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Alibaba IPO shows US center of financial universe

Through the prism of The Good, The Bad, and The Ugly on Wall Street, here are three top items for investors on Friday.

The Good

Alibaba made its big debut Friday at the New York Stock Exchange. It's the biggest IPO ever. In choosing the U.S. over Hong Kong or London, the Chinese e-commerce giant is reaffirming Wall Street as the center of the financial universe, NYSE President Thomas Farley told CNBC's "Squawk Box" Friday.

Read MoreJack Ma at NYSE: Today we earned trust of people

The Bad & The Ugly

The quick fix under consideration for inversion mergers—U.S. companies buying smaller foreign rivals and moving their tax base to cheaper shores—only goes one way. It would discourage American companies from buying overseas, but not the other way around—as in the case of Germany's SAP purchasing Bellevue, Washington-based Concur in a $7.3 billion deal.

Read MoreSAP chief 'very comfortable' with Concur deal

Morning Squawk: CNBC's before the bell news roundup

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