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J.C. Penney Co.apologizes, in a new ad titled It's No Secret, to shoppers and asks for a chance to win their business back. The ad, which shows shots of women working, playing with their children and doing other everyday activities, comes after Penney last month fired its CEO, Ron Johnson, after 17 months on the job and rehired his predecessor, Mike Ullman. Johnson's ambitious changes included getting rid of most sales and bringing in new, hip brands. The ad acknowledges the failure of the strategy.

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Facebook, in reporting first-quarter income of $219 million, up from $205 million a year earlier, said nearly a third of its advertising revenue came from mobile in the quarter, helping to push total revenue up 38 percent to $1.46 billion to surpass Wall Street's expectations. The world's largest social network also grew its user base during the quarter, as its monthly user base grew to 1.11 billion accounts as of the end of March, up 5 percent from 1.06 million at the end of December.

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Activision is trading "Modern Warfare" for "Ghosts." The video game publisher announced Wednesday that the next installment in its successful Call of Duty franchise will be titled Call of Duty: Ghosts and feature a new story and characters. Activision Blizzard said Ghosts will be released Nov. 5 for PC, PlayStation 3, Xbox 360 and next-generation consoles. "Ghosts delivers an all-new story, all-new characters, an all-new Call of Duty world, all powered by a next-generation Call of Duty engine, which is a leap forward for the franchise," Activision Publishing CEO Eric Hirshberg said.

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A Detroit federal judge has ordered a three-year prison sentence for the husband of a former General Motors engineer who was convicted of stealing hybrid technology from the automaker. It's a major break for Yu Qin. He was facing a minimum sentence of 61/2 years under sentencing guidelines. Qin and his wife, Shanshan Du, were convicted last fall of conspiracy and possessing trade secrets without approval. The U.S. government says they were trying to strike a deal with a competitor in China before the FBI intervened.

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$2.05B

AMOUNT Warren Buffett's Berkshire Hathaway is paying to acquire the 20 percent it did not already own in IMC International Metalworking Cos., an Israeli toolmaker

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THE BOTTOM LINE: CVS Caremark's first-quarter net income jumped 23 percent to $956 million, topping Wall Street's expectations ... Nissan to cut prices on seven of its 18 models in the U.S., hoping they will show up in more Internet searches by shoppers

Up next:WET WALK

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