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Good thursday morning. Welcome to squawk alley. With Morgan Brennan and jon fortt at the New York Stock Exchange we watch the markets being whipped by some of the trade headlines. We also have two big ipos in focus today as well. We await the first trade of smile direct club. Lets bring in bob pisani to talk about that and overall iep landscape. We heard valuation is not there, does this mean the ipo market is overrated. Slack, first earnings report, growth wasnt as strong as people thought, not a good idea, growth is not as strong. Some software companies, now theres jitteriness. This week we had three big names, all being upsized waiting for smile direct to open 19 to 22 pricing at 23 looks like and ten x genomics. Upped it to 38 it opened at 54 talking little more than a week ago, 31 to 35. We open at 55 a gene sequencing company, biotech is a hot space overall we ....
A little sticker on there that says. Made in russia. Coming. Their way not to catch meanwhile buried quietly at the bottom of a lot of this weeks reports that said who the rebels have said they are behind the attacks so rebels in yemen who have been mercilessly genocide by saudi arabia over the past many years with the help of uncle sam factions in yemen have claimed credit but as m. S. N. B. C. Will tell you a iran is for some reason stubbornly refusing to take responsibility saudi arabia shows right now or outlining what they call as it is instead last weekends drone attacks on its Oil Refineries were in fact supported by iran that of course is a belief that shared by the United States iran for its part continues to deny it was. High the attack he then brings in another expert and he tries to set her up for some good propaganda but she accidentally grabs a true turd and like ....
And possibly easing sanctions on iran. Josh, kind of a quiet market day here interesting rotations going on what do you make of the action today . This week its just been incredible for anything of value versus growth, anything small over large and theres a tend densy when we see these outside moves. For example, russell up 5. 5 over the last week theres a tendency to look at that and say ive missed it or that has to be the top of something. When you actually go back and find examples of this sort of thing happening in the recent past, actually that always had taken place at notable bottoms in the russell 2000. For example, we had three versions of this in the year 2016 where you have just this incredible week for small cap, for value and it wasnt the end of something or a blip it lully was the end of the selling. You can stay with this trade if youre on and. Portfolio tilt for smallend value. After a really long drought of good news. So a lot of people are happy about that take a look ....
We need fed chief jay powell to listen to last nights big, bad Conference Call from csx thats a railroad. Or this mornings report from aerospace texron that showed a weakness in almost always Robust Aerospace sector or tonight, surprisingly not so hot guidance from united rentals, the Equipment Rental company at the same time, we need to innor ti ignore the bank Conference Calls from bank of america on the heels of the major bank stocks that have been good. Certainly happen we got lets hope he stays away from any Conference Call in the red hot airlines sector. Why . Because we have two economies and right now out of scn krrks nrks krrcn sync if you believe bank of america, j. P. Morgan, citi group, why n ....