Thoughtful about, but i benefit massively from our benefit team. You cant do anything alone. That continues to prove out every single every single industry and every single role. I just have the best teams on the planet. Meantime, match group over at the nasdaq today going public. Shares in the green as well. About 13 gain after pricing at the low end of the range. With more on square, lets bring back swrak steinberg and a cnbc contributor. A net positive for the tech community, for the ipo community. Yeah, i think when you see the two ipos in concert, both 3 billion dpz companies, both trading at Single Digits of revenue, this is the new norm. Most companies will now adjust the private rounds. I think the given where these two were at, they both kind of thread the needle and made the best of the situation. Its interesting, though, to hear the anecdote from behind the scenes, how they not the book, what investors were saying, john. Sources were telling me that it was really the mutual funds. They said theres not a deal if its not at 9 per share. Its fascinating to see that some are giving the juggernauts, but its increasingly hard to be a small up start disrupter. Loo it probably speaks to the environment that were in, right . They have that rachet, and then they get squeezed perhaps when it comes to pricing, but, i mean, jack dorsey, you got to give him credit. He is a pro at this. This is not the sean rad interview we had on squawk on the street this morning. Of course, he is not the ceo of match group, we should point out, but jack dorsey was very straight ahead about talking about the team and the work that has to be done, the investment that is theyre making. Theyre not profitable yet, but he wasnt talking about that as being a loss. I wonder how much you can read this through to other companies in the valley, other startups that dont have a super star ceo like a jack dorsey or that arent like a match group that have a 10yearold business and a hot new business in tinder at the same time thats clearly in the lead when it comes to millenials. There are a lot of also ran that is dont have that kind of pedigree, and im not sure it looks super great for them even after this. Although the magic word is scale. Right. Square needs to scale. Match needs to scale. Without that, they well, match, to johns point, match is really a unique beast. Its unlike anything weve seen go public. Its a steady stay, 15 growth core business thats growing 100 million over the 9month period. Attached to it you have the millenial juggernaut just north of ten million daily actives on tinder. 86 of the audience is under the age of 35. Its kind of like sort of the best of both worlds jammed together, which i think makes it a very interesting stock right now. The match chairman, of course, was on squawk box earlier this morning and called that whole episode with the sean rad interview silly and unproductive. Not his finest moment. Does it speak to the culture of the company at all . He has a track record of saying a lot of out there stuff. He is one of the oshlg product inseptemberors and createors, and i hi in the Silicon Valley culture of keeping around the founders because they add to the product vision, the idea of tossing them out has become so you make a special filing with the s. E. C. Would they needed have to do the special filing with the ploy boy interview decades ago. Heres what could have happened. Hecked have decided to spin off just tinder, and then sean rad might have been the ceo, so perhaps that speaks to an increased conservativism in the time that were in, make it match group, you have a different pedigree, and maybe they could have been degreesier when they were playing this months ago, but perhaps to their credit, they didnt. Just to the point that you were making on the mutual funds demand this pricing, ultimately the reason where why they demand this pricing is the illiquidity liquidity is so valuable. Its worth so much money, right . The fact that these companies are private for so long and people are locked up and they dont fn theyre going to get out whenever theyre going to get out means requiring these. And Mark Zuckerburg gave an interview that was referenced me where he said that he wishes a facebook had gone public earlier because it would have pushed them to make the mobile cross earlier. On twitter, we gave jack, i think, a pretty open door to make his case on twitter. He didnt give us much, john. I noticed that. In the earnings calls, frankly, he has said the stuff that we have tries has not worked to stoke growth. Perhaps i give him some credit for not trying to tell a new story before there is a new story. The old story is apparently the story. Look how much people are using twitter as these events unfold around the world. Its important. Give us some time to figure out how to build a growing business. I dont know, john. As a viewer of cnbc, watching carls interview, i was very bold about square, the passion, all the different numbers, everything in lock step. Then when carl asked him the twitter questions, it made me nervous. He doesnt have any answers. He struck me as someone who didnt have a very detailed answer on what he was going to do on twitter. Its also someone who wants to control the headline too. Today is about square. Its a seminole moment in the companys trajectory, and why confuse that with making a headline about twitter . Then why be the ceo of two publicly traded companies . Thats his problem. Thats not cnbcs problem. Thats not headline problem. He is here to talk about two publically traded companies that he runs. If you missed it, about, oh, i guess an hour or so ago, not even that much, jack dorsey on set. We did ask him about the dual role at square and twitter, and what about twitter and wall street does not get. Its how instrumental twitter has been in the world, and we see that week after week after week. That was the story when we thats what i look at every single time is how are people using the service . Youve been changing the world for years. Theyve been changing the world. We create the tool. Theyve been changing the world with it. Thats whats important. Once again, sort of leaning on the public utility that is this platform. No talk of monotization or products or moments. I would argue if anything, theyve overmonotized basis on the growth trajectory, and wills no growth story yet. You cant tell a story that doesnt have characters and a plot. The answer i was looking for to that question is, carl, let me tell you about moment. Let me tell you about how many hundreds of millions of people a day who are going to moments and are logged out users. That would have been the answer. Maybe too soon. Maybe another day. John steinberg, thanks. We do have i aquick news alert on the fed. Our Steve Liesman is back at hq with that. Steve. Stwloo the new york stead out with its Third QuarterHousehold Debt survey. The all important one hfd the Fourth Quarter spending season by consumers and it paints an interesting picture. Debt is at the highest level since 2010, but when we look inside, we see good areas and struggling areas. Maybe a few ugly areas where consumers are out over their skis. Lets go through it. Household debt up by 212 billion to 12. 07 trillion. Mortgage debt up big. 144 billion. The second biggest rise weve seen since 2007, and thats because, good news from the housing sector, mortgage originations, up by about half a trillion dollars. Thats the highest level since 2013. Overall for closures down, hit a new 17year low. Thats one area that says we have to watch that. Maybe trouble there. The other area, student loans. At a new record 1. 2 trillion dollars. Delinquency rates, the 90day plus area, its up for the Second Straight Quarter to 11. 6 . Carl, good news from housing. Autos keep surging. The student loan delinquency rate and the amount continues to be something that needs to be watched carefully. Carl. The man suspected of being the planner of fridays terrorist attacks that was killed during yesterdays raid, our michelle rar use wroe cab rare wra has more on that. Good morning, again, michelle. Good morning, carl. Weve learned a lot more about what authorities think that alleged organizer of fridays attacks has been involved in across europe. Thats because the French Interior minister this morning gave a News Conference where he outlined what they have been learning about abdel abaaoud. They think he is linked four out of six attacks that authorities have thwarted since the spring. Remember that train attack in august that eventually was ended by three americans they also say that abaaoud had asked a returning jihadi to commit an attack in european country. They know that because they have interviewed that jihadi at one point in the past. They think he visited syria in 2014, and they also said that the european authorities, none of the Intelligence Services in europe, had warned them that he was in europe. Instead, after the attack on friday, a none. U. Intelligence agency told them that he had been in greece at this point. It was tweeted out by 7 00 p. M. Which is on one of the most popular subway lines in paris. Its usually packed wall to wall. She tweeted out that she had never seen the subway so empty and, in fact, people were talking with today say theres far more above ground traffic that is normal. There appears to have been a change in transportation pattern here as well. He should be meeting with the defense cabinet as they continue the military prosecution against isis in syria. Guys, back to you. Michelle Caruso Cabrera in paris for us today. Thanks. When we come back, some relief for square. Shares, of course, at 13 the 27. Just above the range where they were initially expected to price in the first place. A top Portfolio Manager will break down todays action in a moment. Dow remains muted today. Up about 12 points. Were back after a break. Two big ipos today. Square making its debut at the New York Stock Exchange, and sima has a look there. Heres match Group Trading above 13. It did price its ipo at 12 at the bottom end of the 12 to 14 price range. Still giving it a market cap of roughly 3 billion. It did raise over 400 million in its ipo. Proceeds that will be used to pay down debt. Now, match, which is being spun off from iac interactive owns a group of dating sites, which includes ok cupid, and the infamous tinder. Wit popular among the millenial audience and known for being a quick and efficient way way to find a mate. The Growth Numbers are compelling, unlike other tech ipos. Match is actually profitable. In the first nine months of 2015 generating revenues of 750 million, john. Thats a 16 jump from the same period last were. Back to you. The Company Currently trading above 13 a share, which was the top end of its expected range, but the ipo is largely viewed as a leading indicator for some other Tech Companies. In any case namely those unicorn that is could be looking to go public. Square Ceo Jack Dorsey downplayed valuation concerns when he spoke to us earlier on squawk on the street. We raised money so we can accelerate our business, so we can serve our customers better, and thats what matters. Joining us now here at post nine gavin baker, Portfolio Manager with fidelity. Gavin, that answer by jack dorsey was in response to a question about something that venture capitalist fred wilson said. Sometimes the cash that a company gets matters more than the price. Makes sense for the company. Does it make sense for the buy side . Well, it can depending on where it was priced relative to prior rounds. I guess well find out whether fidelity and whether your portfolio got this deal when you guys make your filings in a few months, but im just wondering how we should read the Broader Market and the future of the ipo pipeline and Tech Companies out west based on what we saw happen this week. Sure. Im not i dont think you can infer a lot from one single event. I dont think the square ipo determines the fate of the 140 odd unicorn that is are out there. I would just say if you stay tai a big step back, its remarkable that this is a company that did not exist five years ago. Now its trading on the New York Stock Exchange and worth around 5 billion. I think thats a success in my mind. Are you sort of hashingening to a tweet from Mark Andreesen last night where he said the fate of this today will determine the fate of Tech Companies over the next decade. Owl Tech Companies forever. Where does this take on such outlandish importance, do you think . Wron assign any importance to it as a marker for anything in the future. Its just a point in time. One of many events. It doesnt have any importance outlandish or otherwise to me. Where are we in the cycle right now . Clearly a lot of these startups are seeing their valuations getting marked down. Square had a nice open. Its got a nice pop. Ended up pricing below where a lot of people expect it. Is there a sobriety thats coming in to the market when you look at how to value these companies and what their Growth Prospects are over the next couple of years . Yeah. I think its very healthy to have had pure and square go public and get, you know, a mark in Public Markets from large numbers of shareholders. That health where i for the private markets and Public Markets. Are there any i just want to push a little harder on that. You say its healthy. Theres on the one hand you have people say, oh, theres a bubble. Its crazy. Its going to pop. On the other hand, you could interpret this as being, well, no, its not a bubble. Clearly theres some sobriety in how these things are coming to market, in how investors are assessing them. You talk about the mutual funds putting pressure on where the price is going to be. Is that whats happening in your view . I think theres probably been a change in the private funding environment over the last six months. The price started with the pure ipo, and i think thats healthy. One thing i avoid talking about bubbles, but i do think there was a disconnect between private and public valuations. Here both wrong, but either Public Markets are too cheap or at some level maybe private markets are too space x, pinterest, uber. Without talking about specific companies, im just wondering how you go about remarking some of these positions. Whatsoever things go into your calculation when you think about what those positions are worth. Sure. The most important thing is its not my calculation. Fund managers dont value their own holdings, and beyond that i cant talk about our internal process for valuing private companies. What about the breadth of the market . When we talk to you in may, you were talking about the strength of google, the strength of apple in a market like this, but now people are worried that theres a lack of breadth and that all of the gains, nearly all of the gains that were seeing, are because of a handful of big companies. What happens . I just think performance all comes down to execution and the numbers that comes put up, and you have seen amazing numbers over the past two quarters from facebook, from google, from netflix, from amazon. You guys aring beating the benchmark. Portfolio up 8 . Quite an impressive return. Gavin, we appreciate you being with us. Super. Thank you. Gavin baker, a Portfolio Manager at fidelity. Up next, the latest in pair spis what measures airlines should be taking to step up security. That story is up next on squawk alley. Air travel to paris getting back to normal after fridays attacks, but is there still anxiety over Flight Safety . Joining us this morning gordon bethune, the former couldnt neblgts airlines ceo. He was ceo during the 9 11 attacks. Good to talk to you. Good morning. Always good to be with you, carl. Thank you. We had the diversion of the air france flights coming in the days following paris. Has anything truly changed, do you think, for the industry . Im sure the awareness of that escalated and theyre auditing their compliance with xesing security procedures im sure theres a lot of attention making sure theyre doing the right things. Theyll take the governments lead in modifying whatever security measures are in place. What expectations do you have for traffic . Particularly transatlantic. I think its going to be okay, carl, provided that this doesnt continue. Gordon, weve lesched that some of these threats can come in increasingly small packages, tb a tube of hand cream, a soda can. I am wondering how much more vigilant you think we need to be and what the risk is to over compensate . You know, i saw that. Im not sure that that was accurate. It takes more than that amount, i believe, to bring down a modern day heavy aircraft. However, im sure the government is looking at what additional steps might we take, but were pretty stringent. Things are pretty tight at at least u. S. Airports. They sure are. Gordon, as an executive at an airline when something well, i guess a series of eths like this happens what changes do you have different kinds of meetings . Do you go over procedures in a different sort of way. Can you give us some insight into the mindset in what changes . I think, carl, what they do is audit their compliance with existing procedures. Its like anything else. You might get slok sloppy or i dont want to say negligent, but if you keep a really tight focus, which im sure they have now, on complying with existing procedures, that i think is adequate. I wouldnt see where theres big holes in our Security Systems at all. Its happening, of course, gordon, as oil remains subdued and more talk today about the saudis keeping the pedal to the metal. Would you be buying in the open market . What is a smart hedging strategy looking like now . A lot of guys arent seeing a sharp upswing, so theyre probably just enjoying the price of oil at its current level. Then, family, weve had some disagreements you might argue abo