NEW YORK -- J.C. Penney (JCP) CEO Ron Johnson is stepping down and the company announced former CEO Mike Ullman would be taking charge at the struggling retailer.
Ullman had been CEO of J.C. Penney until late 2011.
J.C. Penney has been struggling in recent months to try to turn itself around. It faces decreasing revenue and concerns about plans to stay afloat, given mounting debt.
Alcoa (AA), the aluminum producer, came up short on revenue, but beat analysts' expectations in its first-quarter earnings. Alcoa posted revenue of $5.83 billion, down from $6.01 billion a year earlier. Analysts were looking for revenue of $5.88 billion. Alcoa said adjusted earnings rose to 11 cents a share from 10 cents a share a year earlier. Analysts were calling for quarterly profit of 8 cents a share. "This was a strong quarter led by record profitability in our downstream business, improved results in our midstream business, and remarkable upstream performance in the face of weak metal prices," said Klaus Kleinfeld, CEO of Alcoa, in a statement on Monday. Alcoa Slips on Mixed Earnings Report
Microsoft (MSFT) will use a processor from Advanced Micro Devices (AMD) in its next Xbox game console, Bloomberg reported, citing people with knowledge of the matter. The Xbox will use an AMD system-on-a-chip that combines "Jaguar" central processing units with graphics chips, one of the people told the news agency. AMD also is providing chips for Sony's (SNE) forthcoming PlayStation 4.
PriceSmart (PSMT) is forecast by analysts to report fiscal second-quarter earnings on Tuesday of 77 cents a share on revenue of $609.7 million.
Zep (ZEP) is forecast by Wall Street to post earnings of 11 cents a share in its fiscal second quarter on sales of $167.1 million. 4 Stocks Spiking on Big Volume
-- Written by Joseph Woelfel
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