Tesla made a number of big announcements overnight related to its proposed battery gigafactory. Will this continue to drive the shares higher or encourage profit-taking against the news? JC Penney is rebounding overnight from depressed levels on early signs of a potential turnaround. Tesla Motors to proceed with building rumoured gigafactory for batteries expected to produce enough batteries to power 500K cars per year by 2020, and reduce the cost per pack by 30%. Plant expected to cost $5B through 2020 including partners share with Tesla paying $2 billion funded mainly from a $1.6B convertible note issue. JC Penney $0.11 vs street ($0.86) ex items ($0.68) vs street ($0.86), guides single digit same store sales growth and a big improvement in gross margin, SEC investigation into recent liquidity and share offering closed with no action taken