michelle. >>> jc penney ceo marvin ellison took over the company more than a year ago.stock is up 20%. today ellison is meeting with analysts and also courtney reagan who's live from irving, texas. courtney. >> reporter: thank you very much, michelle. of course i can't come all the way down here for jc penney analyst day and not sit down with ceo marvin ellison. he took over just about a year ago. and so now he's here answering some of our questions. congratulations on the quarter you all posted on friday. here you laid out your three-year plan. i will tell you your stock is down about 3.6%. you're looking at comp sales to grow 3% to 4% by the year 2019. i'm not sure the market believes that, especially with mall traffic declining mid single digits. so what will you tell those that are skeptical that you can actually follow through with your plan? >> well, i think for us it's all about the results that we believe we can deliver. we have a couple huge initiatives that we believe will be net positive, not only in the fall season but for the next three years. we're going t

here in texas analysts are waiting to hear from jc penney's ceo marvin ellison his first analyst meetings ceo. he took over that position officially just over a year ago. we do know that we'll be getting a three-year plan. we anticipate that means some more financial metrics likely towards the end of the presentations today. probably in the 1:00 hour is what we're looking for there. jc penney as we know has had a decent progress record but still a long way to go for what the retailer wants to achieve and we'll talk about it all with ceo marvin ellison when i sit down with him in "power lunch" later at the conclusion of his first analyst meeting. sara, back to you at the new york stock exchange. >> a lot to look forward to after the minutes, the interview, thank you. for more on how investors should be playing retail stocks as we get the earnings joining us now, mike glasser retail analyst at u ubs and jan negativen. good to see you again. mike, thanks for joining us. mike on target you're neutral on the stock. target 73 for the price. why did the turnaround seem to stall this quarter? >>

on wednesday i'll be in texas at the jc penney analyst day and sit down with marvin ellison and hopefullyre about the quarter and plan forward. >> thank you very much, courtney regan. >> another record-breaking night at the olympics. carl is in rio with all the highlights. carl? >> hey, david, we talked about gymnastics and swimming this morning but congratulations kayla harrison the first olympian to win gold in judo from america in london, back in 2012, sought to defend that this time around in the half heavyweight category and did win. now the first woman to win multiple golds in that category. she's talked about retirement being a possibility, so we asked her a few moments ago what comes next? >> mma is definitely something i'm going to think about. it could be, perhaps, very lucrative for me. something i think i would be good at and excel in pretty fast. but at the same time is it going to fit with me and my persona. it's completely different from the olympic stage. you know, in judo, after every match you bow to show respect to your opponent and you shake their hand and i was huggin

courtney reagan will sit down with the ceo marvin ellison. that's at 2:30 p.m. eastern.ox" will be right back. ♪ mapping the oceans. where we explore. protecting biodiversity. everywhere we work. defeating malaria. improving energy efficiency. developing more clean burning natural gas. my job? my job at exxonmobil? turning algae into biofuels. reducing energy poverty in the developing world. making cars go further with less. fueling the global economy. and you thought we just made the gas. ♪ energy lives here. but they demand the best shopping experiences. they may want the latest products and services, they're your customers. and by blending physical with digital, cognizant is helping 8 of the 10 largest u.s. retailers meet their demands with more responsive retail models... ones that transcend channels and locations, anticipate expectations... creating new ways to engage at every imaginable touch-point. it's a new day in retail, and together, we're building the store of the future. digital works for retail. let's talk about how digital works for your business. >>> a fe

>> well, what's so interesting about that is we asked marvin l ellison directly. when that happens in malls where you exist, what does that mean for you? and ellison says that is a positive. they look at store portfolio. they only are closing about seven stores right now so ellison thinks he picks up on some of that as well as from the sears traffic, especially with the new appliances. he is right or wrong? that's for the market to decide. but right now that's where ellison's stance is on the stores. >> all right, courtney. thanks very much. courtney reagan joining us today. fun fact, by the way. first thing i ever, ever bought on-line. retail more than 20 years ago was from jc penney. >> you remember that well? >> i bought dishes. it was a big deal. we bought something, and it showed up at our doorstep. what a concept. >>> now to the fed minutes and knee jerk reaction where the dow is up five point. it was down double digits. now joining us john ka nelly from lpl financial. steven gillford from stewart frank el. and cnbc's very own rick santelli checks in from ch

not the oracle ellison but marvin ellison of jcpenney. >> this is going to take you back to almost --mber of 2015. in terms of price level. >> okay. >> and your pvh is not far behind. >> pvh, oh geez. inventories lean. regular pricing means back to school, they call pvh saying we need more shirts and ties. all right? you know, pvh, there's like they have a monopoly. well no. a ol gop think and a gigantic percentage of the ties. and shirts. so i like that call very much. i'm pounding the table on that for ages now. but remember, even like the kohls, the nordstrom, they had good numbers, they did not talk about that weary consumer. consumer goes to target is weary. >> weary? >> yeah. she is weary. not at the other place. target and macy's two problematic situations but when you go over these quarters and you listen to these merchants, and they're telling you, we do not have a lot of inventory, that means they ordered. and it's incredible. when you order, where it feeds to, pvh. people have to recognize the brands but, look. rising tide's going to lift all boats. gamestop up today. it re

and i do want to point out that there is something jc penney marvin ellison said on the recent conferencel one of the reasons we are in the appliance business the first place because we observed a potential opportunity. sears. jc penney on its call says that sears is a good reason to buy jc penney. he's right. >> yeah. >> pointed out this morning, comps have never been positive. >> no. >> with lampert as ceo. >> no. >> to what degree do they care about the retail operations? >> people will say it's going to go down. there's -- it's a little tesla like. not the car. just the stock. in the sense that people who are in sears like eddie lampert some of the institutions don't let it come down, they're buying. the tricks never stop here. and that there's -- they talk about a variety of potential partners, get you in, kmart, diecle hard, craftsman, keeping the balls juggling to make the money for the holiday season. you know what, look, just go there and tells you about it. peter lynch in reverse. money manager who said if you go to something you like it you go and want to short it. >> we will o

wednesday i'm going to be in texas at the jc penney analyst day and sit down exclusively with ceo marvin ellisonso hopefully more incite than what we know today, brian. >> courtney, thank you very much. let's continue this conversation. j.p. morgan just raised price target from 7 to 12 and 16% more seen on top of a stock already up 32% in the past 90 days. matt is with us, and like a boss he is the number one ranked retail analyst by institutional investor, jan rogers niffen. matt, first to you. all we've heard for the last three or four, six months, whatever it is, is the consumer's dead, they want experiences, they want to travel. they want to eat out. the department store is cooked. all of a sudden sears is up 50%, macy's is booming, nordstrom is booming. what's changed with the stock market perception? >> yeah. so the theme this week from the department stores was less bad. every single department stores on the top line improved roughly 2% to 3% versus the first quarter. you had the warmest winter in history this past fall and winter. followed by an atrocious first quarter where they had exc