here in first on fox exclusive, old navy head of stores and senior vice president. steve, good to see you again. let's get right to this. this is a pretty dramatic step. why did the company decide to make this pay wage increase? >> adam, first of all, good to see you again too. we're coming off of eight strong quarters. we're operating from a place of strength. i think you're always contemplating your next strategic investment. whether that is marketing, whether it is i.t. in this case it is employees. our employees are on the front line. they're the face of the brand to the consumer. we believe our employees are not only our greatest asset but now and in the future they're part of our competitive advantage. adam: this is tough business, retail. comparable store sales for the whole group is up 2% but old navy, since january one, up 4%. you're doing more correctly than just giving people a pay raise. >> well, you know things are going well. like you said, with the macro environment out there right now you have to look for every advantage you can to continue to do wel

these jeans are only nineteen bucks at old navy! larry: those jeans are only 19 dollars?! woman: and kids jeans are twelve dollars! connie: woaaaw! (music starts) larry: connie wait!! >> here to perform a song off her new album "st. vincent," later, st. vipsent. ( cheers and applause ). ♪ get back, to your seat get back, mashing teeth ♪ i won't bother your mind people turn the tv on, it looks ♪ just like a window people turn the tv on, it looks ♪ just like a window digital witnesses ♪ what's the point of even sleeping? ♪ if i can't show it, you can't see me ♪ what's the point of doing anything? ♪ this is no time for confessing i won't bother your mind ♪ people turn the tv on, it looks just like a window ♪ people turn the tv on, it looks just like a window ♪ people turn the tv on, it looks just like a window ♪ digital witnesses what's the point of even ♪ sleeping if i can't show it, you can't ♪ see me watch me jump right off the ♪ london bridge this is no time for confessing ♪ ♪ people turn the tv on and throw it out the window ♪ get

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these jeans are only nineteen bucks at old navy!sps) larry: those jeans are only 19 dollars?! woman: and kids jeans are twelve dollars! connie: woaaaw! (music starts) larry: connie wait!! [cheers and applause] jorchg ladies and. >> jon: ladies and gentlemen, i'm so excited. it's time once again to check in on our neighbors to the south. no not -- [laughter] we're not doing a story on the 51st food market, not our literal neighbors to the south. they do have a terrific turkey sandwich. my point is this, thank you. mexico. [ laughter ] after more than a decade a brutal war with massive drug cartels has been a defining fact of life and last weekend a break. >> the capture of one of most wanted criminals on the planet who headed the most powerful drug operation in the world. mexican drug lord joaquin guzman known as el chapo has been captured ending a 13-year long manhunt. >> jon: el chapo got el popped-o. it translated to either a short stout person or corn porridge. [laughter] which kind of a weird name for a tough game. let me introd

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and interesting enough if there was an old navy or gap they'll hire african-americans. in fact, if you go in and out of the shops in fillmore you'll be lucky to find two or three african-american there and if you do they'll be walgreens or starbuck's. let me say i've been here almost 50 years 46 years this year and you could go both a store restaurants anywhere in this city in the old days and you'll see an african-american working in one of the places but not anywhere. things are worse now rather than then. where we had the fight over the home depot i went into every shop longer than the corridor and so you no african-american working there. if you don't go to lows walk through there and look for african-americans. this is one of the most important services that this is look at this so we can get pro-active. thank you >> thank you. next speaker, please. >> hi, i'm with the san francisco border of real estate folks. we're here today ways formula retail we want merchant district for san francisco citizens. we ask you to look at the length of vacancies and particularly la

these jeans are only nineteen bucks at old navy!e jeans are only 19 dollars?! woman: and kids jeans are twelve dollars! connie: woaaaw! (music starts) larry: connie wait!! one of the best things is that millions of peopleia will qualify for financial assistance. it's important to remember that the lower your annual income, the greater financial assistance you will receive. enroll now at coveredca.com. ♪ [ cheers and applause ] >> jimmy: our first guest is a a golden globe and academy award-winning actress who you know from such films as "legally blonde" and "walk the line." ladies and gentlemen, please welcome to our show, reese witherspoon! ♪ [ cheers and applause ] >> jimmy: reese witherspoon! [ cheers and applause ] so happy you're here. we love you, we love you! >> woo! >> jimmy: first time on our show, but i saw you a couple of weeks ago. >> yes. we were at an event here in new york city. we were -- >> jimmy: yeah. >> -- at the american songbook gala at the lincoln center. >> jimmy: yeah, it was very nice. >> and we sat next to

gap inc also owns old navy, banana republic and intermix. according to a gap executive this was a "business decision" and only coincidental that it comes at the same time as the national debate on wages. the city of detroit has an $18 billion "debt gap" to fill. and today the emergency manager of detroit will release the blueprint for restructering the city's finances. a spokesman says kevyn orr will file the plan in federal court. tens of thousands of city employee and retired workers are bracing for possible severe cuts to their pensions and health care benefits. faculty at the university of illinois at chicago return to the bargaining table today. professors and lecturers went on two day strike that started tuesday. the union is asking for a salary increase of 4 and a half percent. the administration has offered 3 point 2-5 percent. it's the first strike in the schools' history. hearings continue today for the northwestern university athletes attempting to unionize the football team. yesterday, an economics professor testified that the un

but diet coke taste nice case of old navy saying then you may peak at the mascot the puk code will ask at the peak announced its new band of demands and can still aren't a journalist and elbowed in the case. no i was the only thing we can better protect yourselves from the south health hazards caused by a fine guest at our air is now out here working doing everyday bacon airlines in him of an offence to a nice two pp and it more this was an elf island and danced. so you'd have to do paco will come mask and oh boy down to link to the ppp had to pick a cool purple mask and homemade pizza mask. and out. in addition i went to the queen's uk car in the pool and i will put a call to unity. i don't want to make on the precipitation to the content who had been deployed to east cape to condemn the home. all right we'll talk to daddy so much for the tips in your expertise. hmm think the state is growing increasingly frustrated by chance japan's extreme move to the right and it's purely human rights report released thursday. the us called out the use of his speech against korean residents living

the clothing giant which operates gap, old navy and banana republic reported better than expected earnings after the closing bell, but revenues were a tad light. and the retailer's full year outlook was weaker than forecast. and that sent the stock lower initially. shares closed the regular session at $43.68. also reporting earnings after the bell tonight, decker, the maker of uggs boots posted better than expected earnings and revenue for the fourth quarter but said the current quarter would not meet current wall street projections. that sent shares lower initially after the closing bell. decker's finished the regular session at $84.67. sears beat wall street estimates and narrowed its loss while overall sale fell during the last quarter. the company did say this month it is seeing rare sales growth. the ceo is trying to engineer a turn around at the retailer and is investing heavily in a customer loyalty program. shares shot up by more than 6% today during the session, closing at 43.01. >>> wendy's fourth quarter earnings rose, but sales came in under pressure and revenue fell short. the

the gap which also owns old navy and banana republican surprise the retail industry in being the first to announce it supports higher wages for its workers. this year it to minimum wage is rising to nine dollars an hour. next year you'll go to ten the company says that means a pay rise for sixty five thousand of its u s workers according to retail consultant for clicking sure he gets to do is about retaining loyalty. with oil workers side you have better productivity and higher sales per person our awesome gap will actually make more money because gap will sell more sick injured says the gap will also save on costs and seaview high employee turnover. something many retailers have to deal with cost like training new staff and losses from shoplifting ah because of a low paid worker knows that here she's leaving on that person may be more inclined to take something out with him or her trauma on their way out the door raising the minimum wage also means higher payroll costs for retailers and back could lead to layoffs. the nonpartisan congressional budget office estimates that increase cou

gap has 65,000 employees in its six chains, which include banana republic and old navy. >>> the question for capital one users may not be so much what's in your wallet as who's at your door? buried in the fine print of its credit card agreement is that the company can contact you however it wants, even with a personal visit. that has some customers upset and capital one says it is reconsidering that clause. >>> all right. along with their coaches and trainers, u.s. medal winners at the olympics may need accountants. >> each medal comes with a cash prize, and that is considered earned income abroad. the medalists may have to pay as much as 39% of it in taxes. >> that doesn't seem right. >> no fair. >>> when we come back, the wrong house to mess with. a group of burglars go running for their lives when a mom decides to fight back. >>> and pontiff problems. how mother nature gave the pope a bit of a hard time. pope a bit of a hard time. [poof!] [beep] [clicks mouse] nice office. how you doing? good. automatic discounts the moment you sign up. discover light & fit greek nonfat yogurt.eal ple

including workers at banana republic and old navy. two recalls to report tonight.it's 911 gt three due to engine problems and fires. and eastman foot wear recalling shoes. rivets have sharp edges and can cut a child or an adult. and this just in for the east bay. a superior court made final it's ruling against overstock.com. eight counties including alameda, marin and santa clara sued the company three years ago accusing overstock of inflating the list price to make discounts appearing larger. overstock insists it's done nothing wrong and says it will appeal the fine. back to you. >> thank you. >> up next security changes you'll see next time you go to a warriors game >> details on breaking news in san francisco. you're going to hear from a contractor trying to figure out what went wrong in a construction accident that has two workers in the hospital. plus, war games the best and brightest in the bay area trying to make the internet safer. those stories and more when cheryl and i see you at 5:00. i literally haven't been to a doctor in 15 years. i had a car acciden

stuart: i just had the opportunity to interview the head of old navy. who else is doing it right from your opinion? >> i believe that the dollar stores are great. anything that is hard discounts. lower-priced than though martz. they can wait long enough for that discount, that promotion. they can outlast the retailer. retailer after retailer promotes activity in order to remove the goods. adam: this is something we will be watching all year long. lori: cheryl: speaking of bad weather, winter is not over yet. when the quill pen pitchers will reach your neck of the woods. adam: puerto rico going hat in hand to investors. charlie gasparino has the exclusive details. the returns that are too good for wall street to resist. ♪ ♪ ♪ ♪ ♪ [ tires reech ] chewley's finds itself in a sticky situation today after recalling its new gu [ male announcer ] stick it to the market before you get stuck. get the most extensive charting wherever you are with the mobile trader app fr td ameritrade. ♪ dennis: i am ashley webster with your fox business brief. to continue reduci

gap announced its first store in china with old navy that opens in shanghai on jan 1st.of ugg brands among others, reported a stellar fourth quarter. revenue and earnings logging records for the foot ware and accessory company. but buckers is forecasting a bummer current guidance with a loss of on 16 cents. analysts were looking for a gain of nine cents and that sent shares plunging after hours and, in fact, they were halted for some time. consumers did respond favorably to the ugg brand over the holiday season. brands, though, improved 18% over last year for ugg. while weather isn't mentioned in the release, many speculate the particularly harsh winter helped propel sales of this ugg shoes. back to you. >> that's still to come on the show, hollywood is preparing for its most important night of the year, the oscars. >>> plus, who will win big? we'll have the latest forecast. in my world, wall isn't a street... ...return on investment isn't the only return i'm looking forward to... for some, every dollar is earned with sweat, sacrifice, courage. which is why usaa is honor

this includes banana republic, athleta, piper line and old navy. why did you decide to do this?nvest in store employees and our brands. the majority of our customers engage with our brands in our stores. we wanted to create a competitive advantage so that we could attract and retain the best brand am baambassadors in we have so many people that work in our company at various levels that started as part time sales associate. it's a part time and also where people start their retail career. we want to invest in them so they choose us and we can have the best in class talent. >> other retailers don't feel that way. they say if they pay workers more, they'll have to raise prices on goods. will gap customers see an increase on what they buy in your stores? >> no, they won't. we're coming from a position of strength. we have year over year growth. eight straight quarters of growth. we feel strongly it's going to have a return many times over. >> other people say retail jobs are just starter jobs and you work there for a year or two and then you leave for higher paying jobs. is that ho

gap saying they're opening the first old navy store ever in china, opening some new stores. gap shares up about a third of a percent here. and target getting two price target upgrades, one of which coming from goldman sachs can. stock is up a handsome 3.5%. look at target shares here. really struggling over the past year. so, target may be starting to pick up some steam. analysts turning bullish on the stock. guys, that is quick snapshot of major retailers. let me look at retail sector as i hand it back. retailers reacting to all the cold weather. a lot of green arrows, adam, cheryl, as i hand it back to you. cheryl: surprised to see lowe's down a little bit but home depot and lows benefited not just people redoing their homes but generators and things like that. >> going forward, home depoe says once the ice and snow melts everyone will head outside to fix their houses. home depot has a rosie outlook. cheryl: all the roofs with snow have to be fixed. good point. thank you, sandra. melissa francis is here to take us through the next hour of "money." melissa: that's right, we

they have athletica and old navy. a bunch of brands. he wants to draw that talent in.age in the united states, minimum wage is 2.7% lower than the average wage here in the united states according to mint.com. >> the dos and don'ts coming from google. what's that about. >> you have heard of google glass. they are glasses people can wear. 10,000 people were able to get it at $1,500. >> i remember. >> they are called explorers. part of the reason why they have to set up dos and don'ts is people were getting weird and didn't know the per am ters how to wear them. as dos, explore. explore google glass, take advantage of voice commands, ask for permission when talking to someone. the don'ts are funny. one of the don'ts, for example is don't wear google glass while you maybe are riding a caged bull. >> or a cage fight. who is going to do that? >> don't be creepy. don't stare at people when you have google glass on. >> i like the don't be creepy. we may need explanation on that. >> right. >> that comes in all forms. >> the fact you have to say that is creepy. >> that's so true

earnings in the current quarter and current year even as though announce they will open their first old navy store in china. this foreign currency issue is certainly something we can into the ignore for a lot of these companies, right? >> you know what, liz? you hit it right on the head of the fact is the dollar had a war against the yen last year. you're seeing the euro pull back a little bit, the yuan. at that i think is, dollar for this market, individual like myself, if the dollar continues to gain strength all these markets with exposure outside of the country, all these retail, i think that is going to lead into some sort of a pullback in the second quarter. with the dollar strengthening. david: brick-and-mortar to more exotic stocks. let's talk about netflix and tesla, two stocks that have been stratospheric in reaching for heights and they're still going up. there are some people are doubters. bank of america merrill lynch had a $68 price target on tesla which is very, very low. they're the outlyers. are you a believer if these new stocks that represent not only new businesses but ne

saying he will open its first old navy store in china on march 1.rcent after the company protected its revenue would hit $1 billion by next year, up from $513 million this year. 3-d printers stocks have been on the rise since mid-january after market leaders guided estimates downwards, saying significant r&d investments in marketing costs. revenue is up 52%. this stock down year to date. >> you would have to have a strong stomach to invest in 3-d stocks. they have been so volatile. citigroup. down half a percent. unit getsan banking about 20% of its revenue from latin america and has stumbled. we will see how it makes it out of this one. . >> three, united. a benchmark revenue gauge will decline this quarter due to severe weather. blame it on the weather like everyone else. winter storms are forcing cancellations of more than 22,000 flights at united. the weather will catch up with people. gained twobank percent. the retailer agreed to meet with men's wearhouse to discuss a potential merger. the prospect of talks marks the latest twist in a five-mon

it is 5.8%, the gap, old navy, banana republic reported 1% rise in january same-store sales a lot ofstock expectations on the gap because there was a better than expected outlook and then over here, lionsgate, you are on the films they put out recently, under games catching fire, now you see me, three of the films we are talking about, better than expected rise in quarterly earnings because of those three cells the you see lion's gate up 3%. cheryl: the country officially hitting the debt ceiling today and with the house out of session we are no closer to reaching a deal. rich edson live in washington with more on what you told me last month, is that this was the debate to watch in the new year. here we are. >> the treasury department is back to deploying what it calls extraordinary measures to keep the united states from breaching its borrowing limit. the government spends maturing government and investments instead of reinvesting that money and repays those funds once congress raises the borrowing limit. jack lew says the government can keep this up until the end of the month trust

workers amid the debate about this national minimum wage hike, the owner of banana republic and old navy be raising wages to nine dollars an hour this year and $10 next year. this increase will benefit about 65,000 workers, but it falls just short of the president's request for a $10 tents and minimum wage -- $10.10. brianke america ceo moynihan is making a lot more than a minimal age. he made $14 million in 2013. a 17% increase from the previous year. he received a 1.5 million dollars salary and $12.5 million in a stock grants. president obama addressed the deadly violence in ukraine's capital yesterday warning the military against intervening. on the phone from kiev, bloomberg news' managing editor, tom.met bring us the latest. >> what is going on right now, is the three foreign ministers from the european union from poland, germany, france, they are in a very intense meeting right now with presidents yanukovych. we have been waiting on the streets at a barricade for them to come out for more than three hours now. they were supposed to brief us more than two hours ago. that seems to su

here's what we know about him: he is 28 years old; he's a navy vet; and he wants to set up college fundsor his niece and nephew. about to play for $500,000, show some love for steve kaltenbaugh.

analyst estimates and getting on board with the gap and that is why you're seeing stocks, the gap is old navyght under the gap umbrella, and retailers doing well today. ashley: thank you so much. in tomorrow's business today, startling new numbers from a study by the american journal of emergency medicine, it shows that on average 43% of doctors time is spent on computers, 20% is spent on actual direct contact with patients. our next guest has come up with a way to reverse these numbers. dr. michael murphy is co-founder of scribe america. he joins us to discuss how he plans to do that. welcome. you had tremendous success with scribed america. explain to me what it is and why doctors are taking to this with such pleasure because ultimately those numbers from that study showed doctors are not paying enough attention to the patients, too busy trying to do all their clerical work. >> scribe america was created in 2004 trying to assist physicians and nurses to get back into patient rooms. electronic health record mandate how great it was and the intentions were to decrease scans and be able to tra

. >> peter and joan porco had two children. 23-year-old jonathan was a lieutenant in the u.s. navy serving on a nuclear submarine hundreds of miles away. 21-year-old christopher attended the university of rochester, a three-hour drive away. both had alibis for the night of the attack. but why did joan porco tell police her son christopher was responsible? >> your mother is communicating. >> she's saying you were there in the house. >> i don't know why she would say that. >> she knows what happened. >> i hope she does. i was not there. >> he was cooperating. he let them take a dna sample. he let them look at his body to make sure there weren't marks or signs of a struggle, like bruises. >> three weeks after the attack, joan porco regained consciousness. >> everybody was very surprised. it was a miracle. she obviously had a strong will to live, and the doctors just did an amazing job. >> and joan now told police that christopher had nothing to do with the attack. >> she said it couldn't have been christopher. leave my son alone. >> joan also made a public statement supporting her son

it'll replace the navy's old p-3 spy planes. buses hitting the streets this spring are made in chicago. they've improved safety barriers between drivers and riders. it's manufactured in humble park. the new bus seats could create as many as 100 new jobs for people. >>a state audit is highly criticala runaway pickup ends up on the banks of the arkansas river in tulsa. behind the wheel... more or less... were two dogs. police think either roscoe or luna knocked the truck into gear and sent it rolling down the street. it missed cars and joggers along riverside drive before plunging down the river bank. the dogs didn't get a scratch. the pickup got a few. police didn't issue any tickets. >> you have to blame of the lab for that. no way the cali did that. >> its definitely shore. we are with you there. >> problem solved. let's take a look at our day. temperatures are on the cold side. our record low is one degree below zero. we're currently at two above. temperatures will continue to drop. wind at 9 mi.. the big story today is the de

the latin american medical school right outside of havana, 20 miles west of havana, and it was an old navy base, navy -- what am i trying -- naval academy. and evidently, president castro decided they didn't really need a naval academy, so they closed it down and married it a medical scoovment -- and made it a medical school. people come from all over to go to medical school. believe it or not, there are students from america going to school in havana -- going to medical school. mr. president, this just blew my mind. i never heard of such a thifnlg here's what i found owvment i found out that in the year 2000, the congressional black kaw chose a trip to cay van navment during that trip they met with president castro. one of the congressmen, benny thompson from mississippi, had said something about how difficult it was for them to get people in certain areas of mississippi. he said there were large areas in his home district that didn't have a single physician. and also they talked about how expensive tws to go to medical school. so president castro invited american students to go in and th

gap, the parent company of banana republican and old navy announced it will raise the minimum wage toto move in to my own place and pay my own bills. >> reporter: in new jersey, delores says if her payroll costs are higher, she could be forced to shutdown her day care business. >> i really don't think i could afford it. >> reporter: when new jersey raised minimum wage to $8.25 an hour in january, riley said she felt she had to increase every employees salary. riley will pay an additional $10,000 to $15,000 in payroll this year. the president is calling for more companies to follow the gap's lead along with action from congress. >> i'm going to be seeking republicans who are able to work with us. >> reporter: this week, the congressional budget office released its minimum wage report. one that adds fuel to both sides of the national debate. >> the cbo report hammers home that you kill a lot of jobs with the increase. the democrats reject that argument and point to a different part of the report that says nearly 1 million people are raised out of poverty. >> reporter: that debate moves

pretty big news for owner of gap, banana republic, old navy.ame in better than expected. it was i'med by l brands, owner of victoria's secret. >> interesting. >>> continuing market coverage, of course, throughout the afternoon here on cnbc. and don't forget a lot of our team are also over in sochi. so we will be keeping you pl plugged in with what's happening at the winter olympics as well. >> lots ahead on "the closing bell" this arch. >> oh, yes, the "closing bell" with kelly evans. as we approach noon on the east coast, scott wapner is standing by with the "fast money halftime report." good rebound. >> highs of the day right now, sim simon. what a roller coaster ride of a week it's been. now we're all wondering is the correction over, has it run its course, is there more to go, is it time to get in. you guys have a great weekend because we're going to answer all of those questions right now welcome to the "halftime show." free market, fair markets. why were investors acting so bullishly before green mountain's deal with coke? well, the najar

old refurbished american destroyer, i don't know where it is or if this is happening they made this, quote, unquote, threat. i think iran undermines its image if americans get a glimpse of the iranian navy. because there's couple of old rickety boats that the average fisherman, charter fisherman could probably handle. but they are -- they believe that america shouldn't be in the gulf and there for it's sort of tit for tat we're going to send our navy to your shores to show you we mean business. us doesn't threaten -- >> schieffer: keep us informed when you see -- >> i'm getting on a boston whaler going to approach them see what happens. >> schieffer: i want to thank all of you for some very serious things we talked about this morning. maybe not quite that serious. fun to have you here. i hope you'll come back. we'll be back i'll have some thoughts about my old friend, marty. one of the best things is that millions of peopleia will qualify for financial assistance. it's important to remember that the lower your annual income, the greater financial assistance you will receive. enroll today at coveredca.com. >> schieffer: well, we lost a true original last week, martin plessner a pioneer a

old. he was he was there as the navy christened a new vessel in his honor.aughter smashed a champagne bottle across the bow. the u.s.s. john glen is a mobile landing platform ship. he was also a senator from ohio and served in the marines. >> it means a lot to the people i have known in the past. people i had a great deal of respect for and many people gave their lives. >> john glen is a new assault vessel that can be used by the navy and marines. >>> today's san francisco young museum opened the bay bridge, a work in progress. it celebrates the original construction of the san francisco bridge in the 1930s. it featured dozens of photographs and drawings by established artists. >> when you see the exhibition you can see what an incredible engineering feat it is and remains. it is as relevant today as it was when it was being built. you have to remember that the bay bridge was being built at the same time of the golden gate bridge. it transformed the bay area as we know it. >> exhibit runs through june 8th. >>> you may have seen this traffic jam in atlanta ea

and she's gone and i have no control over going to a cemetery to visit her former navy commander ilene josephs five day old baby girl died thirty six years ago at twenty three by herself while the grieving mother was trying to figure out funeral arrangements she found out that her childhood already been buried by the city people are not properly informed in the hospitals as to what it means to allow the city to take care of it ilene was given a death certificate with no indication of where her daughter ended up the search for her child's grave went on for decades she was five days old i had nursed her she was my daughter and i was in the just about to throw away i would like to go to walk to my daughter's grave and be able to have some final. closing but getting closure has been a struggle so far elaine has been able to come to a busy ball on the island following id checks after permission from prison system officials if this were a private cemetery it would be very clear under the law that you had to allow visits to the actual grades because it's a public cemetery the specific law that requires access doe