At the heart of the trial, which got under way Wednesday, is whether Macy's has the exclusive right to sell Martha Stewart-branded products in such categories as cookware, bedding, and bath. Company founder Martha Stewart, J.C. Penney's CEO Ron Johnson and Macy's CEO Terry J. Lundgren could be called to testify during the trial, which could last three weeks.
In December 2011, J.C. Penney announced a partnership in which it would open Martha Stewart mini shops in most of its stores, beginning this spring. Macy's sued Martha Stewart Living almost immediately, saying that it had exclusive rights on certain of its products until 2018. The pact goes back to 2007.
By The Associated Press(equals)The Dow Jones industrial average fell 108 points, or less than 1 percent, to close at 13,927. The Standard & Poor's 500 index sank 18.99 points to 1,511.95, a loss off 1.2 percent. That's the biggest one-day drop since Nov. 14, 2012. The technology-heavy Nasdaq composite index fell 49 points, or 1.5 percent, to 3,164. Benchmark crude for April delivery lost $1.88, or 2 percent, to finish at $95.22 a barrel on the New York Mercantile Exchange. Brent crude, used to price many international varieties of oil imported by U.S. refineries, fell $1.92 to finish at $115.60 a barrel in London. Heating oil fell 2 cents to end at $3.16 per gallon. Wholesale gasoline fell 6 cents to finish at $3.06 per gallon. Natural gas rose 1 cent to end at $3.28 per 1,000 cubic feet.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV