Bill Ackman begins the day with a bombshell. The billionaire who's been shaking up J.C. Penney (JCP) has suddenly resigned from the board. Ackman released a statement this morning saying, "At this time, I believe that the addition of two new directors and my stepping down from the board is the most constructive way forward for J.C. Penney and all other parties involved." Ackman's action comes just days after he went public with his push to have CEO Mike Ullman ousted once again. So, where does this leave the company? And what about Ackman, who still owns an 18% stake in Penney's? Yahoo! Finance Senior Columnist Mike Santoli has more in the video above.
Breaking news: Retail sales for July released were right as we started streaming live to your computer at 8:30. The Commerce Department says the figure rose .2% for the month. Estimates had been for an increase of .3%. For comparison, retail sales had been up .4% in June.
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