j.c. penney. after the bell it posted fourth quarter results, coming in well below expectations. penney's lost $1.95 a share in the last three months of 2012, it was far worse than the $0.18 per share loss analysts had forecast. over the last year, the stock has lost about half of its value, it fell below falling below $20 a share in after hours trading. >> reporter: well, you can't say >> reporter: well, you can't say j.c. penney c.e.o. ron johnson isn't trying new things, he's rolled out a series of changes to help revive the company since making the leap from apple to penneys in late 2011. first was a change to price strategy, going for "every day" value pricing, instead of sales and coupons, in an effort to keep it simple for shoppers, but today it announced it's starting weekly sales. then, store re-designs, setting up mini stores within a store, featuring shops from levi's denim, liz claiborne, and izod. but in spite of those efforts, penney's has cut more than 1,200 jobs over the la

before we talk about all that is wrong at j.c. penney, is j.c. penney doing anything right? >> well, we saw them in february resort to a more promotional stance, which they said they wouldn't do. this is the first month they've ne it, and we've en them bring back clearance and put signage on top of their fixtures. that is a step in the right direction, however, it has only been one month. it is still too early to tell what kind of impact it will have on the sales going forward. >> tom: that's exactly the kind of thing that ron johnson tried to move away from back in the fall of 2011. as they revert back to that, what is the j.c. penney brand today? >> today the brand is basically startly from scratch. they alienated their core customer, it's customer who wanted value and the couupon orho want to come into the store and see a sale. they basically said we don't want you anymore. they've had to really work hard to get that customer back in the store. we don't believe the fashion in the store is that compelling. it is something you can find elsewhere in the mall. and that custom

i'm j.c. hayward. >>> we have stunning news from the vatican today. pope benedict xvi says he is stepping down at the end of the month. catholics around the world are wondering who will replace him. we now get the latest information from anna at the vatican. >> reporter: pope benedict xvi delivered the surprising message in a speech to cardinals at the vatican this morning. the 85-year-old pontiff said he will step down february 28th, because he is simply too old to carry on. the leered of more than a billion roman catholics said carrying out his duties requires quote both strength of mind and body. the news stunned the church leaders around the world. >> i have to be honest, i'm as shocked and startled as all of you. >> reporter: it is the first time a pope has resigned in nearly 600 years. on the streets of europe, some people refused to believe it. he says it can't be true, it would be too huge for the church for something like this to happen. a vatican spokesman said the pope deserves respect for making such a personal and courageous decision to q

j.c.over martha stewart branded products is getting nastier by the day. now it's in a courtroom. we'll have an update and tell you which stock you should be fighting for next. >>> and billionaire richard branson blasting yahoo! shower marisa meyer saying they shouldn't telecommute. we'll get some inside information, information that you won't hear anywhere else. that's coming up later on the "closing bell." ♪ ♪ [ male announcer ] how do you engineer a true automotive breakthrough? ♪ you give it bold new styling, unsurpassed luxury and nearly 1,000 improvements. introducing the redesigned 2013 glk. see your authorized mercedes-benz dealer for exceptional offers through mercedes-benz financial services. >>> as you probably know, macy's is locked in a bitter court battle over whether rival j.c. penney can sell martha stewart branded products in its stores, a privilege macy's says it owns exclusively. it's a nasty fight. >> reporter: it sure is, sue, and the love-sick triangle does continue to

first, we take a look a j.c. penney which was up about 3%. j.c.nd macy's are duking it out. we want martha. no, we want martha. both companies have been battling it out for martha stewart products including the. >> , bedding, bath items. macy's originally had the contract, exclusive contract. now you have martha stewart, j.c. penney ceo ron johnson, macy ceo. all expected to testify in this trial. claiming substantial damages if j.c. penney gets to get in on the game. at the same time, j.c. penney is saying that macy's does not have their rights to all the things that they're claiming. so, while, this is going to be big in the big battle lender talking about millions of dollars in sales. two big names and it's all over my the storage products. liz: i love how she was to put the best quality stuff in all of the sheets over a j.c. penney. she was asleep and test on the sheets. she is a perfectionist. they may color something else. perfectionists. thank you very much. in the advertising game billboards, one of the oldest mediums out there, but no lea

j.c.going head to head today, and it's all about martha stewart. find out why and which is a good thing for your portfolio. >> and then tesla's model-1, phil lebeau's road trip yesterday but can the electric car-maker charge up today's earnings report? we'll have instant analysis coming up on the "closing bell." stay tuned. ♪ ♪ [ male announcer ] it was designed to escape the ordinary. it feels like it can escape gravity. ♪ the 2013 c-class coupe. ♪ starting at $37,800. ♪ but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio summary. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. clamp. glitter. [ male announcer ] staples makes it easier to get everything

j.c.enney. were holidays sales hot or not in the retail giant is out. j.c. penney's big reveal, and then all the optimism on wall street may be having an impact on what's happening in washington when the automatic spending cuts set to kick in on friday. stay with us. back in a movement . >>> welcome back. the dow pushing its way back towards record highs today thanks to federal reserve chairman ben bernanke and an upbeat report on housing. bob pisani recapping the day that was. >> it's true. ben bernanke did a good job calming fears he might liquidate his portfolio now or any time soon and also that he won't be raising rates. economic news, maria, very important here. look what's happened in the last two days. durable goods, ex-transportation very strong and very good numbers on home sales and consumer confidence. look what happened right out of the gate. transportation stocks exploded at 9:30, before bernanke started testifying. on the upside many names up 2%, 3%. big moves up in the mult

i think what that j.c.y performance tells us is that there is little or no room to disappoint. i don't care what sector it cent. in terms of the overall consumer, the prices, trading and record highs. taxes going up. i mean, don't quite get the fundamentals. sustaining, even the good ones, sustain sales. i think we have a telltale sign from walmart a couple of weeks ago when there was the rumor about e-mail about their bad february sales. my suspicion is that that will permeate a lot of the other retail sectors, but certainly overall the market, of course, does not agree with my assessment. liz: we agree with everything you say. >> thank you. david: great to see you. thank you so much for bringing it to us. liz: the dow is very close, oh, so close stating that new all-time high. the celebration, could it be short-lived? up next, financial editor of the wall street journal. he has a list that you need to hear because he says there are four things that he sees right now that could push us into another financi

j.c. penney and macy's are fighting over martha stewart. the two have deals to sell martha stewart merchandise, but macy's claims it has an exclusive deal. the case is just the latest challenge for j.c. penny. with the case beginning, shares were down 1%. penney's has been trying to stick it out in a competitive retail environment, but its shares are half the price they were a year ago. we have a closer look at penney's stock chart. it is on our web site, www.nbr.com. look for the "blogs" tab where michael kahn has some technical analysis of the stock chart. in a different corner of retail, napa auto parts owner genuine parts fell 3.8% from its all- time high despite better than expected earnings, and auto dealer group 1 was down 7.6% to its lowest price of the year. earrings were much weaker than expected as costs were up sharply. a first for google: a print over $800 per share. today's 1.8% gain takes google over $800 a share to an all-time high. the stock is up 14% already this year. four of the five most actively traded exchange traded

now, the sales have been reintroduced to j.c. the previous strategy when johnson said, quote, the sale is no longer in our vocabulary. j.c. penney still on track to open 30 shops this year. and with that's sales, some analysts have been concerned that adding everyday low prices, plus a sale on top of it, event driven and incremental to compromise hitting the gross margin target by 2013 but ron johnson is sure they will get there. >> let's bring in our guests and herb greenberg is back with us as well. when i hear a ceo say he's not worried about cash and liquidity, think maybe he's not worried about it because it's not a problem, or should he be worried about it? >> i certainly think he should be worried about it. >> yeah, me, too. we -- i think he said something very interesting in the interview today when he was asked if this turnaround is self-funding. first he said yes and then he said we won't have to tap into the revolver this year, and he qualified it, and i think by the end of 2013 they will have to tap into the revolver,

j.c.'hara on the technical side and heather hughes on the fundamental side. j.v., let's talk about this. would you prefer buying the financial etf or s&p etf? >> right now, maria, i'm really interested in the financial etf, and the reason being is we have a tremendous long-term base pattern that has formed over the last few years and price right now is breaking to the upside which is extremely bearish. for all you guys who look at the '07 highs to the '09 lows, looking at the 38% retracement level. we move a little bit higher up, these financial could be off to the raises. now, do i prefer this over the market as the s&p? i believe so. the next chart i brought along is a longer term chart looking at both the financial compared to the s&p. they have moved lock step at the beginning of the 2,000s. after the financial crisis the s&p actually rebounded ahead -- ahead of the financial sector. right now the financial sector. they were able to clean up their balance cheat and have room to play ca

sears and j.c. penney's.the supplies, the paint and the tools. two days ago i said this could be the point where it could turn around, i was today's to early. rhine and johnson will probably not last through the holiday season. he is going to bring discounting and couponing back. he brought couponing back but said no discounts. he said i will sell a share for $40 that as actually $20, was at a 50% of sale? people love shopping at dollar general, they go crazy shopping there. apple stores, and t. j. max. they are smaller and modern department stores. >> pandora out how much is costing them a lot of money to streaming music. they're talking about limiting it to 40 hours a month for people who streamed for free. >> i like this. it you streamline your phone, it is down to four hours a day. this is ok. they will add 99¢ if you want to go above that. they are trying to monetize it is going to be slow. i think apple sued by pandora, spotted by an netflix barry. pandora cannot lose money for ever, i did that there ce

but rival j.c.penney argues it has the right to sell other stewart-branded products that macy's doesn't carry. ruben ramirez reports. >> reporter: martha's in the middle, as two of the nation's best-known department stores fight in new york state supreme court over just who can carry the domestic diva's home products. >> two different companies are looking at an agreement and interpreting it two different ways. macys is interpreting it very broadly and pennys is interpreting it very narrowly. >> reporter: there's no denying the appeal of carrying martha stewart's brand. macy's says it has billions of dollars on the line. >> for macys, having a differentiated exclusive brand is critical to their competitive strategy and they've invested a lot of time and effort in building up the martha stewart brand giving her a lot of exposure in their stores and its a linchpin of their home strategy. for, j.c.p., martha is a key part of its "store within a store" turnaround plan. >> she can appeal to the kind of c

j.c. penney. plunging and so are stairs of the stock. we saw j.c. use a little of our help. the ceo of justice not cut it. here a few suggestions on how to turn this one around. the coupon, bring it back from the dead. whenever the company does storewide sales, but this is not working. the right coupons. hello bringing in a fresh designer to do what started as done in the past. expensive fabric. but sunday when over a target you could not give into the stores. he has taken them by storm. how about the land? he too has just captured the eyes and ears and the world of the fashion world that there. best women's clothes into very much the modern era. forbes says he had sailed the way modern women dress. a promise there would take this give card not been inspired to go into j.c. penney. she will go if the kurds of was in critical designers. the dow jones industrial opposed to finish higher. about 35 points. everyone battle excited. updated the all-time high. >> i think he was listening to you and taking notes. the dow jones industrials. the month of febr

>> j.c.r guys one and i think the bigger guy will win in the bat of the index. i don't like the jpmorgan call for a couple of reap. first is the fact that as bill mentioned we're closing in all loc hood an all-time high. rallied 20% just since the election in november so in a three-month period had an incredible rise. i don't think this is the time. it was several weeks ago was the time to get bullish on the small caps and for the second reason and the more important one this issue of small caps versus large is really all about ale. the reason that we've seen such outperformance in the russ sell because it does not contain apple. the apple intense selling began in november, and since that time small caps have outperformed, but if you think apple is overdone to the downside and i do, i'm long apple, if you think apple will recover from here you'll be much better served in long caps rather than small. >> everybody niece this has been an overly loved large-caporaly until recently. look at the pe

firms including retailer tjx are scheduled to report quarterly results a morning, while group come in j.cer the bell. opening bell will be s 6:30 a.m.. >> facebook is one step closer to building a new campus in menlo park. the city's planning commission has given the social media company permission to construct a 433,000 sq. ft. building. it will be located across from the facebook current headquarters. the project will be a massive undertaking, the planning commission rezoned of the sides so that the building could exceed 35 ft. height limits and cover% of the property instead of a maximum of 50%. an environmental impact report was also approved. >> the san francisco 49ers have about to make their new $1.2 million stadium in santa clara but greenest in the nfl. the team announced tuesday that some power will be the officials solar technology partner of the 49ers and the new santa clara stadium. some power will supply 400 kilowatts of solar panels that will help offset the power used at the stadium dorn home games. the new facility will feature a variety of green elements including bike p

in today's hero central, j.c. hayward salutes an organization designed to fight this disturbing trend. >> unconditional love doesn't answer. i don't have to worry. >> a crook got out of the military. he developed post-traumatic stress disorder and wanted to commit suicide. four years ago, he learned about companions for heros. a program that invited him to his best friend, meyer, who gave him a new lease on life. >> i served in the military, but that was a dark side of me that no one could touch. i wouldn't let anyone in. >> but meyer has been able to breakthrough. companions for heros matches animals who face death because they don't have a home with veterans, active military, and first responders. so far, there's been over 140 perfect matches. >> it's the best work i have ever done in my life. because what you are doing is you are saving two lives at once. >> the adoptions are free and the new owner is able to get financial aid and access to a professional dog trainer to make sure the pet's health and behavior a

j.c.cally i would not just talk about a commercial but that was great. it's kind of hokey but when you watch it, j.c. penney as slowly drying as they were more like target and sears. the old guard ruined the company and was basically left for dead. a year after taking a jab, he is getting there. if i were a risk taker, which i am not, i would take a look at the stock's. >> mike stuart, j.c. penney ceo >> if i knew j.c. penney added diesel and side i would not have to go to a diesel store. >> will the impending sequestration caused a mart major sell-off? >> friday as march 1st, that is will we will start to see it. the media is making it sound like massive job cuts are coming but it came last year. democrats are trying to go after republicans, republicans are going after democrats. do not pack.panic. >> starting to try to warm up a little bit as we head towards a really warm weekend. >> we just finished our weakening but we have '70s and the forecast. today is not too bad, look at all the b

nicole: this crowd is for j.c. penney which is not open here yet.thing could be down 25% i've got a couple more big names you know, the man who major retail magic and apple, look at this, not having much success thus far at j.c. penney. the company reported a much wider loss, very weak sales, it's not going back to bringing in big weekly sales, big discounts. that's a reversal of its recovery program for j.c. penney. it doesn't like that. the market doesn't like it, down 15%. tough economy turning out to be good news for dollar frtree. we mentioned that sales continue to grow and discount chain sales are up. why is that? you've got less money in your paycheck and main you're out there looking for bargains. and this is a bargain store. moved up yesterday, 10%. no pullback seriously today and that's all we've got. two stories there. let's go back to larry levin in chicago. i've got this for you, larry. late yesterday the president in my opinion seemed to walk back the doomsday scenario. if we cut spending the sky falls, he appeared to walk that back a

. >>> martha stewart is at the center of a battle between j.c. penney and macy's. they are duking it out over selling her merchandise. macy's said it has exclusive rights. >>> all right. a simple supplement would cut the risk of breast cancer in women. find out what common treatment for machine they pause could lower the risk. >>> and we'll take a look at seth macfarlane. >>> answering your heart questions. doctor, what's the best way to pick a cardiac surgeon. >> often times patients are referred by their cardiologist. the thing i advise patients on you have to establish a rapport, be comfortable with the person. they have a top answer your questions, want to spend time with you and put you at ease. you have to feel a sense of comfort level that that person knows what they're doing and how they will perform it. you can look on the internet. word of mouth is a good way. people in the community know who's a good operator. >> maybe you should shop around as well. >> the phone banks are sitting by waiting for your calls. the number to call, 410-481-2222. thrp' here un

department chain's macy's and j.c. penney will duke it out in court who has the right to sell martha stewart's branded bruise. amazon will jump start its streaming video service. creators will get $10,000 for an option and a share of the royalties if there show is produced. oscar nominee helen hunt wore a strapless gown from h and m. straight ahead, sword swallowing in the big apple for a good state. ohio state takes on michigan state as march madness gets closer. you're watching "early today." >>> now to some stories that caught our eye this morning. we begin in california with a major melee between college baseball teams. fists began flying after one player was tagged out and shoved by an opposing player. the bench-clearing brawl between sacramento state and u.c. riverside led to three player ejections. >>> in chicago, police arrested at least 20 people after rowdy teens stirred up chaos inside a shopping mall. >> jumping on top of cars. knocking out windshields, rearview mirrors, trying to get in stores. is opening

the ceo of macy's is testifying in new york saying that j.c.agreement that macy's had with stewart when j.c. penney agreed to open martha stewart mini shops in its stores. macy's says it has the exclusive right for all martha stewart products. >> stock market off to a decent start. dow up by 37 points. up at 14,038. nasdaq up 16. s&p up by 6. >> thank you. , kcbs radio's financial reporter jason brooks. >>> furniture giant ikea pulling its meatballs from 13 european countries because of horse meat concerns. ikea's swedish brand says on its facebook says it won't sell or serve any meat because because of customer concerns. czech authorities found horse meat in items labeled as beef or pork. ikea says its own controls don't show any traces. >>> time now for a look at what's coming up on "cbs this morning." charlie rose is in the big chair this morning and joins us live from new york with more on that. >> good morning, frank and michelle. the deadline gets closer for congress to stop $85 billion of spending cuts. we'll show you how schools, emerge

on the technical side of the story j.c.a with phoenix partner group and on the fundamentals zachary karabell. good to see you both. zachary, first you and the fundamentals. what do you think of blackberry's prospects? >> the new phone may be as great as everyone says, i haven't seen it, but it is a really, really, long, hard and uncertain road for blackberry to climb to recapture a mind share and market share enthusiasm. i gave up my blackberry six months ago and got an iphone. you know, the fact is it is really rare for a company to go down as quickly as blackberry did with basically one product, right? they did not diversify and then reverse course and go up again. people point to apple in the 1990s, but for every one of those there's a palm which, you know, we all remember and died a quick and ignominious death. >> good analysis there. j.c., what about the charts? how do they look to you? >> the charts are showing there's real indecision between the bulls and the bears. i could give you five cases for the bullish and fiv

j.c. penney will be the headliner among the reporting department stores.r awful quarter for same-store sales with a 27% decrease. the commentary from ceo ron johnson will be closely followed for his overall expectation as the company enters its second year of the four-year transformation, and we'll finally know how much cash is on that balance sheet and best buy reports thursday, the last day former chairman and ceo richard schultz has to make a bid for the company he founded. wall street analysts are expecting it to be a negative 1% but the stock has been on a tear. >> let's bring in our guests. ladies first here on the show. ladies, it's always about the guidance, but this time around is it really all about the guidance? >> i think it is. i mean, fourth quarter, for the most part, we know what the sales levels were for many of the companies, many pre-announced. we had retail sales reportings throughout the quarter, so i really do think it's about the guidance and how conservative the guidance is but also what the current picture is and how bad february h

> > i am wearing a j.c. penne'. > i am in filene's. let's go. let's talk about who is going to win an oscar. you took a look at who should win and who will win. starting with best picture, what is your pick? > > pick for to win i believe is going to be "argo." it seems that this is going to be the one year to remember the oscars screwed up by not nominating ben affleck and they have been trying to correct themselves ever since. so i think "argo" is going to win. what should win, my personal pack, "lincoln" was the best film of 2012. so i wish that would win. > best director. > > best director i think will win and should win is both going to be steven spielberg. this is going to be their sort of, not consolation prize, i guess, for "lincoln" since it is not going to win best picture. he is a clear favorite to win. > best actor. > > best actor, again, daniel day-lewis. > it is his to lose. > > it is his to lose. i don't think anyone has even a chance. > i agree with that. best actress. this could get interesting. > > best actress could get interes

>>> hell hoe and hello and thank you for joining us, i'm j.c. hayward. automatic spending cuts will hit many one week unless -- hit in one week unless congress comes up with a compromise. danielle nottingham reports it appears both sides are not going to reach a deal. >> reporter: president obama says it'sup to republicans to stop massive automatic spending cuts. on the same day he spoke with mcconnell and john boehner on the phone, he told al sharpton's radio listeners the gop appears to be willing to see the cuts go through. >> their basic view is that nothing is important enough to raise taxes on wealthy individuals or corporations and they would prefer to see these kinds of cuts. >> reporter: if the president and congress can't reach a deal, the cuts will cake in a week from today -- kick in a week from today. democrats say if the cuts go through dozens of federal agencies will have to trim workers affecting everyone from food inspectors to fbi agents. mare january blakery represents the aerospace industry and uses to run the faa. she says there will

terry lundgren testified in his company's fight with j.c. penney over who has the rights to carry martha stewart home goods. >> susie: despite the big stock sell-off today, shares of barnes and noble surged more than 11%. investors bought up the stock on news the bookseller's founder and chairman wants to buy the retail business. in a securities and exchange filing, leonard riggio said he plans to make an offer for barnes & noble's bookstore chain, but not its nook e-reader business. erika miller takes a closer look at whether splitting the company makes strategic sense. >> reporter: what's interesting about leonard riggio's bid is that he wants to buy the weakest part of barnes & noble's business: the bricks and mortar bookstores. during the all important holiday season, sales at b&n's bookstores and website fell more than 10%. still, some think those bookstores may be a hidden gem: >> there are many americans who still like walking into a store to buy books to browse through the books and get a better sense of what they might want to read.

it is a soap opera department store silage macy's and j.c.ng battle over the clean of home goods, that would be martha stewart. macy's ceo terry lundgren took the stand saying he hung up on stewart after she called with the news of her j.c. penney deal. stewart takes the stand next week, here is a take on the case. this is just like you got to wonder. is it worth fighting over martha steward at this point? >> i don't know if it is worth fighting over but it will be a good product for pennies, whenever the wind up with. they will wind up with martha stewart and 3, they will wind up with some goods in the paper wrapping things like that and they will call rest of what would have been marred the steward every day when they lose this case. i think it is good for them in general. i think it was an okay business for macy's up to the end. it ran its course but i think they wanted to keep it. it was perhaps the hottest new brand out there but it was a good stable solid brand. tracy: macy's claiming they made her who she is as far as that stuff goes b

. >> tom: tomorrow on nbr: retail results continue, most notably from j.c. penney. we will get a better look at if the company's turnaround plan is helping its bottom line. and are you an investor or a trader? we'll talk about the difference is, and why it matters, when we hear from legg mason investment's robert hagstrom. first, "video killed the radio star" with mtv in 1981. then, it seemed the internet and music downloads would kill music sales. but the business broke a 12-year losing streak in 2012. music industry revenues rose three tenths of 1% to $16.5 billion. that's nothing like the music industry's peak hit back in 1999 when annual sales neared $29 billion. and the best selling album last year? adele's "21". that's "nightly business report" for tuesday, february 26. have a great evening, everyone. we'll see you online at nbr.com, and back here tomorrow night. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org >> join us anytime at nbr.com. there, you'll find full episodes of the program, complete show transcripts and all t