stress test and the asset quality reviews are all about capital and this is all about liquidity. And what it clearly shows is that there isnt that need for liquidity that we had when the original programs were launched. And the reason we dont have that need is because there isnt any loan. And over large sways of europe, there is no incentive for all the banks to be lending. Therefore, why bother money even at a very low Interest Rate of 15 basis points when all youre going to do is deposit it back . It doesnt make Financial Sense to take that money. Small companies, they need that credit in order to grow. How is the economy going to improve at the Smallest Companies that are trying to grow and to create jobs for people here in europe . Thats not possible without being able to take out a loan. Yeah, the critics of draghis quantitative easing, call it what you will. Ive said all along that eventually he will be called upon to do something. And one of the reasons we had such a positive response to these figures yesterday was the idea that actually because they were so poor, they wouldnt have any positive impact on bank lending and, therefore, real money would have to be put in put to work buying asset backed securities, buying covered bonds and actually putting cash into the european economy. And it is that that might actually lift growth. But until that happens, the banks are sitting on their hands. Sxhou significant do you think it is that jens, the bundes bank chair will not be on the ecb Voting Committee for those first two meetings in 2515 . Will that allow quantitative easing to be pushed through . Difficult to know. Theres a large amount of money regardless of their external stance propping up government in southern europe. Populations very much against the austerity and german angle. But governments are alongside and, therefore, i think if the germans really want to put their foot down, theyll find ways of influencing that. But the market, on the other hand, wants to see this qe and they want to see the money spend and ultimately the markets will be even more powerful than the germans. Brilliant. Simon, thank you very much. That was simon moore, head of research at otask technologies. Still to come on the show, the man voted chinas number one strategist tells us why the country could be heading for japanese style deflation. And how to position your portfolio to profit from it. Stay with us on worldwide exchange. Alibaba prices its ipo at 68 a share. The offering raises 21. 8 billion, giving the company a market cap of 168 billion. That makes it the largest ever u. S. Ipo and the worlds Third Largest behind chinas ag bank and ibec. Alibaba will surpass those companies. Reports say several Institutional Investors place orders of at least 1 billion. Alibaba will start trading today on the New York Stock Exchange under the Ticker Symbol baba. Cnbc has an interview with alibabas founder jack ma today at 9 30 a. M. Eastern. Well have a lot of questions for him on the Growth Prospects behind alibaba. Glaxosmithkline has been fine fined. Other executives were given jail sentences between two and four years. Eunice yoon is in beijing with more. Hi, wilfred. This is an incredible story. Gsk has been splashed with the largest ever corporate find in china. The british drugmaker is going to have to pay 490 million after a Chinese Court found the local unit had indeed organized a massive bribery network funneling hundreds of millions of doctors to hospital staff. Now, the executives in question are all going to get jail time between two to four years. That includes a British National mark riley who was away at the time of the allegations, but returned later. Now, this decision is sure to ruffle featheres and unnerve many in the Foreign Business Community who many people have already been feeling as though the businesses have been targeted and also have been complaining about the lack of transparency. In many of these investigations. That a trial for gsk was closed door. Now, gsk had said before that china is a very important market for them. Theyve been distancing themselves from the chinese unit, issuing a statement again today, saying that the activities at the local unit were in breach of the companys own compliance guidelines and also the Company Issued an apology to the Chinese Government as well as to the chinese people. Guys . Eunice, for now, thank you so much. Now taking a look at the japanese market, the nikkei soaring to a sevenyear high today on comments from Prime Minister shinzo abe pledging to push for pension reform as soon as possible. So is china facing its next lost decade . David choy is head of china equity strategy at bank of America Merrill lynch and joins us now. David, im interested to start off with li chang was saying, he said instead of adopting stimulus, we have economic readjustment. But thats the only truth. Without the liquidity cap on, would chinas growth be a hell of a lot lower . Yes, probably. The government is trying to buy time by doing this growth at a certain level in case the Financial System gets into trouble. Its a race against time. My sense is the best growth the last couple of years has been so super charged and overcapacity issue has been so serious and also with the rapid escalation of asset price the last couple of years. My sense is running out of to him too in a way. Compared to the western world, it is also still rising. So the longer this goes on, does that not mean the bigger crash well have all the back of it . Yes, thats our expectation, as well. So were hoping the political power finishes reasonably quickly and then the governments focus can be shifting back to economic methods. And then we will try to address some of the long delayed structural issues the government says they will tackle. David, weve been mostly bearish on chinese stocks over the past couple of years. Do you think you might have gotten your future wrong for now when it comes to chinese stocks . Theres always a chance i get it wrong. But the last couple of years, every year the market faces a rally. The fact that so far this one of the rally includes strength and the magnitude have been weaker. Over the past couple of years, its been progressively weaker. This is why certainly in my mind its obvious, purely rely on stimulus to hold up growth doesnt really provide solid base for stock markets to rally on a structural basis. When you are looking at the headwinds of the Chinese Market, how big is transparency . That is a more structural longterm issue. For me, the more important venture is whether the Financial System can stay stable in terms of probably fairley rapid asset price deflation like were going into now and how to address the overcapacity issue. And given the Structural Reforms that are taking place, how would you like to be positioned within china, within a set or outside of of that . Yeah. I will say we think the soe for the moment, that ironic is you know, had the government really done the genuine good reform, which is about breaking down monopoly, creating a level playing field, we move the Privileged Access to credit, to Market Opportunities of soe. Its going to be a bad thing for generally for soes. But ironically so far to our investment for the system as a whole, so far, the breaking down part is progressing very slowly. While the enabling soes to compete more and david, im going to have interrupt, im afraid. David choy, from bank of America Merrill lynch. Stay with us on worldwide exchange. Well be discussing more on scotland and alibaba after the break. We needed 30 new hires for our call center. Im spending too much time hiring and not enough time in my kitchen. [ female announcer ] need to hire fast . Go to ziprecruiter. Com and post your job to over 30 of the webs leading job boards with a single click; then simply select the best candidates from one easy to review list. You put up one post and the next day you have all these candidates. Makes my job a lot easier. [ female announcer ] over 100,000 businesses have already used zip recruiter and now you can use zip recruiter for free at a special site for tv viewers; go to ziprecruiter. Com offer2. Welcome to worldwide exchange. Im seema mody. And im wilfred frost. Scotland rejects independence. David cameron says the issue has now been put to bed. Let us also remember why its important to ask the definitive question. Yes or no. Now the debate has been settled for a generation. After a record day for the dow and s p, futures are indicating u. S. Markets will follow europes relief rally higher. Alibabas big day arrives. The ecommerce giant shares fell by 58 a share. First on cnbc today, we speak to ceo jack ma. And a shocker in silicone valley as larry elison is replaced by his top two lieutenants, safra katz and mark hurd. Announcer youre watching worldwide exchange, bringing you Business News from around the globe. The day has come and we got the vote. Wilfred, a no vote from scotland, business as usual as some of the banks are responding positively. Were seeing royal bank of scotland, lloyds bank among others trading to the upside. But this has dominated the media over the past couple of weeks. It has. I wonder particularly for our viewers whether theyve had to focus on little old scotland for the past week. Its a resounding victory for the no vote. Sterling was up 0. 8 now, less than that. And a couple of the bank stocks reacting positively. Theres no massive market move. And, of course, another day and another high for the s p. Take a look at the premarket trade. The dow indicate ago move higher by around 76 points. The nas das close to hitting another new high. Trader say you know what we like what the fed has to say when it comes to Interest Rates. Alibaba getting set to go public. Also dive into the european markets. Here is how the markets are responding. The ftse is 100 is what the market is focused on today. Right now, up about 54 points or 1 . The xetra a gain of about 90 points. Interesting to see the consecutive gains that weve been seeing in the germany markets over the past couple of days. French, italian markets showing green across the screen. Really interesting to see that. The italian markets, another triple digit gain up about 221 points. Wilfred. Exactly. So some significant moves across the board in europe. Not just in london following the no vote in Scottish Independence. If we move on to bonds, as you can see, the u. S. Tenyear treasury has settled just above 2. 6 . 2. 63 at the moment. Theres only a couple of weeks ago that was down around 2. 4 . So yields have picked up significantly over the last couple of weeks in the u. S. Tenyear german bunt yield 1. 1 . Gilt at 2. 58. A little bit of movement in there following the no vote. The italian yields, 2. 4 . Forex, this is interesting. It was up about 0. 8 earlier today. But it has paired those gains over the last hour or so. Perhaps people had priced in the no vote that we got in the end. The aussie dollar continues its slide against the u. S. Dollar, down about 0. 5 today. Its below the 90 cent mark. It was only three years ago that it was 10 cents the other side apparently at about 110. The yen continues to be around a sixyear low. At the moment, 108. 8. Scotland will remain part of the United Kingdom after the pro union camp claimed 55 of the vote. The scottish Prime Minister said the high turnout of the referendum had been a triumph for the democratic process and called for national unity. Helia is in edinburg following the Scottish Referendum and the vote. Helia, set up for us what the mood is in scotland. Seema, the mood is a bit quiet this morning because basically everyone is asleep. Last night, the streets were filled with yes campaigners, drinking, talking about their scottish dream. But i think if you look behind me, everyone has gone home and its a bit rainey. Even though theres no change, nothing will be the same again. Really, 1. 6 million voters who voted for independence will give a mandate to scotland and all eyes will be on westminster to see what David Cameron can thrash out in terms of a more federalized uk. Im joined by ann. Youre one of scotlands most famous companies. Tell me about the markets. They seem to know something that people on the streets or even politicians didnt. Well, the markets were definitely pricing in a no vote. Not 100 . Youve seen a little bit of a relief rally this morning. But the markets were pricing in a no vote to the referendum. In terms of sterling, we saw it pick up about 1 between midnight and 5 00 a. M. What should we be expecting over the next couple of weeks . The turn around from the tenno low that we saw last week when people got worried it might be a no, were a long way from there. I think we are. But i think we have to put this in a broader context. Although scotland is immensely important here in scotland and in the uk at large, on the grand scale of geopolitics, theres plenty of other stuff going on. We obviously had news out this week from the fed. We had news out from the European Central bank. Weve got political issues out there. So i think the markets will quickly move on from scotland. What does this mean in terms of Interest Rates here in the uk . Will the hawks and the mpc be kind of rubbing their hands together and go, well, we have an election coming next year, were not going to have an 18month negotiation period, lets move on with the normalized Monetary Policy . So i think there was an element of thinking that it would be difficult if we had a long in the event of a yes vote. But i think its important if you look at the Employment Data and the wage data, again, theres not such a compelling argument coming through from that that we need to see Interest Rates move yet. So notwithstanding the fact we have some hawks on the mpc, but balance is still towards pushing that out a little bit rather than bringing it in. High unemployment, but no one is going to get paid any higher. Thats the problem, isnt it . Thats the problem. So youve still got Wage Inflation running behind inflation at large, which means living is not able to progress. Thats a difficult backdrop for the mpc to raise rates again. And just some equities, we saw rbs leading the rally in scottish stocks. What do you expect to see for the next couple of weeks . Will there be uncertainty . No. I think for most british businesses, the fact that we have a Single Market across the whole of the uk single currency. Single currency, Single Market, i think thats the most fortunate thing for those businesses and its just business as usual. Did you vote . Yes, i vote. Ed. I am not telling. Happily in a democratic country, confidentiality is key. I havent even told my children how i voted. Ill keep that to myself, thank you. Ann richards, keeping her secret to herself. We know the no campaign won by a 10 margin, much wider than people are expecting. But now all eyes on westminster to see what kind of changes are in store for the United Kingdom. Helia, thank you very much for that interview. Donald ruskin, cnbc contributor and cio at trend macro. Donald, we have to get your take from a u. S. Perspective. How are you pricing in this Scottish Referendum . Well, the polls made it pretty obvious. Over the last week, we went to an increasing consensus for no so this isnt really a very big surprise. Weve been telling clients in the u. S. That even if this was a surprise that this didnt really matter. Whats the worst thing that could happen . Whats the black swan here . Scotland puts the nukes that it doesnt want on ebay and ukraine buys them. How bad can this be . The london chaos in the street, the london media is all about making its theme to poor america thousands of miles away like europe is always on the verge of breaking up. Folks, its not. Greece isnt leaving the euro. Stalin isnt leaving sterling. Get over it. Donald, im pleased that youre right there. Obviously its not as bad as. Of the scare mongering. But lets touch on cable nonetheless. It was moved quite a lot in the last couple of weeks. Do you think the dollar has further to strengthen against the pound . You know, its i look around the all the currencies and all the major developed economies in the world. We look at the euro, we look at the japanese yen, we look at sterling. Theyre all weak versus the dollar. So that tells me that this is a dollar story. Since the dollar is acting the same way towards every counterparty. I think this is a dollar thing. I think this is about u. S. Investors, Global Investors looking at the yellen fed and realizing Interest Rates arent going to be zero any more. That is a classic currency strengthen position for a central bank to take. Its playing out exactly like the textbooks would have you believe. Its not about sterling, its not about thank you so much for your time. Coming up, we get a claims into the future of oracle as the Company Founder steps down from the ceo position and names his successors. All the details after the break. Want to change the world . Create things that help people. Design safer cars. Faster computers. Smarter grids and smarter phones. Think up new ways to produce energy. Be an engineer. Solve problems the world needs solved. What are you waiting for . Changing the world is part of the job description. Join the scientists and engineers of exxonmobil in inspiring americas future engineers. Energy lives here. Welcome back. 55 of scottish voters reject independence. Alibaba readies itself for what will be the biggest ipo ever. And larry elison steps down from oracle, paving the way for a new duo at the helm. S p shares are trading lover after the Company Acquired concur technologies for 7. 3 million. Its a 20 premium over concurs closing price. Earlier, we spoke to Bill Mcdermott and he defended the deal. This is the only asset of its kind. Its the number two Independence Company in the world as measured by size. There is no other in the category. They have way more than a 50 market share. Its not what you pay for assets in this industry. Its what you do with them. Obviously, the fairness opinions came in extraordinarily strong and the synergy on this steel is based on growth. I never was more confident in any Business Case i presented in the board room as i can with concur and sap. Just a couple of flashes on that credit suisse. William blair both cut their rating on concur from outperform to neutral following that 20 price appreciation. Sticking with the tech story, larry elison, who is 70, founded the company in 1977. Oracle will now be run by safra catz and mark hurd. Hurd will be in charms of sales and service. Software and hardware will still report to ellison. Mark and safra have done a spectacular job and i think deserve the recognition of their new titles. Im going to continue to work with Thomas Kurian in Software Engineering and john fowler in hardware engineering and ed skrevin and mark and safra exactly as i have in the past. So im going to continue doing what ive been doing over the last several years. Earlier today, we asked the ceo of oracles rival, sap, about larry elisons management shakeup. Id like to congratulate Larry Ellison. He built a fine company. I congratulate him and i wish him well in the chairman and ceo role and im sure he will do fairley well. To his credit, he chose two of his trusted tenants to beco ceos. I was a corceo for many years. I enjoyed the experience very much and it worked well at sap. Now, alibaba prices its ipo at 68 a share. The top end of the range that was raised earlier this week. The offering raise is 21. 8 giving the company a market cap of just under 168 billion. That makes it the largest u. S. Ipo ever and the worlds Third Largest wind chinas Agriculture Bank and icbc. If underwriters use an option, alibaba will surpass those companies. Cnbc has the first interview with alibaba founder and ce on o jack ma at 9 30 a. M. Eastern on squawk on the street. We want to know, how do you think alibaba will finish its first day of trade . Are you a baba bull . If you want to join the conversation here on worldwide exchange, get in touch with us. Dan said, ive got 5 on a close over 90. Hmmm. Weve been getting some tweets on the Scottish Referendum. Gordon says the stocks are the most in indecisive members i ha. Must the whiskey. Brandon wrote in and said thank goodness people voted to live together instead of dying apart. Worldwide cnbc. Com or at cnbc wex. By the way, wilfred, did you know at 68 a share, alibaba would be valued at 163 million and that ma, he came up with the concept, the name of alibaba in a coffee is shop. He asked a waitress what she knew about alibaba and she replied open sesame. He said thats what it its about. I did not know that. Appleonians rejoice, you can now get your hands on an iphone 6 starting today. We also know it uses a modem from qualcomm, a touch screen modem from broadcom and chips from avaco or skyworks. News a supplier has been chosen can move trade sharply. All of the names have moved up, most significantly Skyworks Solutions up around 7. 5 . Now, in australia, angela ernhardt, Senior Vice President at apple, flew into sydney for the launch. She wasnt the only one. With no launch date yet for the new iphone in china, some people are waiting to get their hands on apples latest phones. Stocks raising to new highs as the market prepares for alley ba pa. What does that mean for your portfolio . Well discuss it next with a couple of experts. Know that chasing performance can mean lower returns and fewer choices in retirement. Know that proper allocation could help increase returns so you can enjoy that second home sooner. Know the right Financial Planning can help you save for college and retirement. Know where you stand with pnc total insight. A new investing and Banking Experience with personalized guidance and online tools. Visit a branch, call or go online today. Open port twentytwoohoneseven on the firewall for customer db access. Install version twopointthree of db connector and ensure verbose flag is set in case of problems. clapping sound isnt the cloud supposed to make business easier . Get the one that can connect to the systems that you already have. Today theres a new way to work. And its made with ibm. He did, of course, say that he would help with air strikes in iraq, but no in syria. Those first air strikes have taken place. Lets take a look at u. S. Future to give you an idea how the markets could potentially open at 9 30 a. M. S p currently up by 8 points. Dow jones industrial showing a gain of about 72 points. Nasdaq, the techheavy nasdaq which has been close to hitting a new high, up about 18 points. This coming in after stocks hit new highs in yesterdays trade. Analysts assessing the forecast, higher than expected. In the meantime, traders brushing off what seemed to be the hint of fed commentary. Speaking to cnbc, gary cohen said we are getting a very mixed message from the fed and investors will need to look elsewhere for a clear direction. Listen in. It feels like the market is going to turn to a much more data dependent market. For the past year on or two, weve been time dependent. Weve been time dependent waiting for the fed to get done what theyre quantitative easing, to taper out. We know theyre going to be done with tapering the next month. Now the fed is going to become much more dependent on the data as they see the real data month to month. Lets now bring in donald luskin, cnbc contributor and cio at trend macro. So what do you think was the reason we saw stocks hit new highs, donald inspect there were hints of hawkish commentary from the fed. Yet stocks continue to move higher. I just dont see how you can really interpret that fomc meeting or any yellen fomc meeting as hawkish. This is the fifth meeting where she repeated in the statement verbatim a very long, complex statement. Its 38 words long, nobody focused on it. Everybody focuses on just the considerable time thing. But these 38 words are the key. These 38 words say that even years in the future, when the economy is completely back to more than normal, maximum employment, stable prices, that policy will still be looser than normal. Shes promising that this easy fed will be easy forever. All you have to be able to do is read 38 words. Its like the great poet, maya angelou said when people tell you who they are, believe them. Understood. Yellen, the dove. I get that. As stocks move higher, value agdz is going to become a concern. Weve seen that in the tech sector. Thats one of the reasons the socalled momentum stocks have been under pressure over the past couple of months. What are your thoughts there on valuation . Well, i agree. Im delighted to see the alibaba ipo and its a Great Success for capitalism and innovation. The thing is, these giants cult ip on os, and maybe all the people out here in chicago waiting for their iphone, there seems to be a flavor of mania where it gets to be too easy, too irrationally exuberant. I dont think the world is falling apart. But when a smart guy like jack ma decides its time to cash out, you know, you have to think about that. You want to buy his shares because hes the smau smartest guy in the world. But why would you want to buy something that the smartest guy in the world wants to sell . Thats an interesting take on it, but facebook has offered initial pullback and moved up significantly. Lets hope et doesnt turn out like that. Essential not on day one. I want to go back to the issue in terms of when we think we might see tightening. The bond market has moved from 2. 4 to 2. 6 . What do you take from that signal . The bond market has been correctly understanding yellen. She was going to bring in easy policy. Policy can be easy even with nonzero rates because the economy could be doing much better in the future than it is today. So say a 2 rate two years from now must be looser than a zero percent rate today if the economy is doing that much better. In fact, that kind of vision is implicit in the dot plots that the fed keeps putting out. So i think the bond market is finally seeing, yes, we have a perpetually easing yellen fed, but the economy and inflation are going to start improving. Donald, thank you very much. Donald luskin. Still to come on this show, alibaba has claimed the title as the biggest ipo in u. S. History. More next on worldwide exchange. Ere was a credit card where the reward was that new car smell and the freedom of the open road . A card that gave you that im 16 and just got my first car feeling. Presenting the buypower card from capital one. Redeem earnings toward part or even all of a new chevrolet, buick, gmc or cadillac with no limits. So every time you use it, youre not just shopping for goods. Youre shopping for something great. Learn more at buypowercard. Com youre watching worldwide exchange. Alibabas big day arrives, the ecommerce giant prices itself at 68 a share, making it the biggest ipo in u. S. First on cnbc today, we speak to ceo jack ma. After a record day for the dow and the s p, futures are indicating u. S. Markets will follow europes relief rally higher. A shocker in silicone valley as Larry Ellison steps aside as the ceo of oracle, replaced by safra catz and mark hurd. And staying in union, scotland voters reject secession. Uk markets soar higher on the news. Thanks so much for starting your day with us. The nasdaq up about 16 points in premarket trade. The s p 500 up about 6. Dow futures up about 71 points, so indicating a move to the upside, at least when markets do, in fact, open. This coming in, of course, after stocks did hit new highs in yesterdays trade. A lot of focus today on expiration, on options expiration and also on the alibaba ipo. Will the alibaba ipo suck the liquidity out of other stocks . Thats something we will be watching closely. The ftse cnbc global 300, up 0. 14 . The focus is on the Scottish Referendum. In spns to that no vote, the ftse 100 up about 48 points, about 0. 7 . Off session highs but then again, still green. When you look at germany, france and italy. Chinese ecommerce giant alibaba has priced its ipo. Kayla tausche has all the details. Alibaba pricing its ipo at the high end of the rage, 68 a share, a price that will raise 21. 8 billion in what could be the next initial offering ever. Going into its market debut with a market capitalization of 168 billion. Thats bigger than amazon, more than 2 1 2 times ebay, the two closest competitors in the uk. The company now will focus on making a seamless first trade. The company has tapped barclays, which ran twitters first grade to do is same for it. Investors who have accumulated stock over the years will have the ability to sell right away. Underwriters limiting the parties that get new stocks to an elite few, thereby limiting demand from others that piet come up for sale. Yahoo alibabas new largest shareholders, each as multiplies on their investment. Back to you. Joseph shuster, founder of ipox shuster. I have to ask you, joseph, what are you expecting on the first day of trade. The moment is finally here. We dont want another facebook glitch that we saw back in 2012. What are your thoughts . Ipo in 2012 actually has closed between 10 and 15 based on the first close based on the offering price. We expect 10 to 15 higher, maybe higher on the high end. Somewhere between 75 and 80 the stock will be closing today, in my opinion. I wonder if theres an extra bonus by listing in the state here, not getting recognition from investors. Thats an interesting question. A lot of markets associated with listing in the u. S. Right now, including successful listing. I think alibaba has actually done the price may compensate the companies in terms of marketing benefits, as well. Its quite stupping how much Public Awareness is going on for alibaba right now and definitely shore up problems of q4 numbers and q1 numbers next year, i believe. Investors will want to see if alibaba can grow its mobile revenue. Do you think that could be do you think theyll have trouble doing that Going Forward . That is a big question. And also valuation right now around 18 times 2014 revenue based on the assumption that mobile revenues can continue to grow. I believe they can continue to grow to some extent from the china market. But then it will depend on how alibaba is going to do in the foreign market and much newer. Its the shareholders, for sure. I want to bring in jeffrey jacket, you are the ceo of an ecommerce firm. What are your thoughts on alibaba and its Growth Portfolio . Well, it looks a really exciting day today for alibaba. Most of all because of the pay system that thooe theyve got as well as the two commerce products. Obviously, this valuation in terms of ebitda, theres lots of demand for it, though. How much value growth are we going to see from the company . Well, i think alibabas portfolio is about 25 greater today than both amazon and ebay combined. That said, i think the Chinese Market alone in opportunity value is enormous. Especially with mobile activity and mobile commerce coming online, social commerce continuing to drive purchases. I think alibaba has a Bright Future ahead of us in the Chinese Market alone and worldwide as they built the portfolio expanding the market, as well well, huge opportunities. Alibaba wants to expand into foreign shores. Will this ipo get it Brand Recognition in the u. S. And allow it to dominate the u. S. Market, too, like it has in china . Im not sure its going to dominate the u. S. Market. Alibabas main source of revenue is in essence search revenue. The commerce products are free to the providers, the buyers and sellers and their make their money largely off of both search and payments. Google, of course, is the dominant search provider in the u. S. And a huge monolistic environment in the u. S. And worldwide. So search shopping is going to be huge for alibaba, but i think theyll face stiff competition in the u. S. In day one, would the shares close up and by how much . Jeffrey. Im not a stock picker, but i think the shares are going to close up. Its a nice list, but not a huge one. Joseph . Around 17. 5 to 20 up based on the final offering price. Brilliant. Thank you very much. Cofounder of razor fish. You see, i told you, excitement is high for alibaba. Founder and ceo jack ma first on cnbc at 9 30 a. M. Eastern time on squawk on the street. Scotland will remain part of the United Kingdom after the pro Union Campaign 55 of the vote. Scottish Prime Minister alex hammond said the high turnout of the referendum had been triumph to the democratic process and called for international unity. Prime minister David Cameron said the debate has been settled for a generation and its time for the uk to come together and move forward. We have heard the voice of scotland and now the millions of voices of england must also be heard. It requires a decisive answer. On their issues of tax spending and welfare, so, too, england as well as wales and Northern Ireland should be able to vote on these issues and all this must take place in tandem with and at the same pace as the settlement for scotland. And helia is in ed inburg with the latest. Helia. Good morning. It looks quiet and everyone is essentially going to sleep but its been a momentum 72 hours in scotland and everyone is claiming victory. Much wider than poll sterss were predicting last week. Youve seen the rallies in the stocks. It seems the market and the bookies before the politicians and the people of this city. Now, all eyes will be on David Cameron and see what kind of a deal he can thresh out. And doesnt raise the nowance, i would say, of the mps back in westminster. Back to you, will. Helia, thank you very much. Still to come on the show, applites have been cueing around the world to get their hands on the iphone 6 . Some have even been sold on ebay. We head to new york for the late et after the break. Whos going to do it . Whos going to make it happen . Discover a new energy source. Turn ocean waves into power. Design cars that capture their emissions. Build bridges that fix themselves. Get more clean water to everyone. Whos going to take the leap . Whos going to write the code . Whos going to do it . Engineers. Thats who. Thats what i want to do. Be an engineer. Join the scientists and engineers of exxonmobil in inspiring americas future engineers. Energy lives here. You cant get any thbetter than that. Trains. Siemens trains are not your grandparents technology. Theyre something thats gonna change the cities we live in today. I find it so fascinating how many people ride this and go to work every single day. Im one of the lucky guys. I get to play with trains. People say, wow, we still build that in the United States . And we say, yeah, we do sometimes they just drop in. Always obvious. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. A big shake up today at one of the most well known ceos. Hampton pearson joins us with more. Hello, wilfred. This is big. Larry elison, go founder and leader of oracle is stepping aside. Ellison is giving up his ceo title. Hes being replaced by his top two lieutenants, safra catz and mark hurd. Who will be joind joint ceos. The move comes earlier than expected and addresses some concerns under the direction of ellison who is 70 years old. In their new role, hurd will be in charge of sales and service. The companys software and hardware units will still report to ellison. Speaking with analysts, ellison insists nothing will change under the new management structure. Mark and safra have done a spectacular job and i think deserve the recognition of their new title. Im going to continue to work with thomas curry in Software Engineering and john fowler in hardware engineering and ed skrevin and mark and safra as i have exactly in the past. So im going to continue doing what ive been doing over the last several years, theyre going to continue what theyve been doing over the last several years. Larry ellison is ranked as the worlds fifth richest person according to forbes magazine. He has plenty of other pursuits beyond running oracle. He owns an americas cup rating team, hes bought the indian well tennis garden which hoepts hosts an annual tournament for the atp and wpt tournaments. In addition to several homes and boats. Ellison bought moss of the the Hawaiian Island lania for a reported 500 million. His vote was pboat was preparin race in the americas cup. Oracle has struggled with choppy sales as it moves forward towards cloud based software. Oracles First Quarter earnings missed forecasts. Shares fell 2 in after hours trading and are down about the same today in europe. So another big tech story today. Will. Hampton, thank you very much. Apple fans rejoice. The long wait is over. Okay. It was just a week, but today you can get your hands on the new iphone 6 and iphone 6 plus as the smartphones officially go on sale. Our own Morgan Brennen is with the apple. Lining up outside the companys flagship sore on fifth avenue in new york city. Morgan, what are you seeing . Oh, my goodness. It is quite the big apple circus here, pun intended. We are outside apples manhattan Flagship Store. The lines are huge right here in front of the store, but they stretch about 10 blocks up fifth avenue already. Now, this store is typically open 24 hours a day, 365 days a year. Right now its closed. It has been isnt midnight as the folks here are preparing for the launch. Those doors are opening again at 8 00 a. M. Eastern. Weve spoken to apple. They are staying mum about what inventories are looking like in stores like this and how that stacks up against previous launches. Some here are saying they expect this to be massive. Weve seen those report preorders, 4 million phones in the first 24 hours. That was double the 5 launch two years ago and it was big enough to back up apple for several hours last friday morning wls some of the wireless carriers. But theres delays on some of those preorder shipments and its a strong possibility that we could see stores sell out this weekend. Much like we did see in 2012. Wells fargo estimates that based on the preorders, that first weekend sales could hit 10 million. And if these early lines are any indication, customers are for these new phones that have bigger screens and longer battery life. But not everyone here is getting a phone for themselves. Some folks have been camped out for weeks. In fact, number one on the line has been here since labor day weekend. And thats some of these folks are history to draw attention to projects or theyre wearing gear being paid for by sponsors. Many more are flipping their phones, the phones that they expect to buy today online. Now, if you take a look at ebay, you will see dozens of iphone 6 and 6 plus listings across the site. Like some of the folks on this line who are promising to wait here, get the phones and ship them out, one of the most expensive is a 128 gig 6 plus. Thats unlocked without a carrier. 6,300 on ebay yesterday at 48 bids. Certainly a big business and what were expecting to be a big launch. Back to you. Morgan, thank you very much. We get to want a zoomed out shot behind you just to get a look at how much demand there is right now in terms of getting in line for the iphone 6. Morgan, for now, thanks so much. And lets update you on our headlines today. The nays have it. 55 of scottish voters reject independence. Priced at 68 a share, alibaba is set to sell for what will be the biggest ipo ever. And Larry Ellison steps down from oracle paefg the way for a new ceo at the helm. Still to come, can the u. S. Markets end the week on a high . We get you the rundown, next. Big day . Ah, the usual. Moved some new cars. Hauled a bunch of steel. Kept the supermarket shelves stocked. Made sure everyone got their latest gadgets. Whats up for the next shift . Ah, nothing much. Just keeping the lights on. laugh nice. Doing the big things that move an economy. See you tomorrow, mac. See you tomorrow, sam. Just another day at norfolk southern. The no vote from scotland removes a large amount of uncertainty. Markets across the board strong, france up 0. 5 . Germany up almost 1 and the ftse 100 in particular benefitting from that no vote, up 0. 6 . Seema, what does that mean ahead of the u. S. Open . The u. S. Stocks taking cu cu from the european markets. The s p 500 flat. Nasdaq indicating a move by around 16 points. Dow is up 74 points. Todd horwitz, do you think alibaba a successful debut will provide a halo effect to the markets, andrew . Good morning, seema. You know, as you look at the ipo from alibaba, the most anticipated ipo ever, im sure it will pop pretty good on the opening. Im sure it will trade much higher. And i think this actually may be the kul mipation of the market. I think this could be near the top of the market. You know, we have a lot of problems that we continue to throw underneath the rug. We continue to work on this free money without real production, without real growth. So i think we might see a nice pop up based on this alley baib os. I think we will start to see more selling pressure and more things being taken out of the market because of the lack of jobs, because of the lack of growth, because of home foreclosures. The only reason weve been up at these levels is because of the fed and the money. Weve seen volatility in bond markets, but we havent seen that in equity markets. Do you think thats around the corner . I think thats the whole key. Were back in the same pattern we were back in 2005, 6and 7. I dont know when the actual correction is going to begin. But i would be cautious in here. As an investor, you dont really worry as long as youre investing with money you can afford. As a trader, im looking for that spike, that volatility to start to move up and the reason were going to start to go down. The biggest ipo in history coming into this year was visa. So, you know, im looking for actually an october Surprise Agency weve seen some big october selloff. I wouldnt be surprised if we saw some in the market this year. What factor or what headwinds will send stocks lower . Weve been seeing a rise in those geopolitical tensions. That doesnt seem to have a dramatic impact on u. S. Stocks at this moment. You know, i think thats the funny thing. Weve overlooked and ignored all geopolitical problems. Weve overlooked everything. I think if were going to have a problem, i think it might come out of china. China is very close to the vest with what theyre doing. But theres a lot of indication that their banks are in a lot of trouble. Theres a lot of indication theyre having trouble with growth. Theres a lot of indication theyre having a bunch of problems, even going back to their hidden cities which report as assets. I think it might be something that comes out of china, but it will come out of left field that will finally say, you know what . Weve made a lot of money in this market. Its time to face some prospects. Were facing too many that are getting overleveraged and were getting too much invested here. We know the tech ipo, which of the top two sectors in your mind would you be placing yourself in now . You know, i think you cant fight whats going on in tech. It continues to go very well. But i think you also want to start to look at the safer stocks, the Consumer Discretionary goods. Todd, thanks very much, todd horwitz, founder of averagejoeoptions. Com. Squawk box is next. Good morning. Welcome to squawk box. United kingdom stays united. The scotts voting no to breaking away. Alibaba, ipo days, shares of the chinese ecommerce giant pricing at the high end of the ring. 68 a share. And silicone valley icon and rebel Larry Ellison retiring at ceo of oracle and you believe still ceo mark hurd takes us all the way back. The stock up nearly 90,000 , going public way back in 1986. Larry is worth almost 50 billion. Friday, september 19th, 2014. Squawk box begins right now. Good morning, everybody. Welcome to squawk box here on cnbc. Im becky quick along with joe kernen. Andrew is off today. We have a huge day of news shaping up on wall street this friday. A lot of things that are happening with the markets and the stories span the globe. Michelle Caruso Cabrera is in scotland with the results of the big vote covering the Alibaba Ipo Eunice Yoon is in beijing and Kayla Tausche is here inside the nyse with pricing. Morgan brennan is at the apple iphone store. A lot to get through. Lets kick things off this morning with michelle in scotland. Good morning. Becky, the answer is no. The scotts voted