This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

J.C. Penney Ousts Ron Johnson, Brings Back Ullman: Hot Trends

NEW YORK ( TheStreet) -- Popular searches on the Internet include J.C. Penney (JCP - Get Report) after the department store retailer's board ousted CEO Ron Johnson, replacing him with his predecessor, Mike Ullman.

News of Johnson's departure broke late Monday, sending shares of J.C. Penney up nearly 13% in after-hours trading. However, after news that Ullman would return to the helm broke shares fell to about 6% below their closing price.

Johnson's tenure as CEO lasted only 17 months. He was hired from a top job at Apple (AAPL - Get Report), where he was commended for helping to make the company's retail stores so successful. But his turnaround plan for J.C. Penney, which employed a "no sales or coupons" upscale strategy, failed miserably. The stock fell nearly 53% in a year.

Ullman was chief of J.C. Penney from 2004 until 2011. He is not credited with revolutionizing the company's image or bringing in new customers, but rather overseeing the retailer's stable sales.

KPMG is trending after the accounting firm said it fired a partner for insider trading.

The firm said late Monday night that it fired a partner in its Los Angeles office for allegedly giving private client information to a third party which used it for stock trades. KPMG said it learned of the incident last week and immediately fired the individual. It also said it had to end business relationships with two clients as a result of the former partner's actions.

KPMG did not indicate whether an investigation on behalf of the Securities and Exchange Commission has begun.

KPMG has 22,000 partners and employees.

MasterCard (MA - Get Report) is another popular search. The credit card company is being investigated by European Union regulators over antitrust concerns.

EU regulators said it is looking into whether the company's card fees for non-European cardholders and policies violate EU antitrust rules. They said they will also be investigating MasterCard's policies that force merchants to accept all MasterCard variations and rules that inhibit merchants from seeking better terms from other banks.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
AAPL $124.25 -0.14%
JCP $8.90 5.83%
MA $86.74 0.41%
V $65.18 -0.35%
FB $81.66 -0.67%


DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs