can jc penney do that? >> they can.uestion of ron johnson, whether it is ron johnson or someone else, it has to be a transformational vision that can operate moment by moment, day by day, price point war at the same time. that's what happens. you have to change fundamentally to be around in the future and ron johnson has a vision for that. somebody has it lead through the change. >> fantastic round. if only there was a one-hour extravaganza about jc penney. >> how about coupons. >> i but a nice pair of slacks there. bought a hat there. i like it. sales people were nice. this is the one in harold square. very nice store. >> you can't compare that store. they get all the foot traffic from the subway. >> we have news, herbalife halted for news pending. >> i wanted to know, i went to scott wapner, is this the get ackman trade where acahn ups the stake. herbalife has been up all morning. ackman is on that. or alternatively, there was insider buying. i don't know. >> we will wait to see what that news is. and vanity fair has

that day jc penney closed at 67.02.ar from that level and falling badly. jc penny reported last night that sales are down 28% for its fourth quarter and yet, we have an analyst with a buy rating on the stock. brian neagle joins us, senior equity research analyst at oppenheimer and co. good morning, brian. >> good morning. >> so you're prepared to step in front of this or advise people too do so? >> well, look i have an outperform rating here. my call on jc penney, behind all this noise, and there's a lot of noise out there right now, i think there are actually signs this turn around is beginning to work. i think over the longer term, a more profitable, higher return on capital jc penney will emerge. the near term is very difficult to call. i write a lot about this to our clients this is a sentiment-driven story. frankly, i agree with the market right now. a lot of reasons not buy jc penney. >> sharpest drop in sales since announcing transformation 13 months ago, three brokerages cut their price targets today partly beca

the jc penney ceo.why ron johnson is joining the "mad money" wall of shame because he has got to go. ron, either stop being so darn delusional or better yet, just stop the charade. spend the time with the family in california. let somebody else take over which would, of course, with all wall of shame entrance send stock higher. stay with cramer. i know what you're thinking... transit fares! as in the 37 billion transit fares we help collect each year. no? oh, right. you're thinking of the 1.6 million daily customer care interactions xerox handles. or the 900 million health insurance claims we process. so, it's no surprise to you that companies depend on today's xerox for services that simplify how work gets done. which is...pretty much what we've always stood for. with xerox, you're ready for real business. living with moderate toch semeans living with pain.is. it could also mean living with joint damage. humira, adalimumab, can help treat more than just the pain. for many adults, humira is clinically p

jc penney is soaring. does he have to live on that bet?> here folks, listen up, some is something that i don't think has been reported yet. here you go. some wire services out there. not big ones. blogs and then the wire services, i think briefing.com picked up on it. research was out positive on jc penney and things that january same store sales may be flat. i did research. mosaic research in portland, oregon covers jc penney. i reached out to the founder. he said we haven't put out anything. we haven't put anything out, haven'ted a is word. it is hard to find anything. i forwarded him the blog. he said, he didn't know who that was. so maybe there is another mosaic. but michael from mosaic in portland said we haven't put out anything about jc penney. >> tread with caution. >>> going head to head with macy's, get this, marcia stewart. courtney reagan has been following this battle. what is going on? >> reporter: mandy, right now the lawyers for j th penny just beginning their opening margeaux umts here in new york state supreme court mind

today, macy's ceo terry lundgren in the battle with jc penney over martha stewart. what happens in vegas may be keeping visitors from vegas. we are talking about a terrible farm wave on the strip and the impact it is having on tourism. >>> check out zynga shares today. up 11%. one of the day's biggest winners. we will tell you why when we come back. for the rx and lexus. this is the pursuit of perfection. how sharp is your business security?o! can it help protect your people and property, while keeping out threats to your operations? it's not working! yes it is. welcome to tyco integrated security. with world-class monitoring centers and thousands of qualified technicians. we've got a personal passion to help your business run safer, smarter, and sharper. we are tyco integrated security. and we are sharper. lunch." i'm josh lipton. check out the out the pop on the descent volume. the company's ceo will present at morgan stanley tech media in san francisco, scheduled to present right about now, a live webcast and replay will be available, the company says, on its web

. >> we are watching jc penney. there it is. down to 19.19. anniversary of retail retailer. court courtney is at their headquarters in tfexas. >> reporter: we talked about the tough year that it has been in the first year of the transformation. this is just days after johnson reintroduced targeted sales after taking a really hard line and saying that sale was no long ear part of jc penney voe kak larry, reaffirming that jc penney would return to growth in 2013. that is important for investors still hanging off on after the company lost in market cap since february 1st of this past year. he said if he had to do it over again, he would have done it by changing a if you tactics. wall street is starting to worry about cash. early on, johnson said he would be able to self fund the transformation from start to finish without tapping into the revolving line of credit. i asked johnson if that is still true. >> with the cash we have on hand, we have yet to tap into the revolver. it doesn't mean we wouldn't at some point. >> and that's the first time th

. >>> on the "cbs moneywatch" now, jc penney in the red, and retirement becomes more elusive.ison is here in new york with more on that. good morning, ashley. >>> good morning, anne-marie. well, asian markets rallied on the expectations that italy will continue its fiscal reform. tokyo's nikkei rose nearly 3% its biggest gain in three weeks while hong kong's hang seng added 2%. ben bernanke did it again. he told the house committee wednesday he stood behind the banks' low interest policy and that sparked another rally on wall street. the dow shot up 175 points to a new five-year high while the nasdaq rose 32 points. >>> jc penney is still struggling. the company said wednesday the revenue plunged by nearly 30% in the fourth quarter. the department store has posted massive quarterly losses for the past year. ceo ron johnson says jc penney will start offering sales every week in the hope of luring back customers. >> jack lew will be sworn in as treasury secretary today. the senate confirmed him yesterday. lew served as president obama's chief of staff and will replace timothy ge

sear's department stores are located in the same malls as jc penney.a handful of analysts even issue estimates for sears so consensus isn't truly representative for that name. after the bell specialty retailer gap does report, and that's a retailer that has been a bright spot recently. i'll bring you earnings when they cross. i've not been inside a sears to actually purchase something in a very long time. >> i couldn't tell you where my local sears is, to be honest. >> it's a problem. >> i'm not sure there is one near me. >> i don't either. >> oh, come on. >> i'm serious. >> in and out of sears all day long. >> listen to her, miss shopper here. >> let's get to eamon javers with breaking news from washington about the new treasury secretary, yes? >> reporter: hi, bill, that's right. well, it was a very low key debut for treasury secretary jack lew. he was sworn in this afternoon as treasury secretary. they did not allow the media or cameras to be in the room so we'll have to basically take it on faith here from the treasury department that that in fact

you touched on something with the ads that came out recently on jc penney.w york times. i can say for certain, for the first time that i can remember, it actually caught my attention. now, right, wrong or indifferent, i think what you are looking on jc penney could be the bottom here and there is nothing but up side for them. if you could speak to the new person they hired from coke, do you think that he is behind these new ad and that he could be the -- what could actually get them back in line with consumers, get consumers interested in the name again. >> coke fired the new guy they hired. people said it was a set-up because he was the great genius behind new coke and of course by market pressure they went back it old coke. they, too, have a very similar style, this coke executive, is the one who had them disparage their great customer base. a great rival, pepsi/coke, when he was fired, the president of coke said, they thought it was a set-up because they got so much attention. no, no, we're not that dumb and not that smart is what don said when he fired s

as of december losing $400 million on the jc penney stake.you take the valley of the stock yesterday as of low he today, that a loss of $129 million for jackman -- >> just as of today. >> as of today. >> and sales have not responded. stock has done exactly the opposite of what you would want. >> true. but ackman is still very supportive. i believe we have a soundbite where he says just that. everybody else might be negative but this might be the time to buy. this this is from two weeks ago. >> the press is unbelievably negative. ron gets picked on. my general experience is when efrp thinks you are completely stupid, very, very bearish on the company, is probably time to look at the stock. >> let's talk about kohl's. one would think kohl's would be the beneficiary of jc penney's lows, not so much. >> not so much. up almost 17% at the year-end. they have inventory, but the wrong inventory. the other problem is a real estate problem. if they don't like what they see, it is harder to turn around and walk into kohl's because kohl's aren't anchored

it's a lawsuit involving macy's and jc penney and a martha stewart with living.s has an exclusive agreement with martha stewart to sell her products in their stories. but jc penney opened a store within a store and say because it is not actually sold in their store but a store within with jc penney they don't infringe on the contract that macy's has between martha stewart living and macy's. playing out ceos in the courtroom. martha stewart stuff sells well at macy's. >> it will be interesting to see how it turns out. thanks, brian. have a great day. >> it will be interesting to see how this turns out. yoga ball can be great for two reasons. to strengthen the core and a help with with stretching and relaxing. kim weeks is here and you brought along this ball that people see and either they are drawn to it in the gym or stay away. either today run to the corner and start doing crunch city or say, i don't want those crunches today. >> she'll sit down with her profile to the camera. it's useful in life and in yoga. you can see she's got to work with her core to sit u

well, it turns out, marla and terry, jc penney shoppers really like sales.store, in fact, announced it's going to have a sale every week. prices up here, cut down to here instead of just keeping them here. >> okay. >> it works. >> yeah, it does. thank you, scott. >>> 6:57. one day away from congress's deadline to avoid $85 billion in automatic spending cuts. lawmakers have not signaled any compromises, and at this point it looks like the cuts will go into effect. president obama is planning to meet with both sides on friday, tomorrow. the day the cuts are supposed to take effect. >>> boeing says it has a permanent fix to get its krou troubled 787 dreamliner back in the sky. they're going to rewire the batteries to prevent short circuiting to spread to other cells. >>> santa cruz police officers will be back on the streets today after taking a day off to mourn the deaths of two officers. two of their own. last night the community held a vigil for sergeant loren baker and deckive elizabeth butler. the two were shot and killed as they investigated a sexual assa

it is expected that stewart and jc penney and macy's ceos will testify. back to you. >> okay. seem gla, thank you very much. >> hundreds of drivers spend much of the night stranded in the mountains, caught up in a sudden snowstorm. chp says conditions deteriorated rather quickly on highway 58 near tahatchapee. officers had to shut down a stretch of road overnight. the chp is working to get cars off the road. officers say the highway was especially crowded because drivers were trying to beat a closure on the grapevine. >>> meanwhile, drivers in tahoe also dealing with with road closures. sierra hit with eight to ten inches yesterday causinging a brief closure. some accidents were with cleaned up. well eel talk with the chp at 50 and 80 are open. we're going to take you live to squaw valley and alpine and check ski conditions there. with all the new powder i can guarantee it will be nice. >> indeed. just as christina was forecasting the snow up there. it will probably be cold. >> not bad. enough sunshine to warm into the 60s. we have a good day. active weather day. i want to bri

the only one -- only name i might consider taking another way is jc penney.hat's because it's been so maligned that maybe you could have a short squeeze and propel it higher. that would be a spread trade. every single one is probably a sale here. >> perhaps if walmart had this, february would be a different story. we are talking about stocks versus options. want to short costco off the walmart disaster, that can be costly. dan's costco put is just 120 bucks, offers huge leverage to the down side. let's move to the other big story of the day. that is the billion blowup. gold finishing the worst week in eight years falling 2% above 1600 an ounce. we heard from carter earlier. going back to him on this topic. back in january options action fans will recall he published a bearish report that gold would break the 12-year winning streak this year. where do you e see it going now? >> this looks to be just beginning frankly. it's a mess. let's look at the charts and figure it out together. i have drawn the lines several ways. this is going back to 2008. we stayed on

. >>> martha stewart needed money and jc penney gave it to her. that led to a lawsuit by macy's.ow they're all in court. now we'll show you how the battle is becoming personal. >>> north korea, the most closed off country if there the world is opening up to former nba bad boy dennis rodman. >> i got invited to come over and have some fun and i'm hoping that you know there'll be some fun. >> we'll show you the connection between rodman and north korea's new leader. >>> plus consumer reports reveals the best new cars 200613. on "cbs this morning." >> announcer: this portion of "cbs this morning" sponsored by reeses pieces. perfectly fun. chili's lunch break combos start at just 6 bucks. so ditch the brown bag for something better. like our bacon ranch quesadillas or big mouth burger bites, served with soup or salad, and fries. starting at just 6 bucks at chili's. celebrate the first flush - and every flush after that with pull-ups training pants. press the button! our pull-ups big kid app is the new way to make potty training all kinds of fun! don't miss out download the app today!

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nicole: jc penney, they did a lot of mark downs.y have had a whole issue about how they are running this company, whether they are going to do promotions, not do promotions, change in management. these two stocks alone are horrendous. if you are a shareholder today, i mean, you are very upset with this kind of move, not bringing in the numbers. stuart: all right. ladies and gentlemen, i want to put nicole full screen, hold that shot, please. because nicole petallides has just been named greek american woman of the year. congratulations. [clapping] nicole: thank you. i'm not sure i deserve it, but it will be a nice event this weekend. thank you. stuart: thank you very much indeed, nicole. >>> new jersey says yes to on-line gaming. and that gave gambling stocks a boost, including zynga. it is now considered a gaming stock because somebody has got to outline how you do this on-line stuff to the states and the casinos. well, zynga is up again, up almost 1%. a nice run recently because of on-line gaming. and later this hour, jeff marr jo

macy's and jc penney going head to head in a courtroom in lower manhattan.there with the details. courtney? >> scott, this is largely a contractual dispute. high level players involved make this case very intriguing and at times even personal. now lundgren told the court when martha stewart entered into the deal, she was just coming out of jail, wanted to have a higher quality product. macy's wanted an exclusive long-term contract with the ability to renew. because of the fact that this takes a very long time to build a business and market a line like this. lundgren continued to explain that martha stewart's company came back and said at some point if she wanted to build a free-standing store, would she be able to do so? lundgren said yes, the context would be a free-standing store full-priced line product to elevate the brand. much like tommy hilfiger does, inside macy's and separately on mad son avenue. lundgren talked about importance of the product line, saying she is the largest vender in home and they built the line from scratch to a multimillion dolla

rebecca jarvis looks at millions of dollars at stake with jc penney. >>> and consumer reports revealsf 2013. that's the "cbs morning news" for this wednesday. thanks for watching. i'm anne-marie green. have a great day. -- captions by vitac -- www.vitac.com and i'm michelle griego. time is 4:-- an >>> good morning. it's wednesday, a busy february 27. i'm frank mallicoat. >> i'm michelle griego. time now 4:30. we're following breaking news out of san francisco's west portal neighborhood. a broken water main flooded homes and cars near 15th and wawona and the water is still gushing. kpix 5 reporter cate caugiran is live and shows us where the water level is at least five feet high. >> reporter: you know, i haven't actually been able to check out how high it is just yet, but let me tell you, look at this one car. you can see just how high the water levels got. we're at the bottom of this area where the water has been pooled here. what you're looking at actually is what we're told by san francisco's water department is sewage. it's just been backed up. that's why it hasn't been able to dr

. >> reporter: martha stewart and the c.e.o.s of macy's and jc penney are expected to take the stand.the trial is slated to last about two-and-a-half weeks. unlike other court cases which are decided by a jury the outcome of this one will be decide by one judge. ruben ramirez, "n.b.r.," new york. >> tom: what started out as some mild selling picked up this afternoon with some federal reserve officials worrying about how long to keep buying bonds to help the economy. that news came just after two o'clock eastern time, which is when the s&p 500 selling gathered momentum. the index finished down by 1.2%. it was at a five and a half year high yesterday. trading volume grew. 815 million shares on the big board. two billion traded on the nasdaq. all 10 of the major stock sectors were lower. the materials sector saw the biggest loss, down 2.8%. followed by the selling in the energy and consumer discretionary sectors. two gold and copper miners saw the heaviest selling among material stocks. gold and copper metal prices both were down sharply. freeport mcmoran was down 6%. this is a two-and-a

nicole, jc penney, what's this about a downgrade, what happened to the stock?early 5% today. that's certainly a stellar move. we did get one of the analysts cutting the target today, so it's always interesting when you see a downgrade or a price target cut and yet the stock goes higher. sometimes you can't put too much merit in the analyst calls. i know you say that. the second story is that martha stewart's products which are sold at jc penney, it seems like they are trying to pull out some of martha stewart's products there. at the top of the show you said i don't know why i'm smiling, i'm going to tell you why you are smiling, stuart, because you've said it yourself, you love your job, you get paid well and you're happy to do it and you work hard and you're happy to be here. and i know the viewers love watching you. you have a great team. we're all happy to be here too. you said it. stuart: but look, i was smiling as i was talking about the legalization of marijuana in colorado and then inviting out of staters to come on in and smoke legitimately. nicole: ou

. >>> jc penney and macy's went head to head over the right to sell martha stewart merchandise. at the heart of the case is whether tay have the-- they have the exclusive right to sell martha stewart product. macy's sued after there was a plan to open martha stewart mini. in new york, i'm alexis christoforous. >>> an historic home in monroe, iowa, is moved to a new location. the big rig hauled the rumored mansion five miles down the road. look at that. the move comes after the property was sold to one family and the house was sold to another. it took ray total a total of -- a total of four hours for the 1865 mansion to reach its final destination. can you imagine, waking up and having your cup of coffee like that farmer was. >> and it's haunted. i don't want it near my house. where is it going? >> i imagine, not seeing the flatbed carrying it. >> i see a ghost in the window. did you see the ghost? >> ooh. i missed it. >>> coming up on wjz eyewitness news at 4:00. burned in her hospital bed. how hand sanitizer may have sparked the flame. >>> charge dismissed. see the way a florid

jc penney and groupon. you want to weigh in? >> michael eckstein, stuff i love.down 31% comps. how does ron johnson keep his job? it is incredible to me. this company is being run into the ground as we speak. >> my question, too how much patience and how much time does ekman have on this? >> admit things aren't going right before you start thinking maybe something has to change. speaking of that, that's groupon. if you read the group opinion comment buys andrew mason, he would think -- would you think this company is doing incredibly. we have two never -- two peter pan situations here. everybody at these companies seems like -- ron johnson, jc penney, the turn is here. groupon, mason, this was a fabulous quarter. how stupid do they think we really are? pretty stupid, i guess. >> jc penny, i have to say, jim, i thought two quarters ago, they couldn't keep up if they didn't get the comps improved, particularly when working off a lower base to begin with, couldn't improve your comps after that i thought it was game over. what changes? >> game over, man. i have never

great ones at qvc, great ones at jc penney.ng pillows under $30 from these places. >> a great idea from design experts, sometimes the filling inside is not great. >> this is a good tip, a good trick. the inserts you buy them with, sometimes polyfill. if you replace them with down fill they look more expensive. >> more plush and lush. >> you can find them at wholesalepillowinserts.com. >> good tip. let's talk about cookware. we all love to cook with this kind of enamel cookware. >> it lasts a lifetime. places like cooking stores all year, april, may and november, december, think fall and spring, when you're getting in the cooking season. >> sounds good. >> check out t.j. maxx and home goods. >> i always find good deals at those places. kitchen gage gedgegadgets. appliances can be pretty costly. when should you think about buying these? >> same as cookware, april, may, november, december. check the manufacturer's websites. a lot of times they have refurbished and reconditioned small appliances and the factory remade them and you

and martha stewart is being sued by macy's to get it to cut ties with jc penney saying they have an exclusiveight to sell her items including bed and cookware. now you can look at barbie's dream house, the doll with it all is inviting fans to play house in a larger than life interacting experience. you can buy tickets to step in her world as it opens next month with two locations, one in germany and one in florida which will have more than 350 barbie dolls and other collectibles on display. that is the business report. >> there are reports there was rain early in the north bay around petaluma but don't know what is happening there now but mike knows. the window is just new starting to really open up into your later commute. mike? >> what we have is basically sprinkles and you can see one of those sprinkles on top of sausalito and crossing the golden gate bridge and down to san francisco so it could be slick. these are sprinkles at best so make the ground a little bit wet but no pond on the roadways from these, just the scout showers we talked about. the big picture you can see where the bulk

jc penney ron johnson stands accused of not working as hard as predecessors, this lunch time, while luxury the company dime. >> i probably spend more time with our team creating our future than any ceo america spend with their team. if you talk to them, you would see that. when i'm out here, i start 6, 7:00 in the morning everyday. go late. and we are in stores every week. in our prototype every week. in design meetings. i think they are kind of happy when i get way so they get time to do what we talked about. where i live has no impact on the quality of our execution. >> the way the guy spend his time is being requested is an indication that things are not as they might be. >> i think there's absolutely a sign here. the stock was doing well. nobody would care. but in ron johnson's defense, when you travel a lot, he is probably doing a lot of meetings in his hotel room. i know when i travel and you say, i need an extra room, conference room, some place where i can meet, sometimes all can you do that with is if you have a very big suite. so it might not be as big after skit el as people thi

jack -- jc penney has the worst annual sales numbers in 20 years which is not good news for former applethe attempted turn around of the retailers with shares down 18 percent. hundreds of thousands of government employees could be furloughed because of the will withs in automatic spending cuts that could kick this tomorrow night but president obama and members of congress do not is to worry about their paychecks which have in impact on their sals. now, we will check stocks because of the dow is get closer to an all-time record high the we started the day 90 points away from that so we are about 65 at the moment away from all time record in the dow and the bloomberg silicon valley index is trading up half a percent. if you have high school kids in the house, cover their ears, grade point average that everyone worries so much about could be pointless. "usa today" says admission officers at the most selective colleges say they barely look at hype gpa because it depends on the schools you attend and what courses you take. but they still need to know colleges do care about transcripts and gri

. >>> earlier in the show, we asked you to weigh in on the jc penney debate and decide whether the bear or bull won. we tallied the results, and you said -- i don't think i'm surprised. steve weiss, made the better argument, weiss? >> i think we have a very intelligent audience. >> victory lap. >> i had to give you a victory thing there. pete? >> trm, this is going higher. >> doc? >> shipping. chrw. a lot of buying of may 60 calls. >> stock correcting more than 10%. bought citi yesterday and more this morning. >> tesla. among the june 40 calls, unfairly beaten up. >> tweet me. that does it for us. can you see more "fast" at 5:00 tonight. big snap back. dow marching towards all time closing highs. right now up 130 points and "power" starts now. >> it is 1:00 in the east. welcome, everybody. on wall street we have several breaking stories to tell you about. big news on apple and price line today. apple's shareholder's meeting and a day after a big report on priceline. we have that company's ceo. let's look at apple shares for the upday on the market. we will delve deeply into apple in jus

murky, then you see headlines dropped from conference jc penney after the bell, now retail analyst willtations are low. also watch out, because it is long here over the last three quarters. >> so we invite in mr. herb greenburg. herb, you come in on this one. coach? >> i got to say, the j man? >> j man. everyone has a nickname, as far as i'm concerned. herby, he is the j man. >> i like that. >> coach is soaring. all to do with an art can kel about a possibility they may be considering the sale of the company. but this is just speculation. >> and by the way, up only about 3%. when i saw the story, a deal breaker, they often again. at first it was the obvious but this is being floated and the company has sort of been hit by the whole concept of their core business. when they came out, they would be a lifestyle brand in the last quarter. whoa, that's telling us the rest of the business isn't doing well. i will say that brian at j.p. morgan has a note and he met with the ir dep, they are talking about the footware, sunglasses, dress, tops, bottoms and everything thinks that will crush margi

and we take another "street signs" look at jc penney and whether that company is finally doing it right, mandy. >> hello, everybody. take profits. at least that's what we have been doing. we did go briefly positive and if we do that again by the close, we may have the first two-day winning streak for the dow and s&p in about two weeks. don't let that get you down. because the s&p is still up about 6% year to date and half of the s&p 500 components have hit new 52-week highs so far this year. those are, i think, some pretty good stats. let's get straight down to bob pisani. bob, what are people talking about down there? what is main theme of the trading day? >> you notice we got into february. we have 70 points moving the dow. since february, we are basically flat. two problems. we are in february. number two, guidance is on the choppy side. particularly the global guidance. look at u.s. gypsum. play on housing recovery. great comment. our results, strongest we have seen in over three years. continuing to see signs. housing recovery. wait a minute, take a look at the stock. to the down s

. >> but jc penney, who is the one 20 beat. >> a combination of macy's on one end.u you have kohl's, tj maxx, and cross stores. >> when your client ask you whether this thing can turn around, you mentioned yet when we talked about it earlier, is this a yet or, you know, i think it will happen. >> i have to wait and see. i'm not based on financial chart. >> ron johnson said, three years at least. do you give them the three years? >> you better have the capital to last that long or you will spend money redoing 1100 stores. >> they just got the recriesed credit line which gives them a lot more money -- >> yes, it is. but borrowing number is never the panasea. >> what do you think. >> in three years you walk a lot of customers if it doesn't turn around. what i'm concerned about is getting back the older customer. customer beyond 30 years old. aunt, uncles. i grew up with that. >> they want the new hipper customer. so if you don't get them and alienate grandma, who do you have besides herb and mandy? no one is left to shop at your store? look at this tie. >> oh, my gosh.

jc penney increasing by 11.7%. sales are driven by quote fresh fashion which would suggest nonclearance sales. but the retailer up guidance, only slightly. for specialty, 8% increase in comes doubles expectations and limiting more than double on wall street chain sales. despite the big comps, limited says it's comfortable with earnings consensus and gap remains just slightly ahead of wall street estimates. disappointing, shares are selling off. >> gap has had a little run. >> gap is doing considerably better. it is a surprise but it has stayed that way for a long time. it's been a nice trend. >> courtney, thank you. >>> apple the big stock story of the day. david einhorn on squawk box defending his decision to sue the tech giant over its plan to eliminate preferred stock. green light capital's founder seeing green light needs to find way to distribute the cash it hold to shareholders. >> people who have gone through traumas, they sometimes -- and apple has gone through a couple traumas in its history. they can some

herbalife's move, you mentioned -- i think it was as simple as the loss in jcpenney, the move down in jc penneyas offset here. you smell blood in the water, as carl probably does now and other folks do, as well, you see jcpenney go down, you have to believe at some point you're going to squeeze people out of their short in herbalife. you get ahead of this. you might not say that's nice, but that's trading. and trading is predatory at times. >> you take a look at that chart, with herbalife shares and jcpenney. you look at the diver jens of the stock and you think of sugar plum fairies, as in, "the nutcracker." >> oh! i like that. >> i'm so happy i'm sitting in this seat, guy. >> my god. >> keep going, melissa. go ahead. >> i mean, you thought that, too, dr. j. come on. >> i did. right yesterday when the numbers came out from jcpenney, we talked about it here on the desk. and this is something that's going to put carl's, you know whats in a vice, folks. not carl's, i'm sorry, mr. ackman's in a vice. and carl is going to twist that vice. because obviously people on the other side of ackman and her

i'm sure he was resolute about jc penney. he's been resolute. he is that kind of guy. saying it's bad. he is sort of rigid, you know. i've seen many personalities like that, that can make a lot of money but they sure as hell can lose. i don't want this to be add hom mant with ackman at all. we've had our dispute. we aired it. as far as i'm concerned, i don't want to get back into that. i told you how i felt about him. and really, this is -- this is about making money. i'm sure it's about making money for him. i'm sure he does honestly believe he's right. and it just is going to come out to see who is the guy that's right. >> can i ask if you've spoken with dan loebloeb. >> i've been spoken to dan. in three weeks or a month. >> have you spoken with bob chapman? >> i have not. >> let me just quickly ask you before we go, carl, in the filing, you say and these are your words, or the filing's words, if you will, you want it meet with management regarding the business and strategic alternatives to enhance shareholder value. you're an agitator, right? i think you sort of adm

then she called him on december 6 in 2011 and said they were going to move forward working with jc penneyaid he was sick to his stomach and hasn't spoken to her since. this is an on going court battle about the rights for products of martha stewart. when you talk about bath, bed, everything for the home and now we're going to hear more testimony later in the week from ron johnson. this is something that will continue to go forward. back to you. liz: thank you very much nicole petallides. as i look and see, i want to quickly check. we have the dow jones industrials up 102 points. really it is oil that a lot of people were looking at today, down 62 cents. but what will happen tomorrow when we get the eia inventory numbers? will we see some gyrations? a trader with all of this is joining us now. let's talk about what you anticipate. oil is really your trade. >> we still expect crude oil prices to decline down to about 200 day moving average, which is right around 90.43. we look at the technicals and look at the fundamentals and what kind of information is coming out. tomorrow we expect inven

on the half, we will reveal who you picked as the winner on today's debate on jc penney. we trade it. from facebook to buffalo wild wings. there are plays on stocks you asked for on twitter. >>> on deck in the next hour, power plays on "power lunch." price line ceo on earnings and red-hot stocks, first time you hear from him following earnings. you certainly want to pay attention to that and the gentleman on the left. mark burnett, the reality tv king. the american dream is of a better future, a confident retirement. those dreams have taken a beating lately. but no way we're going to let them die. ♪ ameriprise advisors can help keep your dreams alive like they helped millions of others. by listening. planning. working one on one. that's what ameriprise financial does. and that's what they can do with you. that's how ameriprise puts more within reach. ♪ >>> when you the viewers ask, we deliver with trades on two stocks that have lit up my twitter feed. first up, facebook. >> i think it is range bound between 25 and 30. it had a weak earnings report. i wouldn't buy it. >> m

. >> who's got the scoop on jc penney? >> they have been a major laggard in retail which has been a very strong flowing sector. 40% short interest. >> so these guys have had a really nice run-up to start the year and they came out with earnings. they missed pretty much across the board. they lowered guidance. this is one to keep an eye on. you want to see some sort of recovery here or they could go a lot lower. >> and letter x? >> materials down, steel down along with it. u.s. steel one of the worst performing steel names over the last couple years. inr pricing just way too high right now. chinese will step back. however, in the space, take a look at steel dynamics on a pull-back. it's a company that is doing better than the rest of its peers and you could own it. >> here's the story everybody will be interested in. pop for pricing coffee. a washington man claims he's created the most expensive starbucks drink ever. it contains no less than 40 shots of coffee, two types of powder, two bananas and a vanilla bean, among othe

. >>> today, a milestone year for jc penney.g his company one of the most >>> this is a special squawk summit. for the next hour, the issues of economic growth and business leaders. roger alton, blair efron of summer view partners and honeywell ceo david cody tackling the economic issues that matter most to your money. it starts right now, only on "squawk box." >> good morning. welcome to "squawk box" here on cnbc. i'm andrew sorkin. becky and joe are out. we're thrilled to have a great cast of characters at the table. let's check out futures. looks like the dow will open a little higher. not too much. s&p 500 up marginally in the nasdaq. we're thrilled to have three well respected voices with us, blair efron, david cody and roger altman are very important men with business day jobs. they're also frequently called upon by the white house to weigh in on issues to the debt threat to jobs and the economy today. and they and twelve other ceos met with the white house and the president and including arnie sorenson. his thoughts. >> t

. >> we picked this up at jc penney as part of the pearl by chapman for marquesa so you get a piece oft corseted top and then the beautiful skirt with the end also ruffles. again, she's just gliding on this red carpet. looks so chic, so feminine. >> it looks very expensive and has a fancy designer name, too. georgiana chapman. >> it's lovely. really pretty. >> it's beautiful. >> didn't mean to creep you out. >> next look is halle berry. this was a polarizing look. >> versace made her dress for her. head-to-toe sequins. capturing this look was really fun. >> paulette and the look she's wearing today. >> adrianna papel. we picked it up at bloomingdale's. again, head-to-toe sequin feel. it captures the horizontal and vertical look, which was the magic of the dress. >> looks very lovely. 300 bucks. i'm sure it's what halle paid i'm sure. >> thank you very much. carrie washington wore a mumu. >> feminine with a bit of a twist at this time. a little bit of sparkle as well. we found a fun task dress on renttherunway.com. >> stephanie, come on out. you really captured the color. >> gorgeous co

jc balance sheet right now. maria? >> all right. thanks so much. we'll be watching that. what a story. j.c. penney down sharply.p next, the rally today happened as apple lost ground. the stock getting bruised in the wake of the contentious shareholder meeting going on. more on that story. stay with apple which closed today at 44 and change. back in a moment. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. all on thinkorswim. i've always had to keep my eye on her... but, i didn't always watch out for myself. with so much noise about health care... i tuned it all out. with unitedhealthcare, i get information that matters... my individual health profile. not random statistics. they even reward me for addressing my health risks. so i'm doing fine... but she's still going to give me a heart attack. we're more than 78,000 people looking out for more than 70 million am