Hour, but first, lets get headlines from my radio cohost, carol massar. We got some retail news to tell you about jc penney stock blazing in afterhours. Posted a loss of 1. 16 a share. Analysts predicted 1. 22 a share. Nordstrom posted firstquarter revenue and profit that topped analyst estimates. The company relied on ecommerce and outlet sales to drive up sales to nearly 3 billion. Warren Buffetts Berkshire hathaway disclosed its share of verizon. The stake is valued at more than 528 based on todays more than 528 million based on todays closing price. Thanks very much. Lets get more insight on jcpenney results and its afterhours stock surge. Joining me is craig johnson, the founder and president of Customer Growth partners. Tell us your reaction to todays report from jcpenney. We were not surprised by it because we have 16 people across the country in the stores every week, and we saw the increase in traffic. And the fact that the average ticket is moving up, the long, slow rebound that jcpenney is gathering steam, and the company is poised to not quite breaking into black ink yet, but gross margins, which had been in the high 20s are now nicely into the 30s, and calm sales of 6 are off a low bottom and a nice improvement. Can you describe the strategy that jcpenney is implementing . There are going a couple of different things. First of all, you had to stabilize you had to write the ship right the ship and solve some of the problems of the ron johnson legacy. Then you had to recapture the lost customer, which means in a sense back to basics in terms of offering the customer what she wanted in terms of style, in terms of fit, in terms of the kind of product, the balance they have in terms of their own labels, private labels as well as National Brands as well as improving the home department. He has been working on all new stuff, kind of like locking and tackling, but it is what the customer wanted. Along with cost controls, which has always been a forte of his, they are slowly adopting the kind of steps that are necessary to return the ship to health. As far as jcpenney goes, weve got their results. Can we read anything into the results of other retailers based on what we are hearing from jcpenney . Not so much because jcpenney is a little bit of an anomalous company. If you look at the rest of the numbers, whether it is from kohls, macys, most particularly walmart this morning, and in the spate of retailers about to report, this has been a very difficult quarter across most retail, particularly in the discretionary categories, notably apparel and department stores. Theres a lot of weakness out there. Jcp more or less is a reflection of the overall economy, which remains very weak, but a reflection of a company that was down so far, its like the old country songs when you are down this far, anything looks like up, and this is now looking like up. I want to thank you for joining us. All right, i want to talk about the Broader Market now. Stocks sold off today. The Dow Jones Industrial average losing more than 1 , down 167 points, and also the s p 500 losing a little less than 1 . I want to get some insight from dan alpert, the founder and managing partner of westwood capital, and chad morganlander, managing partner with stifel nicolaus. Is there any particular reason you are ascribing to todays selloff . Geopolitical concerns, perhaps concern about secondquarter growth, considering the fact that the First Quarter was an absolute disaster. Besides that, much of that is perhaps what contributed to it. Earnings growth also is potentially a concern. We have valuations at this point based off of our estimate of 115 dollars in earnings for the s p. The market is trading around 16 times forward multiple, so it is not particularly cheap. Daniel alpert, is the economy that the Federal Reserve and janet yellen are watching different than the economy that stockmarket investors are watching . The stock market is also looking at the bond market right now, and it has been rallying enormously. Yields have dropped. Yields were over 3 on the 10 year, and they touched down below 2. 50 today. That is a message focused on issues such as global deflation, which you have seen again in europe today. We saw very bad numbers come out of europe on the gdp side as well. Industrial production in the United States. Industrial production in the United States, but beyond just to mr. Numbers, which are mixed frankly, youre getting good news and bad news beyond just domestic numbers, the fact is if you look at what is going on globally in the world, we are still dealing with this fundamental issue of excess supply and insufficient demand both in the United States and in europe. Europe was expected to rebound faster. The bond market reacted to that and is reacting to the prospect of the ecb cutting Interest Rates as well, so that makes u. S. Bonds more attractive. Chad morganlander, we just had record highs for the Dow Jones Industrial average. We have just seen stocks move higher this week. Is this important of a bigger selloff . You know, look, we had a pretty good down payment on future growth last year with the 30 return. Five percent to 10 correction in the market would not shock any of us considering the fact that the Federal Reserve is curtailing that liquidity program. Nonetheless, we believe that Global Growth is moderating or decelerating. We believe u. S. Growth will accelerate and Earnings Growth will be up. Our forecast is that, yes, you can get a little selloff, but total return in the equity markets around 7 to 8 this year would not be a shock. Thank you for joining us. The mobile app carhailing service uber is said to be in talks to raise new financing, which could value the company at 10 billion. For more, i want to go to san francisco. Bloomberg west editoratlarge cory johnson joins us. Give us the review. Uber is choosing to go for another private round of investment. That would be a monstrous valuation for a private company. Also interesting that they are choosing not to go the public route, although some any companies are rushing to do ipos right now so Many Companies are rushing to do ipos right now. They already have many investors. Goldman sachs is an investor as well as the Venture Capital firms. This is a hot investment. The company has been revolutionary in its use of technology. Among the reasons it has been so incredible is that it uses the same technology for the consumer as for the provider. That is, the driver of the uber uses the same ios to respond to a consumer using an iphone or ipad or android phone. The notion of using this consumerfacing technology in a vertical integration from provided the customer is a revolutionary thing and an interesting model. One of the interesting things about it, and i think it suggests great Financial Leverage here, is that as demand increases on the consumer side, prices go up, and it creates more supply, more drivers willing to jump off the couch and jump into their car to pick up some customers, some passengers. The notion of a product where supply directly conforms to demand is a fascinating one. What we understand from the city of san francisco, for example, is that the number of black cars from the city has more than or i should say, whatever the number was, there are twice as many cars driving uber alone in the city. That suggests this service creates supply where it did not exist before for customers that did not exist before. Want to thank you very much. Thanks very much for joining us, talking about uber, potential valuation 10 billion. Coming up next, we look at the ceremony today surrounding the opening of the 9 11 memorial here in new york city. This is taking stock on bloomberg. More than 12 years has passed since almost 3000 people were killed at the World Trade Center in the september 11 terrorist attacks. President obama joint victims families to dedicate the national 9 11 memorial museum. He recalled the true legacy of the attacks. It is an honor for us to join in your memories, to recall and to reflect, but above all to reaffirm the true spirit of 9 11 love, compassion, sacrifice, and to enshrine it forever in the heart of our nation. Phil, was there one message the president was trying to get across today . I think a couple. It was a somber set of remarks by the president for a very somber event, but i think what the president was trying to accomplish is to things one, he really wanted to discuss the way new york as a city, the way the u. S. As a country has really kind of recovered in the last 12 years and moved forward, but he also and this is something you hear from officials that were involved in the speech writing process going into the stash wanted to make sure people remember 9 11. There are a lot of people now who do not remember or were not even alive then, which seems so foreign for those of us who were there or remember that time. The white house and the president specifically want to make sure the point of this museum is so that people never forget how searing that moment was in u. S. History. This happened war than seven years before president obama took office, but the attacks remain central to many of his policies. How has 9 11 changed the u. S. Presidency . Dramatically. When he campaigned for the presidency, there was an acknowledgment of what 9 11 had changed. Either from the security aspect of things, with two wars going on, and even on the budget in economics side of things, things have really changed, but i dont think he ever had a sense and white house officials will tell you this as well how much things had changed until he set foot in that office. Issues like intelligence and security, things that have become hot button issues, stem from 9 11. I think the presidency has changed not only for president obama, but likely for presidencies to follow for years to come. Does this also cast a shadow over the relationship with congress . When you look at the change in executive power that resident bush and his top officials pushed forward in the wake of 9 11, there is always a natural tension between the executive and legislative branch, but without question, the changes in the direction the executive branch power has gone since 9 11 has caused more tension. You saw president bush trying to grab as much power as he could. President obama, while saying that he was going to move away from a lot of those policies, hasnt. Thats the way things are and thats the way things will continue to be Going Forward all because of september 11. I want to thank you very much. Market makers host Stephanie Ruhle had a chance to sit down with mike bloomberg, former new york city mayor, majority owner of bloomberg lp. What is the most striking part of the museum . To me, when i saw one of the fire engines, and i wondered what happened to those guys on the fire engine. It brings it back to human beings. I did not know many people who died. One of my employees three of my employees, who i did not really know, young people, died. The son of a guy i worked with died. Theres a handful of others, but that is what brings it to this was all about people and ideas and freedoms for those left behind. We owe it to the deceased to make sure that those left to hide have a future and have what we want for everybody in america. Where were you on 9 11 . My Campaign Headquarters. It was voting day, and the election was canceled for the day and rescheduled three weeks later. I walked with a reporter from where i voted on 82nd street down to my Campaign Headquarters on 56th street, and i was reading a newspaper, having a cup of coffee because there was nothing to do. I had already finished campaigning. Somebody had a television on, and you could say you could see a small plane had hit the World Trade Center, and you could see the gash across the building, and i said, that was not a small plane. 20 minutes later in the second plane went and, of course everybody knew. With the first plane, it could have been a malfunction. Who knows what it could have been . The tragedy of the event, i dont think you stopped to think about how, why, how we get the people out of the building, and as soon as the second plane took ways, there was not a surprise that there was the pentagon in shanksville as well. It was obviously a concerted, coordinated attack on freedom. That morning he do think at all, i dont know if i want to be mayor of this city that morning, did you think at all, i dont know if i want to be mayor of this city . Of course not. You become mayor to make a difference, and the more things need to be fixed or decided, it makes the challenge all the greater, and if you are doing it for the right reasons to try to make a difference, you make a bigger difference. Market makers anchor Stephanie Ruhle and mike bloomberg, former new york city mayor, founder and majority owner of bloomberg lp. This is taking stock on bloomberg. Ok, now, it is time for our small to big segment, and things are going to get a little dirty today. Thats because we are going to be looking at a Company Called tough mudder. The chief executive tells me his biggest challenge was getting the company off the ground. It is a challenge you do with your friends. Its about teamwork, camaraderie, having fun. You climb over walls, crawl under barbed wire, runover fields with electrical wires, each of which has 10,000 volts in it. Anyone who tells you starting a business is not a very scary thing to do is simply lying to you. My Harvard Business professors were very clear with me this is a bad idea. People are not going to pay to run in flames, to crawl in the mud. We launched in 2010 with three events. We have a hundred thousand people participating this year, but really, i feel we are just getting started. One of the problems was we were not getting the repeat is this that we wanted. Repeat this this we wanted. We did some Market Research and it came out that we needed new obstacles. We had to take out some of the old obstacles, some of the things that had been most successful for us, and i had a real fear when we did that. One of the obstacles we are excited about for 2014 is vesuvius. It sends you flying through a wall of flames that is six feet tall. The good news is we are starting to get this loyal, tribal following. That number is growing even quicker than our participant numbers. I used to tell my wife, when we were just getting going, six months from now, i think things will calm down. I have stopped saying that to her now. Tough mudder is the Parent Company of a new isnt trying to draw women participants called mudderella of a new event trying to draw women participants called mudderella. Cristina devito joins us now. Mudderella challenges participants to find their strong, findwhat means being strong and go after it. We challenge strength, agility, balance, but it is also meant to be a teambased activity. It is meant to be fun. It is for that woman who is looking to do something that is fitnessoriented, thats healthy, thats outside, that is an athletic challenge, but also that its social, that she can do with her friends, family, significant other, and its fun. It takes place all over the country . We have seven infants across the u. S. This year as well as one in the u. K. , so we have gone global. Which is tremendous for us. We had our first event last year in pennsylvania. We had about 3000 participants come out, and this year, we are anticipating over 60,000, so over 20 times growth. We are just so thrilled that this brand is resonating with participants. Can you stick around . We will have more with cristina devito, the chief executive of mudderella. This is taking stock on bloomberg. This is taking stock on bloomberg. Im pimm fox. Im speaking with the chief executive of mudderella, cristina devito, about the booming demand for outdoor fitness. In this case, it comes with a lot of mud. Tell us some of the places that you have established mudderella and where you would like to take it from where it is now. Our first event, like i said, was in pennsylvania last year. We had about 3000 participants. Now it is seven infants across the country and one in the u. K. Now it is seven events across the country and one in the u. K. We are expecting over 60,000. We really are expanding across the nation, and it is our goal to keep expanding. We aim to double our events in the u. S. Next year, go into new countries, extend in the u. K. , test australia and canada. We find there is a lot of demand because it really is the experience and what it stands for, which is empowerment, teamwork, and fun, and that really resonates. 59 if you sign up before the actual race. You said it was 149 dollars if you sign up the day of the race at the location. Yes, there are pricing increases. They start at 59, and over time, they will escalate. It is not competitive in the sense that there are trophies for the winners or any of this. And it is a team experience. You cannot do it without the team. You can do it without a team, but we really encourage you to go with a team. If you do not have one, its ok because the mudderellas on course become your team. Thats what i was noting because you will not be able to lift your legs and crawl through the mud. Its great to have other people enjoying, laughing, encouraging you as you go through it. Who creates the actual obstacles . Do you have a committee that does this . We create them, really. I, my teammates really, the ideas come from many places. Whats the most difficult obstacle . It really depends. For everybody, there is a different challenge and a different fear you are overcoming. Were some people, it is heights. We have wall obstacles that you have to climb up over. There is an obstacle called hat trick where you spring off of a trampoline springboard onto a cargo net, climb up 15 feet and slide down into a slide of muddy water. There are some people who that might be good for them. A lot of people say, this is going to be a lot of fun. A lot of people say, this is scary, and i am pushing outside of my comfort zone. That is what it is supposed to be setting a goal and pushing yourself. Thank you very much, cristina devito, chief executive of mudderella. Pl