Remains of the Day: A J.C. Penney for your thoughts
By Dan Moren
We’re still clambering back up on this horse, so bear with us if today’s selection is a bit slim. Still, we’ve got Ron Johnson betting on his future, the adventures of the spectacular Steve Jobs, and iTunes’s hefty price tag. If that’s not enough for you, then the remainders for Tuesday, June 14, 2011 will just take its business somewhere else.
Buried in the press release announcing Ron Johnson as the future CEO of J.C. Penney is the fact that Johnson will invest $50 million of his own money in the company’s stock, effectively tying his success to the Penney’s. Granted, if anybody should make that bet, it’s Johnson—the man has spent the last ten years getting us to fork over our cash for luxury items like iPods and iPhones. Imagine what he’ll be able to do with pants—everybody needs pants.
Yes, Steve Jobs’s authorized biography will drop sometime next year, but if you wished it had less in the way of words, and more in the way of pictures, then consider Bluewater Productions’s forthcoming comic book treatment of the Apple co-founder’s life. The graphic novel will cover Jobs’s founding of Apple, his departure and eventual return, and, of course, his brief tenure as a member of the Fantastic Four.
Having sued pretty much everybody from Adidas to Best Western, Lodsys now finds itself on the receiving end of the legal system, thanks to a suit by the The New York Times. The Gray Lady is fighting back against Lodsys’s assertion that the publication has violated its patent with the use of click-through tracking on ads. Is it just me, or is it becoming increasingly obvious that Lodsys’s technical acumen is at about a Ted Stevens level?
Ever wondered what it costs to run the iTunes Store? Well, due to Apple’s secretive ways we may never know, but number cruncher extraordinaire Horace Dedieu has extrapolated that it may be around $1.3 billion per year. That’s based on the store’s estimated income and Apple’s insistence that it continues to do slightly better than break-even with the business. And it about gibes with the quick estimate of the store’s income that I did on the back of a cocktail napkin:
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