The "Halftime Report" traders discussed what they are watching ahead of earnings reports.

Jim Lebenthal said J.C. Penney could double.

Josh Brown is a long-term believer in Shake Shack but he's also nervous.

Trader disclosure: On May 13, 2015, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Halftime Report" traders: PETE NAJARIAN: Long AMAT, AAPL, BABA, BAC, BMY, BP, CSX, DISCA, FOXA, GE, KKR, KO, LLY, MBLY, MRK, PEP, PFE, he is long calls AA, AAL, BBY, BK, CBS, COP, CSX, DB, EJ, F, FL, GE, GS, HSBC, HZNP, IMAX, KO, KSS, LEN, MAC, MYL, NEE, NTAP, NUAN, OC, PFE, SYY, TEVA, TSX, UAL, UUP, VALE, VMW, VZ, XLF, XOM, ZIOP. Today he bought CS calls. JON NAJARIAN: Long BBY, CS, CSLT, EXXI, FEYE, GE, HFC, HSBC, HUN, HZNP, MAS, MCD, MDRX, MRVL, MW, NEE, NRG, OAS, OC, PG, PVA, RHT, RRC, RYL, SCTY, SIMO, SIRI, SKX, SOL, SYK, TAP, TEVA, TTWO, TLT, VIX, WMB, XLI, YPF, ZIOP he is long calls AKS, BBY, CTXS, EQT, EWJ, FB, GE, GREK, GRPN, GSK, GTI, IDTI, LNKD, MCD, MDRX, MYL, NTAP, NUAN, OAS, PG, PPC, PRU, RAD, SAP, SIMO, SKX, SNDK, TAP, VALE, WFM, XLK. Today he bought CS, CSLT, FEYE, HFC. JOSH BROWN: Long BAC, DE, DNKN, FSLR, JMBA, SAM, SHAK, SPWR, TNET, TWTR, XON, XLE. JIM LEBENTHAL:Long AAPL, BP, C, DCO, EEQ, GAIA, GM, IBM, INTC, JCP, MPC, OA, ORBC, PFE, QCOM, SJT, SPLS, TGT, TIF, TRMB, WGO.