Markets at Record Levels; More Bad News for J.C. Penney

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More setbacks for J.C. Penney, and for the effort to develop an Alzheimer's drug.

Dow Jones Industrial average - AP
AP
The Dow Industrials closed yesterday above the 15,000 level for the first time, gaining 87 points on the day. It's the Dow's 16th record this year. The S&P 500 also set another record, rising 8 points, and the Nasdaq added 3.

Ron Johnson is gone as the head of J.C. Penney (JCP), but his legacy –- and his losses –- lives on. The retailer says sales for the quarter that just ended fell a steeper-than-expected 16 percent. The company blames the pricing and marketing strategies that are being tossed out, as well as major construction revamps in many stores.

Walt Disney's (DIS) profit jumped 32 percent, led by strong results from its theme parks. The entertainment giant also said it is developing stand-alone films based on various characters in the "Star Wars" series.

Rival News Corp. (NWS) reports after the closing bell.

Investors are finding plenty to snack on in Whole Foods' (WFM) report. Earnings rose 20 percent, the company boosted its forecast for the full year, and it declared a 2-for-1 stock split.

Baxter International (BAX) has suffered a setback in its effort to develop a drug to treat Alzheimer's. The company says a highly regarded drug in development had failed to halt the mental decline caused by the disease in a late stage trial.

Ford (F) says its sales in China jumped by 37 percent in April from a year ago, thanks to strong demand for the Focus and a new model, the Kuga, that's not available in the U.S.

Yahoo (YHOO) CEO Marissa Mayer has reportedly met with top execs at Hulu about acquiring the premium video service. There are also reports that Mayer is trying to get Yahoo out of a long-term deal with Microsoft (MSFT).

And shares of WebMD (WBMD) are set to jump after the company said it's in talks to partner with other companies. It also raised its earnings outlook for the current quarter and the full year.

-Produced by Drew Trachtenberg


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Hammad Tauqeer

Vippennystocksite^dotcom (Dot means .), is ideally the most comfortable site for mastering the movement and trends of NUVI stock via their free reports that have great insight and analysis

July 24 2013 at 5:48 PM Report abuse rate up rate down Reply
Mbomcar

JCP better get their act together , or it will be too late. I heard they were going to bring back the St. Johns Bay Line after the outcry for it to come back, but haven't seen any sign of it. And if they don't stop spending their entire advertising budget on, and trying to sell to teens only, they are going to lose and lose badly. As a baby boomer, I have far more discretionary income than any teenager I know.

May 08 2013 at 6:35 PM Report abuse rate up rate down Reply
hgeorgech

JCP always had somewhat of an "identity" problem ... it's neither like a Sears where you can buy just about all household things, including hardware, auto parts, services ... or more upscale retail like Macy's, Boscov's ... JCP was/is ... well, unique .. kind of a square peg in a round hole

Bottom line ... it just doesn't fit

Time for JCP to exit retail ...

May 08 2013 at 2:18 PM Report abuse +1 rate up rate down Reply
PAMELA COOK

JCP needs better fashion choices and lower their prices, this is why I do not shop there.

May 08 2013 at 2:13 PM Report abuse rate up rate down Reply
Roy Long

since penneys credit card now charges 24% i say **** em ,ill never spend another penny there..pardon the pun

May 08 2013 at 2:09 PM Report abuse rate up rate down Reply
timber1647

I written this before. In 5 years or less, JCP goes the way of Grant's. It is not a sustainable business model. They are stuck in the middle. They aren't Macy's. They aren't Walmart. They aren't as good as Target. Take a picture.

May 08 2013 at 1:58 PM Report abuse rate up rate down Reply
Ray

That thare is that thare

May 08 2013 at 1:27 PM Report abuse rate up rate down Reply
sara_cobe

Yeah i agree .I don't know why so many people are talking about ageless love . Age gap dating is trending nowadays. Many women are looking to date older men, cuz older men are usually more stable and mature.
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May 08 2013 at 1:18 PM Report abuse +1 rate up rate down Reply
jlastname32

Everything must be great for someone.

May 08 2013 at 1:08 PM Report abuse rate up rate down Reply
gallenuedc

Wow! Dow hit's 15,000...must be that socialist Obama. NOT!

May 08 2013 at 12:06 PM Report abuse -3 rate up rate down Reply