can i put in jc penney? jc penney, would you buy jc penney?> well, i'm staying away from whether i would buy it or not. this is one of the great, i think, marketing decisions that was disastrous. everyday low prices sounds like a great idea. but people get used to sales. and apparently they missed them. they have told you that. the buyers obviously want to see the sales back. >> are you as short-term as bob? on a four-year strategy? >> well, you know, ron johnson, the former apple executive is runni innin inning jc penney ri. obviously his strategy of moving away from the coupons which they call drugs -- >> i beg your pardon. >> they have to wean them off the coupon addiction. it's going to take time, but the strategy makes sense, but you have to be in for the long-term. >> 19% drop in sales has to be one of the worst quarters in retail history. i hope they'll have the time to -- >> if the customers are going cold turkey, what did you expect? >> that's the point. >> i get it. >> listen, they don't do that at ross stores, for example. you don't

has jc penney hit an iceberg?t's herb right now, by the way. >> gm also not liking facebook for outspending. will they be the first of many major advertisers to ditch the social network. is facebook simply too big to ignore? we'll ask ford's marketing chief. stay with us. or creates another laptop bag or hires another employee, it's not just good for business, it's good for the entire community. at bank of america, we know the impact that local businesses have on communities. that's why we extended $6.4 billion in new credit to small businesses across the country last year. because the more we help them, the more we help make opportunity possible. look, every day we're using more and more energy. the world needs more energy. where's it going to come from? ♪ that's why right here, in australia, chevron is building one of the biggest natural gas projects in the world. enough power for a city the size of singapore for 50 years. what's it going to do to the planet? natural gas is the cleanest conventional fuel there i

i'm jc hayward. it's shaping up to be another ugly battle over the budget on capitol hill. the president is giving congress a to-do list and republicans continue to stand firm on no new taxes. danielle nottingham reports. >> reporter: with the national debt clock ticking behind him, mitt romney took aim at president obama's handling of the debt. >> he said he would cut the debt in laugh if he became president. instead he doubled it. >> reporter: an election year showdown is shaping up over the debt with republicans saying they will not raise the country's debt limit without big spending cuts and no new taxes. president obama invited leaders from both parties to the white house today to try to find some common ground, and to push job creating measures that he called congress' to-do list. the list includes eliminating tax breaks for companies that send jobs overseas, giving tax breaks to small businesses hiring u.s. workers, extending tax breaks for clean energy companies, refinancing health for homeowners and job search assistance for veterans. the president and his democrat

jc? >> all right, bruce leshan reporting live, thank you very much bruce. >>> a peaceful gay pride march turned violent in the country of georgia. the march was to commemorate the international day against homophobia. a fight between gay activists and members of the radical orthodox group took place. there were only minor injuries, police intervened as soon as that fight started. >>> coming up next -- howard has the weekend forecast. >> and yc, what -- jc, what a perfect day. maybe a 9.5 if not a 10 today one of the best days of the year. and looks like we can bring some of it into the weekend. but will we make it all the way through? i'll let you know. we go to break with a look at the allergy update and you know that's gotten better from yesterday. tree pollen, grass pollen still high but the numbers are down and mold is low once again. your full seven day forecast when 9news now at noon returns. >>> hello. i'm andrea roane. i'll be talking to jc in just a minute about the breast cancer

jc? >> all right, howard. >>> virginia state police are trying to determine if weather played a role in two deadly crashes on interstate 95 in dale city. the most recent accident happened in the northbound lanes just before 8:00 this morning. as many as three cars were involved. one person is dead. police are on the scene. they're investigating how this crash happened. >>> and then a few miles away and a few hours earlier, police were on the scene of a deadly crash on i-95 in dale city. authorities say the driver of a van lost control, struck a guardrail, and flipped his vehicle. two passengers were thrown from the van. one of them was killed. the other passenger and the driver have been hospitalized. they are listed in serious condition. >>> president obama is making clear that mitt romney's work at a private equity firm will be an issue in the presidential campaign. however, romney's camp says that that experience makes him more qualified in order to fix the economy. danielle nottingham

jc morgan.imon, elevensohn and mcclendon making headlines almost on a daily basis and not the best of headlines at that. guy, you want to talk about what's facing aubry mcclendon here and chesapeake and the pressure to mean for you buying the stock or not? >> listen. i think clearly he's under tremendous pressure. i mean, he built this effectively from the ground up and might be time for the good of the company for him maybe to sort of pass the baton and i think if there's the case one of two things happen. extraordinarily buy their to me either there are tremendous skeletons in the closet which i don't really believe or carl icon is right and the stock with a significant rebound from here but i think it's dead money until i think he sort of moves aside and then you have a tremendous opportunity. my sense is if he steps aside the stock goes up a quick 10% to 15%. >> weiss, the call on jamie dimon with a position in jc penney. did you say you shorted -- i'm sorry. in jp morgan. obviously, duh. wh

. >>> bill ackman's bullish on jc penney. so is herb.re they crazy or just genius ahead of their investing time. >>> outrage of the day. we'll meet the ceo whose pay went up $7 million even as the stock stayed stuck. nice work if you can get it, mandy. >> stocks are high. but an early rally has faded some what. the dow up 156 points earlier. a rise today would be only its fifth positive session of the month for the s&p 500. fairing a bit better than that. it is up for the fifth time in six sessions. and the nasdaq also higher today, but still looking at its biggest monthly loss in two years. we've got courtney standing in for bob pisani today. rick santelli, as well, is going to join the crew. courtney, always ladies first on "street signs." still a bit of a rally. the question from here is sustainability. >> that's exactly right. again, we look to our global trading partners really steering trade today. art cashin tells me some of the strength we saw early were from some reports that china's considering a stimulus package. also some ear

i'm jess come doyle in for jc hayward. thank you for joining us. we're going to get to memorial day observances in just a minute but first the region under a heat alert. let's get right to meteorologist howard bernstein with your forecast first. howard? >>> good morning. right now growing into effect a heat advisory covering the washington and baltimore metros, especially away from the bay, down to fredricksburg, culpeper, up to frederick and leesburg, montgomery, prince george's county, fairfax. this is borderline for the weather service but it's early in the season. today we're looking at some temperatures which will make it into the lower 90s. that's a big storm blast that caused an early cancellation of the memorial day concert on the mall. they got some of it but had to pull the plug on it to get people safe. lots of sunshine. there's nothing that's developed just yet but temperatures with the bright sun really responding. all to 86 in baltimore. 85 southern maryland. fredricksburg 88. we're sitting at 84 degrees. when you factor in the humidi

jc penney will be the main event later this afternoon. let's run down the e tail reports moving stocks so far. dow component home depot reporting profit in line with expectations. disappointing revenue and less than hoped for profit and sales guidance sending shares lower. completely different story for dick's sporting goods. the largest publicly traded u.s. sporting goods retailer handily beating the street on the top and bottom line and raising full year outlook. here's a surprise. tjx profit beats the street on strong sales in europe. tjx raising guidance. the shares up about 7%. jc penney reports after the bell. the street is expecting a loss of 11 cents per share. the retailer no longer offers guidance, though ceo ron johnson expects sales to take a hit for the first half of the year. a complete transformation is costly. macy's cfo says it's taking share from jc penney, though it's hard to quantify how much. the big question is how much of a hit will jc penney investors tolerate and for how long. according to fitch solutions, spreads

howard is here with the forecast. >> yeah, jc. we really do need the rain. we have about a 5-inch deficit since the beginning of the year. this is going to calm down in waves. we've seen a nice lull move in. southern maryland has been quiet with peeks of sunshine. look down here. some heavier rains. right now in southern maryland, down 95 we're in a lull but north and west, it's been coming down a lot more. i was speaking to one of my weather watchers and they said it's really coming down toward camp david. d.c. south and southeast, we're relatively quiet. montgomery, frederick county, northern lou down, you have a break -- loudoun, you have a break headed your way. but with the additional rainfall, i think any afternoon plans will be tough to get in. this is what we could be seeing it now and tomorrow morning. could get heavier rains today and tomorrow. maybe more than 2 inches of rain here in spots. when you include the rain potential for wednesday, now we've got a little bit of red west of town and up into pennsylvania. some areas may see locally three. i

jc, back to you. >> it certainly will. it's absolutely incredible.ashington has never seen anything like that thank you very much, delia and of course bruce johnson. >>> whether you're going to the viewing or just driving through the neighborhood, there are several street closures. right now t street northwest is closed between 9th street and florida avenue northwest. and parts of 7th street, 8th street and wiltberger street northwest are also closed and they will stay closed until midnight. >>> we are going to continue to honor the memory of chuck brown with a live look and a look back at his early life. chuck brown was born in north carolina in 1936. he taught himself how to play guitar after a stint in lorton reformatory. in the early 1960's, he played guitar with jerry butler and the earls of rhythm. in 1966 he formed chuck brown and the soul searchers. he developed go-go music in the early '70s. his first hit was "we the people" in 1971. it would take seven more years before he became naptionly known -- nationally known with the release of "bust

i'm jc hayward. the unofficial start of the summer is under way. aaa is predicting that there will be a spike in travelers on the roads this weekend. we're going to take a live look at traffic from the bay bridge. traffic is moving briskly as you can see. delia goncalves was there earlier this morning, however, and she filed this report. >> reporter: we're here at hemmingway's over looking the bay bridge talking about memorial day traffic and what you can expect when you hit the roads later today if you're not on the roads already. with me is lon anderson from aaa mid at mid-atlantic. you're expecting lots of traffic on the roads, a very busy weekend. >> exactly right. very busy, lots of traffic. we're projecting almost 900,000 washingtonians heading out of town this holiday and about nine when ten of them are going to be on the roads. the fact that gas is 25 cent as gallon cheaper than it was last memorial day and it's been falling for seven weeks, been falling since easter nonstop, that makes it pretty good. stay off the phone, stay awake, stay s

how do i play jc penney at these levels or do i not play it at all? >> i don't know if you play it at all, tyler. i'll tell you why. it takes a long time to change an image. i think that jc penney has had an image problem for a very long time. i'm not saying that it can't be done. i would say that you may want to look at something like family dollar. interestingly, ackman actually reduced his holdings of family dollar last quarter. and we think that that's more of a play. it has a small dividend. a little over 1%. they don't have an image problem. sue, over to you. >> thank you very much. >>> the oil market was stronger this morning. not so right now. down about 21 cents on west texas intermediate crude. one reported reason for the surge earlier on was pessimism over those on again, off again nuclear talks with iran. light sweet crude off about 20 cents on the trading session. oil clearly is also an issue for europe's house of economic cards. just last week europe vowed that starting july 1st an eui ban on iranian oil will begin. global market strateg

>> jc penney i'm short also. i think it can go lower.s pulled back about seven points. >> we'll go around the horn when we come back and get final trades. of how a shipping giant can befriend a forest may seem like the stuff of fairy tales. but if you take away the faces on the trees... take away the pixie dust. take away the singing animals, and the storybook narrator... [ man ] you're left with more electric trucks. more recycled shipping materials... and a growing number of lower emissions planes... which still makes for a pretty enchanted tale. ♪ la la la [ man ] whoops, forgot one... [ male announcer ] sustainable solutions. fedex. solutions that matter. not quite knowing what the next phase was going to be, you know, because you been, you know, this is what you had been doing. you know, working, working, working, working, working, working. and now you're talking about, well you know, i won't be, and i get the chance to spend more time with my wife and my kids. it's my world. that's my world. ♪ that's my world. if you made a list of

i'm jc hayward. >>> we are finally getting word of some of the plans for a memorial service for music legend chuck brown. he died last week after being hospitalized for pneumonia. his daughter tells "the washington post" that a viewing is planned for tuesday at the howard theatre. the paper also reports that brown's funeral will take place at the verizon center or the convention center next thursday. we checked with brown's manager. he says that the details have not been finalized and they are subject to change. we will let you know when the services are finalized on our newscast as well as on our website wusa9.com, on facebook and also twitter. >>> the man who runs the secret service is facing tough questions about the prostitution scandal rocking his agency. danielle nottingham reports that scandal is forcing agencies to revise their codes of conduct. >> reporter: secret service director mike sullivan told lawmakers the misconduct of agents in the columbian prostitution scandal did not endanger president obama. sullivan is on the hot seat following revelations that secret service ag

i'm jc hayward. president obama's decision that same-sex couples should be allowed to marry is getting both strong praise and criticism. randall pinkston is at the white house with more. >> reporter: president obama's campaign is already out with a new internet ad calling his republican opponent backwards on equality. the president's declaration wednesday to good morning america's robin roberts that same-sex couples should be able to marry moved the issue to the front of the 2012 presidential campaign. >> i think same-sex couples should be able to get married. >> reporter: the president hopes the announcement will fire up the democratic base. >> it was really meaningful to hear the president unequivocally support our community. >> reporter: but it's not sitting well with some members of the hispanic and african- american communities who overwhelmingly supported president obama in 2008. >> it has the potential of splitting the vote. it really does from african- americans based on christianity and poli

you can look on the stage right there, jc and see that room.a said they're not at capacity but you certainly would expect that it would pretty much get to capacity when you think about what chuck brown was to this city, the fabric he was to the si. this whole genre he create -- the city. this whole genre he created that so many of us know so well here. they're introducing donny simpson and the program appears to be beginning. >> good afternoon. this is a tough one today. that man loved you. i know that he knows i loved him, too. one of the reasons i loved chuck so much is that chuck was always about d.c., always. man, that music he created was right here in d.c. it was for the world but the world had to come get it. they had to come get it from d.c. i got mad respect for that. i have to tell you, i was -- when they asked me to officiate, i had never done anything like that before. i don't know what to do to officiate at a home service. they said chuck would want you to do what you do. i said well, i'm a zj so can i -- i'm a dj so can i start it

i'm jc hayward. >>> an al qaeda affiliate in yemen is being blamed in the latest attack to have a plot against americans. the c.i.a. says it spoiled the plan to bring down the u.s.-bound plane with a sophisticated bomb before it ever got off the ground. randall pinkston has the latest. >> reporter: specialists from the f.b.i. are picking apart the bomb. they want to know if it could have made it past airport security and on to a plane. intelligence agents say the device is a more refined version of the so-called underwear bomb that malfunctioned on board a plane over detroit on christmas day 2009. >> what the f.b.i. is doing is taking a look at the i.e.d. construction and see what type of refinements and modifications might have been made. >> reporter: officials say this bomb didn't use any metal but it's possible new full body scanners at about 170 airports may have detected the device. president obama's counterterrorism advisor says c.i.a. agents work with a number of international partners to foil this plot. officials say al qaeda and the arabian peninsula and other terrorist groups

i'm jc hayward. the country's largest bank admitted to a massive loss on a trading bet that went wrong. alexis christoforous reports on the blunder by jpmorgan chase. >> reporter: jpmorgan chase's surprise $2 billion loss sent shock waves through wall street. there were errors, sloppiness, and bad judgment. >> in hindsight the new strategy was flawed, complex, poorly reviewed, poorly executed and poorly monitored. >> reporter: the giant loss came from a trading portfolio of complex derivatives. one trader known as the london whale designed it from the uk office. the idea was to balance risk but the strategy backfired. the news sent shares of jpmorgan chase sharply lowered. bank stocks dropped in both europe and the u.s. the office that managed jpmorgan's losing portfolio was betting that the economic recovery would continue so last month's market volatility was a disaster for the investment. dimon says the bank remains profitable but admitting the mistake was egregious. >> the portfolio has proven to

i'm jc hayward. thanks for being with us. >>> one year ago today president obama announced navy seals killed osama bin laden during a raid at his hideout in pakistan. well, the killing angered many in pakistan. and danielle nottingham reports that some people here in the united states accuse the president of using bin laden's death to gain points with voters. >> reporter: pakistan has not answer some key questions one year after osama bin laden was killed at this compound. pakistani leaders ordered an investigation into whether the terror leader had a support network inside the country. but pakistan is not disclosing its findings and the u.s. says it's disappointed. president obama makes no apologies for killing the al qaeda leader who ordered the 9/11 attacks. >> i said that i would go after bin laden if we had a clear shot at him. and i did. >> reporter: on this first anniversary, the president and his republican rival are trading swipes on the bin laden raid. the president has hinted that mitt rom

i'm jc hayward. howard has been checking his maps. he has details of the weather. >>> some areas reporting two inches of rain the last couple of days. we have a nice break now. what's going to happen with all the moisture around, a little upper air energy, a little daytime heating. the area in yellow, that's a threat of severe storms. there is issued by the storm prediction center out of oklahoma. they track this stuff. you can see it. it includes baltimore, washington, frederick, down 95 to richmond. we'll have to watch this. not only will we goat some storms to redevelop -- we get some storms which could redevelop with heavy rain, but we have the threat of gusty winds and hail. the storms we had this morning are in the hudson valley, northern new jersey, approaching the metro new york area and new england. for us it's quiet at the moment. we had some breaks. we got a little bit of daytime heating going o. the other thing i want to point out, when you look at the clouds coming through eastern tennessee, see how they're racing eastwar

>> that was the smartest thing they could do jc.ecause they focused in on what the prosecution didn't focus in on. what the prosecution had to prove. they focused in on campaign finance violations. they had a very boring case. they showed two compelling documents. one was a document from the federal election commission that said a memo from july of 2011 that said there was no violations. of the million dollar. another one was -- an internal opinion from the justice department that said when you go after these cases, make sure that there's no doubt and that the federal election commission has said that there's a violation. >> as you were betting a woman and i know you're not -- >> no. >> you're not. what would you say. what's going to be the outcome do you think of this case? >> anytime you have a jury trial, it's always rolling the dice so we speak. and you never really know. i think that both sides had some good, some bad. but if i were a betting person, i'd go with the defense. >> wouldn't you say though that the jury always wants

before he came in jc penney was known to have a sale every single day and he wanted to wean customersly sales. they stopped shopping there altogether and you look at the first three months of the year, sales are down 19%. investors had high hopes pinned on the ceo named ron johnson. everybody thought he'd bring back some pizazz to jc penney since he launched hundreds of apple retail stores. he's in the middle of a four-year plan to revamp the stores. give him a little time. >> let me try something else, skechers, shape-ups, everyone was buying them trying to get the kardashian butt. turns out you don't get the kardashian butt? >> what? i have to go to the gym and exercise? the shock and horror! >> the ftc came out and said deep down what we know anyway. skechers don't help you anyway, they don't tone your butt, legs or abs and sketchers has to pay $40 million that it deceived consumers and skechers don't improve your cardiovascular health either. you can get a refund from the ftc

a conservative groups of moms going after jc penney again. the group 1 million moms is upset with jc penney for using this catalog photo which shows a lesbian couple with their arms wrapped around each other and their daughter. both women are wearing wedding bands and the text across the photo reads freedom of expression. in february, 1 million moms launched a campaign demanding the retailer fire ellen degeneres because she's gay. that campaign failed. >>> well, this one is nothing short of a major feat. it's 4:50 right now. we take you to some major league baseball history. we'll tell you about a no-hitter served up by the angels. >>> plus, get ready for the summer block busters. hours away from the opening of the avengers. we'll have a preview next. >> i want to see that. we're looking at 101, a smooth drive through the north bay. novato construction, we'll talk about the rest of your commute coming up. hey, your high speed internet here at home... and on the go... ...with some really big news. it's b-i-g, big. high speed internet from at&t

let's check the charts with jc o'hara. welcome. >> thank you, how are you? >> good, thanks.you. let's take the crude first. we're looking at 9 or so. where it's sitting now. >> crude as a commodity, you have to remember when commodities move, they move fast and get to where they want to go in a hurry. so originally, we started entertaining a long trade about -- thinking about under 93, making a short-term pop. that didn't come to fruition. all of a sudden we see 89, erase the gains on the year. we said we might be in for a short-term pop after an oversold condition. however, i really like this for a short-term -- very short trade, anything above yesterday's high. you have to remember the longer-term trades are down. >> grasso, comment on oil? >> yeah, you know, for me, i thought it was just too much baked into the cake when we thought we were going to rip straight through the sky here. i think we're going to be looking at slower global growth, we're going to be looking at recessions possible, depressions in the eurozone. still negative, basically, on the price action in crud

this is not the group's first attack on jc penney.uary, 1 million moms launched a public campaign demanding the retailer fire spokesperson ellen degeneres because she is gay. that campaign failed. >>> it is 5:46 right now, and we definitely need the rain and christina loren is here to tell us it's coming. >> it is coming. we're not going to see a whole lot of rain, but if you are picking out a nice ensemble for the day, bring that umbrella. those microclimates giving me a hard time when it comes to the forecast for today. this is san jose. mostly clear skies to start you out. nice and calm out there. temperatures are in the 50s. and we do have a pretty strong sustained wind speed in fairfield at 14 miles per hour. but the difference is, san francisco, you're waking up with a full deck of clouds this morning, calm conditions, yeah, that fog is back. showers are going to hold off until the second half of the day. it all works out like this. you can see, we've got a really good looking system for the pacific northwest. we're not going to

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. >>> second time this year an anti-gay women's group going after jc penney the organization is upset with the department store chain over an ad depicting a smiling lesbian couple and their daughter. the one million mom's website urges members to visit their local jc penney store manager and politely explain the ads the wrong message in february the -- one million moms has an estimated 44,000 members. >>> this morning a2Ñ2yb versiof the scream has honor of being the most expensive painting ever auctioned off. unidentified telephone bidder paid 120 million dollars for a pastel version painted in 1895. five bidders competed for "the scream." experts expected 80 million dollars it was sold by the heir to a norwegian shipping fortune -- it shattered the previous record of 106 million paid for a picasso nude in 2010. as you know, he painted four versions this is the only one left in private hands soui valuable. >> macaulay culkin was not the inspiration despite what you may think at home. >> he does a great imitation. >> he does. >>> not everybody is going to get rain, not at the same tim

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