New week on the money. One of the anticipated ipos is a step closer to reality. Twitter tweeted out its intention on thursday and said we confidently submitted an s1 for a planned ipo. The company did not revealfully Additional Details including information on timing other than to confirm the tweet is authentic. Twitter is valued at around 10 billion. Go Goldman Sachs will be on that deal. Alcoa, bank of america and hewlettpackard are out. The changes to take place after the market closes on september 20th. The index posting three Straight Days of triple digit gains mostly on relief about syria. The streak ended on thursday. The markets rebounded on friday. Apple introduced two new iphones this week. The 99 5c. Apple showed off a finger print reader so you wont have to remember that pesky pass code for your phone. The announcement dispientsed investors. The stock fell about 5 on the news. Another basic tech Company Going private and michael dell is the winn winner. His battle to take dell private in a 25 billion deal. Dell and silver lake was in the fight for this company. I spoke to michael dell about his victory, the future of dell and the toll this battle took on his company. It was some distraction. The team at dell did great job staying very, very focused. The last quarter our Enterprise Solution Service grew 9 . One of our principal competitors had a 9 change in their business except in their case it was negative. Here we are talking on a day that twitter is going public and twitter benefitting from this huge surge in mobility. Thats what everyone is focused on changing so many industries. Wheres your mobile product . Wheres your foot print in mobility . Twitter is great product. Its a great example. Every time a new company gets born they need new infrastructure and storage. Companies need to be able to protect and secure their data. What were doing at dell is helping our customers access this information in a secure way, in a protective way and powering those clouds that are being fueled by this enormous explosion of mobile devices. Will they or wont they . The financial word ld is waitin to see if they will slow down that bond buying program. Bill gross is cochief Investment Officer and founder of pemco. Bill, its great to have you on the program. Thanks for joining me. Thank you. Nice to be here. You have to make bets going into this twoday meeting. The 17th and 18th. Will this be the meeting theyll say yes, were beginning the tapering . I think the fed will taper next week by reducing monthly purchases from about 35 to 45 billion. The market thinks this is the first step of a tightening cycle. They should focus on how long they will keep the funds rated at 25 basis points. Any increase will be depen dent on the Unemployment Rate and higher inflation. Dent on the Unemployment Rate and higher inflation. That date for tightening is in the far future. We know the tenyear yield is around 3 . To some extent people are expecting rates will move higher. Youre saying the fed may begin this tapering but that doesnt mean it will increase Interest Rates. Do you think the market will push Interest Rates up on this announcement . I think it will depend on the confidence they have in forward guidance. Forward guidance is just words. Its the promise where taper is an actual purchase of securities. There in lies the difference. I think the fed has been pretty forthright in terms of their guidance for the past three or four years. They havent lied to us. They told us the fed fund rate will stay where it is for an extended period of time. If they come out next week and suggest they will do that as well and tie it to not only unemployment but inflation, i think investors should take heart and Interest Rates should come down and not up. Whats your take on the American Economy . Were lucky if were talking about a 2 grower. Back in march you called for 3 economic growth. Are you standing by that . Do you think well have a strong Fourth Quarter to take us up to 3 . A little bit stronger in the Fourth Quarter. It has gone on in the first half of this year. We are at a 2 type of economy. Were in a new normal economy. That was our description three years ago and it suggested 2 real growth as opposed normal 3 to 4 real growth. That suggests not only of lower productivity but labor force thats only growing at half a percent. According morning star your total return has seen its assets shrink by about 14 over the last four months. Partly through losses and redemption. How concerned are you about this . When money comes out of the total return fund, it suggests to my way of thinking, not a lack of faith. We have out performed relative to the market. The choice on the market of the investor to mover to shorter maturities or a different asset class, lower duration. Were not suffering. We remain the champion of consistent performance. Is that the right move to take money out of bonds and keep it in equities . Its not necessarily going into equities. What were seeing is a movement into what we call unconstrain bond funds which are shorter duration products as well as asset products other than equity. Theres a number of alternatives where returns are higher than the 2. 5 to 3 offered by the bond market. What should retailers do. If youre happy with your allocation, should you stay. Are there areas in the market that you believe will benefit . Were not thinking that rates will move higher. Were close to 3 on the tenure. Its critical next week that the fed suggests through language that they will keep the fed funds rate at 25 bay sit points to 2015 and maybe 2016. A five year close to 2 . Its quite attractive relative to that 25 basis points being offered by the fed for the next several years. Bond have had a poor period of time for the past three or four months. Were seeing bet rer days ahead. Thanks so much. Wonderful to have you. Thank you. My thanks to bill gross at pimco. Up next on the money. You stand in front of the name of the victim, and thats whats important. Were taking a look at the national 9 11 memorial as it builds its financial legacy. Reflections on that day from the man in charge, Rudy Giuliani. What got people talking at a social new York Fashion Week. We look back at the players five years after the financial crisis. Where are we today . The Capital Program we designed and to get out and put capital into hundreds of banks very, very quickly and recapitalize thehe u. S. Financi system is a huge success. Were at the 9 11 memorial on the very grounds where the twin tower stood some 12 years ago. This pool here is the exact size of that south tower. These pools, they are meant to evoke the absence of the buildings that are no longer here. I know its been tough to get this project off the ground. So much emotion going into it. In terms of funding right now, where are you in the process of the 9 11 memorial . We opened on the 10th anniversary. We have received more than 450 million from 1 to 5 up to millions. Our next challenge is to operate the museum. It will cost 60 million just to run things, right . Right. This is a place that was attacked twice. Security is our largest cost that we have. Our goal is to always keep this memorial free to anyone who wants to come. The museum will need to generate revenue. Can you build this legacy to victims families without federal support . We need and want support from the federal government for operating expenses. What were asking for is 20 Million Dollar which is a third of our budget. We think well get there. We had a great Senate Champion who unfortunately passed away but he was chairman of the Appropriations Committee and he saw the connection from pearl harbor from his home state and this memorial. Thats why he was pushing for the funding. Every time we bring a congressman down here they have the same reaction as we do which is this a beautiful and important place. When i was at the New York Stock Exchange on 9 11 12 years ago you saw the building smoking and the building come down, but you didnt have a sense of what was here. I think thats what youre trying to really show. Exactly. Were trying to make this area really weave back into the fabric of lower manhattan. Its helping the city heal even today. Much had changed since 20001. This week on cnbci spoke with the man in charge that day, former mayor, Rudy Giuliani who offered his reflection. It lives with me forever is seeing a man throwing himself off the 101st floor. Thats the first thing i saw when i came down here. Its lived with me every day since then. Also my reflections are the tremendous heroism of our firefighters and police officers. They were going in and we were coming out. I gave a speech this morning to a group and lady came down here and said i was surprised. I thought i was going to be very sad. I was sad but i was so surprised at how resilient new yorkers are. Thats my reflection too. I remember on that monday, september 17th, you were up there in the podium ringing the opening bell with the firemen and with the Police Department, with all of those heroes that we remember. It just gave the whole city, the world a feeling that we will rise again. I dont think anybody will know how difficult it was to get this place open on september 17th. Power was out. We couldnt get the Police Department up. It just lifted the whole spirit of america. Earlier in the discussion, the man who has been dubbed americas mayor weighed in on the ongoing Foreign Policy debate happening on syria. We dont have a good choice. If we take out assad we may have a fundamentalist on the government there. If we leave him there, we have irans best friend standing up, creating an access of shiite power. How much of a risk is syria to the world . Syria is a risk because of iran. Iran virtually controls iraq was a of all of our mistakes in iraq, if they control syria, thats a large access of shiite power. Up next, social media is all access pass to fashion has driven designers like trina turk to w from style blogs to amazon, fashion is now consumed around the clock. This weeks new York Fashion Week was no different. Designers and fashion editors scrambling to help keep pace. How does that affect the industrys bottom line . Joining me is trina turk and the digital editor of Harpers Bazaar, joyann king. Thank you for having us. What do you think the top sellers will be . New york is the first city we go to in a monthlong of new collections we are starting to see a few trends emerge. Really the sort of new return to femininity in swinging skirts, chic short mini skirts and the effortless elegance. On the other spectrum theres been a lot of athleticicm. The next show is paris. London, milan and then paris. Trina, the economy appears to be coming back. You said your company was still recovering from the recession despite reaching 100 million in sales. How are fashion designers faring postrecession . I think the industry is optimistic. People are shopping again. They are shopping in many different ways. Ecommerce has made a huge difference many the way fashion is purchased. I think we are costly optimistic and keeping an eye on new channels of ways to sell clothing. What are the new channels . Just everybody who has a brand had to make sure their website is up to speed. Also just with flash sales and plethora of websites. Its changed the way people buy clothing. Whats difference since the recession is shes a bit smarter and savvier about how she shops. She doesnt have as much time as she used to. Ecommerce is a huge opportunity to find the things she wants. She also wants a little more advice and authority. She wants to know what she is spending her money on is worth the investment. She wants a value. The high end retailers like a saks or nordstrom has been reporting mediocre sales. Is it so fractured they are shopping online . We see it as an opportunity to direct them in their Shopping Habits which is where our shop bazaar venture has come into play. Were able to dial down the season and break down a list of what our readers should be buying and they are really responding to that. Trina youve been expanded. You have gone from eight boutiques to over 30. Youre working on selling your brand in asia and the middle east by 2015. What have you done to position your company for growth . Its really about identifying who we are as a brand and how we differentiate from others out there. We try to get the message out were from california. Thats different. We do print and color and we have an optimistic vibe that we believe represents california living. By Opening Stores youre able to express the full feeling and the full vibe of what youre brand is. That might not be seen when your brand is presented in a Department Store or small boutique that only had a limited presentation. I love whats happening in terms of social media. Lets talk about the rise of the fashion blogger. These shows were not accessible to a lot of people for a long time. Fashion week, broadcast online now for everybody. On top of that bloggers are now being invited to cover the event. If anybody has access and you can, anybody can write about fashion. Can fashion magazines like Harpers Bazaar still maintain that status of you being that fashion insider. What do you need to do to differentiate yourself online . We believe theres room for everybody. We love the fashion blogger. We feature them in the magazine. Harpers bazaar has been around for 150 years as americas first fashion magazine and we definitely have an authority. Social media is great. Its way to connect to our readers. In this new digital age they want to hear from us every hour on the hour. Our social media platforms allow us to do that. The internet has made fashion available 24 7 for customers. What the impact of this on your company . The power of having everything available immediately has changed things in the industry. It makes what youre showing thats going to be in the store six months from now something you think about differently because its possible that a fashion retailer will knock that off and have it out in six weeks. Thanks. Great to talk to you both. Up flexion, a look at the next that will have an impact on your money. I remember the first meeting we had right after lehman failed. It was probably monday, september 15th. I remember ben walking into the meeting and saying mr. President were on the verge of total financial collapse. Thats not the kind of thing you want to hear from your fed chairman. Welcome back. I hope youll follow me on twitter and google plus at maria bartiromo. On monday, it will be five years since the u. S. Government rescued insurance giant aig. The bailout totalled 182 billion. On tuesday the Consumer Price index is due out. Its an i understand cater of the rate of inflation. Wednesday, first up is housing start fs for the month of augus the rate of inflation. Wednesday, first up is Housing Starts for the month of august. We will find out if the fed is planning to taper the bond buying program. On thursday, existing home sales for the month after august are due out. Well be watching all of those events. That will do it for us today. Thank you for joining me. Have a great rest of the weekend. Each week keep it right here where we are on the money. Hope to good morning. More than 1,700 people rescued, but hundreds more still stranded as officials in colorado warn those refusing to leave stay at their own risk. And with even more rain in the forecast today, this could become the biggest rescue operation since hurricane katrina. Road to redemption . As yall know, unless youve been under a rock, i had a little rough patch. Paula deen making her first public appearance in three months to a packed audience. She said she learned a lot while she was out of the public eye. So could this be the beginning of a comeback . Pride and perseverance. A roaring crowd
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