J C Penney CEO expresses cautious optimism amid store closures
JC Penney shares fell up to 11 percent after first quarter results showing a 3.5 percent same store sales drop. CEO Marvin Ellison cites catch-up to rivals and upside in higher priced items and Sephora partnerships while delaying 140 store closures to July 31 to save about 200 million annually.
MENTIONED IN THIS ARTICLE
Nordstrom
J.C. Penney
Marvin Ellison
Sephora
Metrix
Ellison
Daphne Avila
Macy’s
Sears Holdings Corp
Wells Fargo faces higher tally of unauthorized accounts
Lawyers in a class action say Wells Fargo opened up to 3.5 million unauthorized checking savings and credit card accounts over 15 years, escalating from the 2.1 million figure regulators cited. The filing notes the 3.5 million could be an overestimate but remains a plausible total based on public information and discovery.
MENTIONED IN THIS ARTICLE
Wells Fargo and Co
San Francisco
Wells Fargo
U.S. District Court
Time Inc plans asset sales to back digital strategy push
Time Inc is set to sell some magazines and noncore assets to fund its online strategy as print advertising declines. CEO Rich Battista said the company may pursue joint ventures or external capital for specific opportunities while keeping its core focus on digital growth and a Sports Illustrated online video service. Smaller titles include Sunset and Whats On TV.
MENTIONED IN THIS ARTICLE
Time Inc
Rich Battista
Battista
Time
Des Moines
Meredith Corp
Pamplona Capital Management
Jahm Najafi
Facebook
Google
Sports Illustrated
Sunset
What
U.K
Sprint and T-Mobile in Merger Talks Again
Sprint and T-Mobile reportedly hold informal discussions to merge, with Deutsche Telekom and SoftBank executives signaling openness. Analysts anticipate a surge of merger announcements as regulators’ stance and market dynamics shift, with both sides weighing a possible deal amid airwave auction outcomes.
MENTIONED IN THIS ARTICLE
T-Mobile
Sprint
Donald Trump
Barack Obama
Deutsche Telekom
Tim Hoettges
T-Mobile US
Son
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Jcpenney
J.C. Penney Co
Roosevelt Field
Garden City
N.Y
Bloomberg
Bloomberg News
Telecom
Cable
Federal Communications Commission
Reuters
Brooklyn
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