The "Squawk on the Street" news team reports on today's top business headlines, including the ousting of JC Penney's Ron Johnson and what's at stake for hedge fund manager Bill Ackman.

Don't start your trading day without finding out what CNBC's Jim Cramer is watching ahead of the opening bell. Today, Cramer shares his thoughts on the future of JC Penney.

What does President Obama have to do to find balance between what Republicans and Democrats want in the Federal budget? David Walker CEO of Comeback America Initiative, weighs in.

St. Louis Fed President James Bullard speaks to the importance of financial literacy.

Steve Bertoni, Forbes associate editor, provides perspective on the change in leadership at JC Penney; the future of the retailer; and hedge fund manager Bill Ackman's stake in the company.

David Cush, president and CEO of Virgin America, discusses airline competition, the future of flight and how bigger carriers have driven themselves into bankruptcy, with Sir Richard Branson, founder and chairman of Virgin Group.

Richard Cosse, managing partner at Perigee Finance Group, describes how competitive the global shipping sector is and what impact the slowdown in lending from banks will have on the sector.

Mary Jo Jacobi, former assistant secretary of commerce and special assistant to the President, talks to CNBC about Margaret Thatcher's European vision and how some of the issues she raised are still relevant today.

Scott Sperling, THL Partners co-president, reveals details of his company's acquisition of private information technology company CompuCom.

CNBC's Scott Wapner and Courtney Reagan have the latest details on the management swap at JC Penney. And, Henry Blodget, Business Insider; and Alec Young, S&P Capital IQ, weigh in on whether the change in leadership will impact the stock.

Ron Johnson is out as CEO of JC Penney, and replaced with former leader, Mike Ullman. Will the switch help turn the struggling retailer turnaround? Jeffrey Sonnenfeld, Yale University School of Management, discusses.

Len Blum, Westwood Capital; and Kevin Ferry, Cronus Futures Management, share the strategies investors need to know to navigate their way through earnings season.

CNBC's Ross Westgate tells you what the markets will be watching as we approach the start of trading in the U.S.

Will a change in leadership at JC Penney help the retailer get their core customers back in the store? Dana Telsey, Telsey Advisory Group, discusses the company's future with former chief Mike Ullman now at the helm.

Satyajit Das, author of Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives, tells CNBC why there is no way out of the the euro zone crisis .

Robert Reich, Former Secretary of Labor and Chancellor's Professor of Public Policy at University of California at Berkeley says that the U.S. is facing a problem of its consumers not have the purchasing power, something which has not happened in 3 decades

Emily Lau, Hong Kong Legislator and Chairwoman of the Democratic Party, and Richard Harris, Chief Executive at Port Shelter Investment Management discuss what they think of the late Margaret Thatcher.

Colin Chapman, Vice President, Asia Pacific at STRATFOR says that Kim Jong Un's current threats to the South and the U.S. are only because he is trying to keep his regime alive.

Jonathan Compton, managing director at Bedlam Asset Management, tells CNBC the stocks he thinks you should be buying.

Freya Beamish, economist at Lombard Street Research and Satyajit Das, author of Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives, discuss the slowdown in Chinese inflation and what China can do to stimulate its economy.