penney. the discount retailer's new name and strategy it claims will save you money. julie watts breaks it down coming up. >>> i'm juliette goodrich in vallejo where residents are taking matters into their own hands cracking down on prostitutes despite the city's cop cutbacks. and it's working. the story coming up. >>> and huge blocks of ice missing. that's after two cars fall through a frozen lake. >>> elite military training in a major u.s. city. why special ops cities are prepping for urban warfare above los angeles tonight at 6:00 on cbs 5. that fell through the ice earlier this wee >>> crewmembers here are walking very carefully so they don't end up like the two cars that fell through the ice this week. this happened north of st. paul, minnesota. no one knows why the vehicles were on the lake in the first place. the car access is now closed off. no one was injured. >>> new at 5:00 it's been six months since the city of vallejo shed the stigma of bankruptcy. but persistent problems with a

on february first, jc penney will roll out a three-tiered pricing >>> j.c. penney -- j.c. penney is marking down its merchandise permanently for 40% to boost customer sales and loyalty. on february 1 they will roll out a three tired pricing strategy of. there will be an everyday low pricing, monthly value discounts on select merchandise and clearance deals called best price during the first and third friday of the month. when shoppers get paid. >> we have a big weekendcomingg up. >> we are getting offshore winds going outside. right now we are still seeing an onshore breeze carrying with it low clouds and fog so mix of sun and clouds. low clouds and fog tonight. high surf advisory at the coast, good swells to 15 feet. out over the bay 64 in concord, 57 in oakland. 63 degrees in livermore. and 56 degrees in san francisco. looking like another nice afternoon as high pressure system is flattening out. still strong enough to hold on. most of the rainfall being made to the north and east of the bay area so don't have to worry about that. shout north in eureka and redding. aroun

penney?u are 18, maybe it was a long time ago. >> probably when i was like 10. >> the aging retail giant, once at the top of the game along with sears and montgomery ward, needed to fix that. the new ceo came over from the retail arm of apple, and he brings with him and innovative, if not drastic idea. come every first, all stores will mark down on prices by at least 40%. every day cost will be the everyday price. a pair of jeans will cost $12 instead of $25. a matching blouse, $7 instead of $14.99. even lifelong j.c. penney's customers like gilbert gomez told us they are excited about the change. >> ps of levi's are great. >> johnson says the idea is to let customers know they are not paying a penny more than the value of the item. this is a long time j.c. penney's customer who told us she will miss the thrill of the bargain hunt, but the price on her favorite brand of tights might be too tempting. >> what did they cost? >> $6. >> so if it is $3, that is a good deal? >> good, definitely. >>

. >> jp penney runs up 50% in a week. >>> welcome back. what a reek for ron johnson and jc penney. surged more than 15% as management blew analysts away at their two-day event. let's welcome jeff klinefelter. he upgraded shares to a buy today. is that fact, were you blown away? you must have been if you upgraded to overweight. >> we were impressed with the presentation. i had a chance to work with ron in the past and have known him for a while. i expected it to be an impressive presentation. i think the building blocks to get to a very strong earnings growth trajectory is really what got most investors fired up. the strategy is sound. we believe it's going to work. therefore, we upgraded this morning. >> you'll admit that it's i going to take some time, right? ron johnson is not going to snap his fingers and mobs of people are going to come into jp penney. >> absolutely. it's a fair challenge. two things that got us encouraged near term, they put a strategy together that is going to help to drive traffic, consistent customer traffic as they migrate people to this new pricing strate

penney. macy's today sued martha stweart living omnimedia for breach of contract. it's upset over stewart recently signing a new deal to sell products at j.c. penney. macy's wants an injunction to stop that tie-up, claiming it has an exclusive right to make and sell certain martha stewart products. neither martha stewart living nor j.c. penney has commented. >> susie: with the presidential politics in full swing, revamping the tax code is sure to get lots of play. tonight's commentator welcomes the discussion. she's maya macguineas, president of the committee for a responsible federal budget. >> we are going to be hearing more about taxes in the coming months, and given that it's campaign season, much of what you hear will be more politics than good tax policy. that said, here is what i would like to hear: we are going to need more revenues. the government faces a huge fiscal hole, and as much as we need to cut spending, new revenues will have to be part of the solution. promises about not ra

penney is dumping them all., stores are permanently marking down merchandise by at least 40% so shoppers will no longer have to wait for something to go on sale. these every day low prices launch on february 1st. they will also offer clearance deals on every first and third friday, which is payday for many people. the changes come from former apple executive, ron johnson, who was named the ceo last year. >>> honda may have underdelivered on its great gas mileage for hybrid vehicles and now the company is under pressure to pay up. heather peters says her honda, a civic, failed to deliver the promised mileage. she is urging other hybrid owners to sue individually for $10,000 rather than accept the $200,000 from a class action settlement. that would be for a total settlement. peters says if all honda owners of problem cars would win, it could cost $2 billion. >>> making the bay area proud. three high school students are finalists in one of the oldest and most prestigious science competitions. all three will go to d

penney giving up on sales.tment store chain plans to lower all pa prices by 40% starting next month. we will take a closer look at this in the next hour. >>> a dallas morning news headline says perry job approval drops. rick perry dropped out of the presidential race last week. more than half of texas voters say perry should not run for another term as governor in 2014. his approval rating now lower than president obama's. >>> the miami herald reports on a court hearing. a panel of judges will decide if a group of retired pro football players with brain damage can sue the nfl for damages. >>> check this out from the new york times. a man is selling a 2005 chrysler 300 on e-bay saying it used to belong to president obama. he wants on opening bid of $1 million. pretty big markup over the original price which was just over $23,000. >>> from barcelona to boss wan, members of congress are traveling all expenses paid. we'll investigate who is doing the funding and who is doing the traveling and what happens with deci

penney ceo.the wal-mart everyday low pricing but their goal is not to undercut competitors' the offer customers more predictable pricing. >>pam: taking in the air- traffic the headlights are north bound and as you can see traffic is heavy and slow in all directions. we will be back. >> mac world is the largest annual apple products related show an expo, then it is a place where you need an cooler accessories are unveiled. apple computers with ipad, i phones, and ipod touches and hundreds of vendors will be here unveil new products for apple and they're expecting over 25,000 attendees. if you own and apple i device, this is the place to been thursday and friday. be sure to tune in tonight at 8:00 p.m. in my tech report and how would you a sneak peek at some of the hot new gadgets that will be unveiled at this year's show. in other news i'm giving away high in supervene noise canceling headsets. with the built in microphone, they are perfect. you can go to my facebook page to enter to win. dinner?

penney are fighting over a woman. macy's says it has exclusive rights to sell martha stewart products in its stores. j.c. penney recently acquired one-sixth of martha stewart living. macy's is now suing stewart's company. >>> and youtube is racking up some impressive numbers. visitors to the site now watch 4 billion videos every day. it was just 3 billion eight months ago. every minute, 60 more hours of video are uploaded. the site admits it makes money only on about one-tenth of its vide >>> cheers to this next story. while starbucks helps many people start their day, it wants to help end it as well. they're adding beer and wine to the menus in 12 cafes in atlanta and southern california by the end of the year. they're experimenting with beer and wine in a few lo the pacific nort the pacific northwest. it recently bought a fruit juice company. beer, wine, fruit juice? >> every survive this so survive this shift. >> what do you say, a double shot? >> it can be many things now. espresso or wine. >>> up next on this tue

penney shoppers. they will do away with deep discounts. starting next month, penney's will offer three types of price structures. every day pricing, best prices, and month long deals. it's going to send out shoppers booklets. good-bye to mystery meat, hello whole grains. requiring less salt and fat and more fruits and vegetables are coming to school lunch programs in the fall. as peggy fox reports, the first lady was out sampling a healthier lunch in fairfax county where the standards are already in place. >> 200 kids jump to their feet as the first lady of the united states entered their cafeteria. some of the lucky second and fourth graders at park lawn elementary school got to go through the lunch line with mrs. obama who came to promote the new nutrition standards. >> when we send our kids to school, we have a right to expect that they won't be eating the kind of fatty, salty, sugary foods that we are trying to keep from them when they are at home. >> they boost the variety of fruit, vegetables, and whole grains. only 1% low fat or fat

. >> forget sales, jc penney putting its merchandise on sale permanently. the logic behind the move. >> president obama getting a vote of confidence from a brand new poll. how americans are feeling about the economy coming up next. >> follow your news, weather and traffic updates. check us out on facebook. >> welcome back everyone. live look outside from the south bay this morning. shark tank where you're going to see a lot of great skaters out there. they have got the u.s. -- john kely is doing the skating here. he's throwing me off. 44 now. >> new this morning the latest nbc polls show americans are starting to feel more optimistic about the economy as president obama starts talking jobs in the western states. 37% of americans think the economy will get better this year, the president making stops in nevada and colorado this morning to talk about clean energy and job creation. yesterday he told a crowd in arizona he wants to create more jobs by ending corporate tax breaks. >> let's get it done. let's stop rewarding businesses that ship jobs overseas. >> a

jc penney may be getting ready to cut thousands of jobs. work at apple is cutting jobs nationwide sofrpltss say he wants to do with clearance events and move towards the everyday low pricing concept. he does that he is firing workers who have long been responsible for retagging merchandise. lay-offs are official starting today we'll hear more when jc penney goes public with that strategy wednesday. another one of these sessions we've had so many in the past week where we are not doing a lot, just looking for direction. concern about europe as the finance ministers hud until brussels to discuss details on a plan for dealing with the region's massive debt. bloomberg silicon valley index trading up 8/10 of a percent at the moment. al pep gearing up to report its quarterly results tomorrow. -- this is called show rooming, targets want to stop shoppers from doing that target is tired of being used as a show room for the online only retailers asking vendors to create products that are not available online or at least match competitors' prices con

penney is simplifying prices and putting an end to nonstop promotions. it's all part of new c.e.o. ron johnson's plan to revive the 110-year-old department store chain. he's the man who built apple's retail store strategy. in full-page ads, penney's explained the changes, saying "no more pricing games, just and, "we want to be your favorite store." another change coming to a pennys store near you? new plans to redesign floor space into as many as 100 smaller specialty shops focused on individual brands. >> tom: j. p. penny shares slipped just a fraction, following though a four times average. let's go to tonight's market focus. >> tom: stock prices got a boost from the federal reserve in the middle of the day today. it was waiting and watching for the central bank this morning, with the s&p marking time with a fraction loss, but when the fed pledged to keep interest rates low for even longer, the market moved into positive territory, climbing to a gain of almost 1%. so, with the fed's help, the index is at its highest level since late july and up 20% since its october low. with the

penney's come out it's now competing with wal-mart everyday low pricing forty percent price reductions across the board so we're seeing a lot of signs here you know automobiles held up. pretty well so we had amatory hold up well well if we look at what j.c. penney's is saying and doing i don't think retail sales are going to be holding up going ahead and in fact i think when the fed came out on wednesday and announced that they were going to hold rates all the way low as zero percent all the way through the end of two thousand and fourteen i think they had advance notice of these g.d.p. numbers but year over year. one point six percent the other reason why we're up anything at all is if you look at the g.d.p. deflator point four percent you believe that as an inflation rate i don't i don't think anyone else does either so these numbers were much much worse than what was reported and that thing you mentioned about rates being zero that's something that we always bring up the people on the show whenever they try to say that things are rosy you wouldn't have an economy on negative real ra

penney this time of year, but some of the bargains are better than ever. >> $44 becomes at $16.16. >>his is the time with the leftovers from christmas collide with the new merchandise for spring. >> we have to mark down and sell our old holiday merchandise. we have some pretty deep savings up to 70% off. >> at the end of january the start crunching it. >> of 11 calls herself an old guard and chopper. she skips the christmas holiday sales and it does not show up at department stores until now with the discounts are at their best. >> they know we have good deals. they know we take markdowns and a with the specials are here. we are having a pretty good kick off the january. if you are looking for that deal it is a great time to shop. >> macy's, j.c. penney, and other department stores will start marking merchandise down from 50% to 80% as we run through january. the biggest deals tend to be in jackets, flannels, and sweaters. inventory is down and often you have to search for the right size, style, and color. this is not just a good time to take advantage of the end of the season bargain

on february 1st, jc penney will roll out a 3-tier pricing strategy.onthly discounts on merchandise. and clearance deals called best price, during the first and third friday of the month, when many shoppers get paid. that's your money watch. for more, stay with cbsmoneywatch.com. in new york, i'm alexis christoforous. >>> and coming up on wjz's eyewitness news at 4:00. taking risks. the first lady announces new guidelines for school lunches. >>> a storm on the sun. how it's affecting the united states and the maryland area. >>> another mild january day. look at that sunshine. we'll tell you if any changes are coming up. >>> all right. wjz is always on. for the top stories on wjz.com. instant updates and first warning weather all the time, , click wjz.com. here's a friendly reminder. it's your last chance to get verizon's reliable high speed internet and phone for small business for only $84.99 a month. call 1.866.solutions now or visit verizon.com/solutions. only $84.99 for high-speed internet and phone. plus your choice of either no annual contract or

penney is the place to go. they will have every day low prices and also clearance deals.d third friday of each movement also, there will be markdowns of 40%. >>> you could be buying a lottery ticket from the comfort of your home starting july 1st, schug the scratch -- including the scratchoff and powerball games. it will increase sales bringing more money to the state to help compete with d.c. the district of columbia may have their own online by march. >>> iphones, ipads, maccomputers, apple is one of the hottest companies out there. >> reporter: in the last three months of 2011 apple sold a scorching 37 million iphones. investors loved it sending apple's stock to an all time high. it is the most valuable company in the world edging past exxon mobile. it turn add whopping $13 billion profit during the quarter, one of the best for any u.s. company. it wasn't just iphones that boosted the number. it's also worth noting that this is the company's first profit report since the passing of co-founder steve jobs. but the results would have made him proud as apple continues to i

penney have stopped offering free gift wrap. according to nieman marcus, more and more people like to wrap their own packages or are happy with a beautiful box. or really? you want to swhee comes in a beautiful box? (laughter) >> that man needs a gift basket from clinique. nation, i am a red blooded american male and there are some things i will never learn. what a duvet is. the names of my nieces and nephews, and gift wrapping. look what happened when i tried to wrap my wife's present, okay. this is a pair of earrings. (laughter) >> and it just works forget ho, ho, ho this year, santa is being taught now how to say no, no, no. this holiday season he is balancing the job of being a generous santa with a new reality of having to tell children to lower their expectations in a bad economy. you asked for anything that you want from santa but unfortunately, santa has a budget too. and we're in tight times. mrs. clause and i had to sit down and we literally had to cut back. if every child asked for an ipad, we would be bankrupt. >> st

. >>> jc penney ing rid of pricing strategy -- getting rid of pricing strategy. [ inaudible ] the goal is to operate more like wal-mart which focuses more on everyday low prices and less on sales and clearance events. as part of the new strategy all retailer's merchandise will be marked down by at least 40%. >>> apple has surpassed oil giant exxon as the most valuable u.s. company with an estimated market cap of 415 billion dollars. the company's stock gained more than 6% in morning trading. yes reported they sold -- -- apple says the iphone accounts for more than half of the company's sales. >>> intel released a list of finalist for its science talent search, three of the 40 are from bay area high schools. they will get an all expense paid trip to washington, d.c. to compete for awards worth more than a million dollars. good luck. >> congratulations. >>> still ahead, young giant pandas celebrating the chinese new year in a giant way. video of them showing off their new tricks.w'o copd makes it hard to breathe, so i wasn't playing much of a role in my own life, but with advair, i'm br

lots happeningâ..how about we go with jobless claims, netflix earns, and jc penney instituting a permanentle jason brooks from kcbs and cbs moneywatch dot com. thanks. moneywatch dot com. thanks. do you have a large aircraft lying around? if so, mythbusters would like to borrow it. you remember the folks who accidentally shot a cannonball at a dublin home, while shooting an episode of their t-v series. one of hosts tweeted that they're looking for a 200 seat plane for a couple of days to use in the bay area. he adds quote, "we won't blow it up". it's not clear what they re doing: maybe they're trying to see if a plane can fit under the golden gate bridge. at the box office this weekend, the worst place for a plane crash. and the next big thing for movies - an i-phone film festival. eye on the bay's liam mayclem explains. good morning! movie: the grey vo (take video from server) cg open road films cg opens friday script _ _ liam to write in am======= * * * * * * * * * * & around a group of rough neck oil rig workers who get stranded in the outer alaskan mountains when their plane goes down

ron johnson of jc penney makes 51.5. >> you're kidding. i did not know that. >> this is everything included, every bonus, stock options, things like that. >> it's a little early there. >> in lieu of the ad campaign. >> that's guaranteed or -- >> this is just all in. >> i don't know -- i don't like what johnson did. i'm going to go on record. >> really? >> i think he should have cleared the deck. if you go into your jc penney -- >> you're talking about the financial side. not necessarily on the merchandising retail side. >> he gave himself no room. he's got a really tired looking inventory that he's got to get rid of. and i don't think that -- yes, i love the idea they're going everyday low price. they've got some everyday ho-hum merchandise they've got to clear out. >> which you bought. >> i got a nice pair of slacks for 30 bucks. >> not a lot of excitement in retail these days. >> thank you. >> a completely new concept. he's trying to reinvent it. give him a lot of credit. the guy is not focused i don't think based on at least having spok

penney is slashing prices permanently. they will not offer sales anymore.wn all of their merchandise by at least 20%. it will offer discounts on select items each month and clarence deals on the first and third fridays of each month. >> on the storm watch tonight some nasty weather could interrupt the lone star state. this is the scene in san antonio. a lot of people had to be rescued from their flooded cars. more than 3 inches of rain fell in just a few hours this morning. >> nothing like that coming around here. >> by the time the storm center gets up here, it will lose a lot of energy. we are going to get rain but that is about it. rain and not is this time as well. this is ljamsville. ec cloudiness all across the area. this is our official high and low at a reagan national airport. you can see the record is 75 and 3 above. we are safely enter the middle. temperatures looking good. mid to upper 40's. this prevents us from having any i stories tonight. just some light rain at times. overnight a few showers. probably not much as to birchers will be in the

penney are fighting over a woman. martha stewart. macy's is now suing stewart's company. >>> and youtube is racking up some impressive numbers. visitors to the site now watch 4 billion videos every day. it was just 3 billion eight months ago. every minute, 60 more hours of video are uploaded. site admits it makes money on only about a tenth of the videos. >>> while starbucks helps many people start their day, it wants to help end it as well. they're adding beer and wine to the menus in 12 cafes in atlanta and southern california by the end of the year. they're ex3er789s with beer and wine in a few locations in the pacific northwest. it recently bought a fruit juice company. >> double shot? >> express sow or wine. >>> the scare for an entire family. falling through the ice into some chilly what person the rescue caught on tape. >>> and the u.s. senator who said no wra to an airport pat down. we're right back. ♪ i am you ♪ you are me i'm jennifer hudson, and i believe. i was strong before weight watchers, but i'm stronger with it. i be

. >>> jc penney ing rid of pricing strategy -- getting rid of pricing strategy. [ inaudible ] the goals to operate more like wal-mart which focuses more on everyday low prices and less on sales and clearance events. as part of the new strategy all retailer's merchandise will be marked down by at least 40%. >>> apple has surpassed oil giant exxon as the most valuable u.s. company with an estimated market cap of 415 billion dollars. the company's stock gained more than 6% in morning trading. yes reported they sold -- -- apple says the iphone accounts for more than half of the company's sales. >>> intel released a list of finalist for its science talent search, three of the 40 are from bay area high schools. they will get an all expense paid trip to washington, d.c. to compete for awards worth more than a million dollars. good luck. >> congratulations. >>> still ahead, young giant pandas celebrating the chinese new year in a giant way. video of them showing off their new tricks.w'o >>> coming up at 4:00, the mayor is apologizing today for what he said about his city's latino population.

penney's is marking down all its merchandise by 40%.tead of holding hundreds of sales, the company will offer the lower price all the time. >>> number three, your child's school lunch is getting a major makeover. the new guidelines mean less sodium, more whole grains and a wider selection of fruits and vegetables. >> number two, the brand-new d.c. streetcar system will improve transit access for 100,000 residents near rail lines who don't otherwise have access to a car. that's according to a brand-new study. it found the streetcar system will add $300 million into retail spending. >> and number one tonight, if we get some snow this winter, you can find out when your neighborhood will be plowed by logging online. vdot's brand-new website shows the plowing status of neighborhoods. all you have to do is enter your address. you can go to myfoxdc.com for a link to that website. brian. >>> here we go. the up and down in the weather department again. >> i can't believe, brian, one month ago it was christmas. it's january 25, that went fast, di

. >> jc penney. that's right.headlines four years ago when a man claiming to be a rockefeller snatched his own daughter during a supervised parental visit. turns out clark rockefeller was just a con man with multiple identities. now he's headed for trial in california charged with murder. mike taibbi has more. good morning. >> reporter: good morning, carl. it took a while but now prosecutors say they do have a case against christian gerhartstrider. he's the con man who began a long career fooling people. he could change identities in an instant and knew how to disappear. >> reporter: that chameleon described himself differently four years ago when he spoke with natalie. >> are you a mystery man? >> i would like to be known as a good man, if anything. i'd like to be known as a quiet man living a quiet life. >> reporter: ever since the man calling himself clark rockefeller snatched his daughter off a boston street in 2008 his life has been anything but quiet. the 48-year-old rockefeller might try to whisk his daught

penney's did not. no. 4, you have a chevy volt, take it to the dealer for safety repairs. in recent crash tests the electric car's batteries caught fire. gm will add steel around the batteries. no fires have been reported after road crashes. no. 3, not a fan of the new facebook timeline look? once you convert there's no going back. so don't fall for any scams promising to return you to the old facebook. tech experts say ignore websites prompting to reverse timeline. they are bowing -- promising to reverse time line. they are bogus. no. works now the holidays are over, get ready for another weekend of trackwork and delays on metro. friday night at 10 p.m. through closing sunday night expect delays on parts of the red, blue, orange and green line. no. 1, the h.o.t. lanes under construction on the beltway won't be so hot. we've learned the high occupancy toll lanes will be called express lanes. the operators are rolling out a brand-new media campaign next week to prevent any confusion. the express lanes are set to open at the end of this year. brian, back to you. >> a nice wa

penney lowered their fourth quarter earnings guidance today, blaming excessive markdowns. it didn't help that weather was warmer than usual in many parts of the country, making sweaters and coats a tough sell. >> i think there were unplanned markdowns that were being taken toward the end of the month on those items. i think that will continue and is continuing into january. and i think that's where you have the real margin risk. >> reporter: but in some cases, even desperate discounting wasn't enough to spur sales. gap and wet seal posted terrible same-store sales results, with declines of 4% and 3.7%, respectively. >> they were very promotional. they were very promotional and, still, that didn't help them as they expected. and therefore, they both missed expectations and posted two of the weakest same-store sales. >> reporter: the heavy promotional activity during the holiday season is raising concerns about what it will take to get consumers to open their wallets in the months ahead. many americans are trying to save more and spend less, due to concerns about the economy

penney aimed to begin its makeover in the eyes of shoppers. today, the retailer went before stock analysts and the initial results are positive for shareholders. the stock shot up almost 19%. this is its highest close since september 2008. the company says its overhaul of more than 1,000 stores and its strategy to stop frequent price discounting will not hurt its profits this year. a bullish sign. the january jobs report comes out a week from tomorrow, but two recruitment stocks have run into selling. monster worldwide lost a fifth of its value. robert half international shares dropped another 4% after the close tonight. earnings for both came in shy of estimates. in commodities, gold continues over $1,700 an ounce. copper is at a four-month high, and natural gas continues to see volatility, falling 4%. and that's tonight's "market focus." >> susie: president obama is on the road this week making a pitch for boosting manufacturing in the u.s. his message is the same one he shared during tuesday's state of the union-- tax breaks for companies t

penney. the lawsuit claims macy's has an exclusive contract with stewart to sell her products. j.c.enney bought a stake in her company and know united statessed -- announced they will be selling her merchandise in their stores beginning next month. >>> 8:45. texas bomb squad gave the all- clear in the tenderloin district. the police closed streets outside of the federal building for two hours this morning after finding a suspicious package. it turned out to be harmless. the streets reopened a short time ago. >>> president obama will deliver his annual state of the union address tonight. the white house says the president will announce a new blueprint for the economy. >>> and san francisco police are still investigating an attack on a young tourist near fisherman's wharf. lorraine blanco has been at the scene all morning and is back with what we know about the victim. >> reporter: we're told that the young woman is expected to be okay thanks to some visuals. she was rescued as she was being attacked in these bushes. here's video of where police marked and collected several pieces of