Recapping the day's news and newsmakers through the lens of CNBC.
J.C. Penney: America's uncertain retailer recovery
It's Wal-Mart that's supposed to represent the American consumer economy, and Wal-Mart that disappointed this quarter, among many other retailers.
What's good to say about J.C. Penney? With its board battles and lackluster results, call it the problem child of retailing. Well, the woes are still immense, but analysts and investors did find a ray of hope in Tuesday's quarterly report, which showed an improvement in sales from the previous quarter. Though earnings were down, the results heartened investors.
Same-store sales fell nearly 12 percent, but that looked good next to the 16.6 percent drop in the previous quarter. The hedge fund Hayman Capital and billionaire George Soros are betting on a turnaround.
"We're facing headwinds of declining mall traffic. We know where the problems are, how to address them and have the plans in place."—J.C. Penney CEO Mike Ullman
"The [J.C. Penney's] debt, we think, is a great way to play the bet on J.C. Penney's turnaround."—Kyle Bass, founder of Hayman Capital