TOP STORIES 
 
U.S. STOCKS PLUNGE IN GLOBAL SELLOFF 

U.S. stocks extended declines as a cautious tone from the Federal Reserve, a resumption of the slide in bank shares and a fresh fall in oil prices fueled anxiety about the global economy.

MORGAN STANLEY TO PAY $3.2 BILLION TO END GOVERNMENT MORTGAGE PROBES 

Morgan Stanley will pay $3.2 billion to resolve government charges that it misled investors about the quality of mortgage bonds it ahead of the 2008 financial crisis.

YELLEN SAYS FED SHOULD BE PREPARED TO USE NEGATIVE RATES IF NEEDED 

Federal Reserve Chairwoman Janet Yellen delved deeper into the prospect of the U.S. central bank pushing interest rates into negative territory, saying the Fed is "taking a look at" the idea but it hasn't finished an evaluation of the issue.

TRANSCANADA POSTS HEFTY LOSS ON KEYSTONE CHARGE 

TransCanada posted a hefty loss on the back of a charge related to its denied Keystone XL pipeline project, though operating results came in ahead of expectations.

PEPSI POSTS HIGHER PROFIT, DOWNBEAT OUTLOOK 

PepsiCo reported a 31% increase in earnings and announced a dividend increase, but it also provided a downbeat profit outlook for 2016.

HSBC SCRAPS PAY FREEZE 

The bank has backtracked from a decision to freeze pay this year after employees pushed back to receive raises they had earned.

IMF CHIEF LAGARDE WINS SECOND TERM 

International Monetary Fund Managing Director Christine Lagarde effectively won a second term as head of the emergency lender after the selection process closed with only one nomination.

U.S. JOBLESS CLAIMS FALL 16,000 TO 269,000 

The number of Americans filing for first-time unemployment benefits fell last week, another sign of the domestic job market's resilience in the face of economic turmoil overseas.

DRUG DEVELOPERS SLIDE IN TRADING DEBUT 

Shares of drug developers Proteostasis Therapeutics and AveXis fell sharply on their first day of trading, highlighting the difficulty initial public offerings have faced this year.

UPS OPPOSES RAIL MERGER BETWEEN NORFOLK SOUTHERN AND CANADIAN PACIFIC 

UPS, one of the nation's largest rail customers, became the latest company to oppose a merger between Canadian Pacific Railway and Norfolk Southern.

GOOGLE DEFENDS U.K. TAX SETTLEMENT BEFORE LAWMAKERS 

Executives for Alphabet's Google business defended their settlement with the U.K.'s tax authority before a panel of British lawmakers Thursday, trying to stanch criticism of a deal that critics say let the search giant off too lightly.

KELLOGG SALES CONTINUE TO SLIDE 

Kellogg sales slid 11% in its fourth quarter, though the company's cost-cutting efforts helped drive profit that beat Wall Street views.

SHIRE FOURTH-QUARTER SALES ROSE, NET INCOME FALLS 

Drugmaker Shire said sales increased 9% year-over-year to $1.72 billion in the fourth quarter, largely due to strong revenue growth for its attention-deficit-hyperactivity disorder drug Vyvanse, though net income fell sharply due to a tough year-earlier comparison.

KKR & CO. SWINGS TO FOURTH-QUARTER PROFIT 

KKR & Co. swung to a fourth-quarter profit as private-equity holdings rose in value, but a measure of core earnings missed Wall Street's forecasts.

QUALCOMM ANNOUNCES FIRST GIGABIT CELLULAR CHIP 

Qualcomm announced a cellular chip that can transmit a billion bits of data a second, hoping to bring mobile users speed comparable to today's most advanced wired services.

TRIPADVISOR DELIVERS RARE EARNINGS BEAT ON HIGHER REVENUE 

TripAdvisor reported a core profit that beat Wall Street expectations for the first time since 2013, as higher display advertising and subscription sales drove a 7.3% increase in revenue.

INCYTE REPORTS PROFIT BUT SCRAPS TRIALS INVOLVING CANCER DRUG 

Incyte swung to a fourth-quarter profit as sales of its blood-cancer drug nearly doubled, but the company scrapped late-stage trials that would expand its use to treating solid tumors.

MOLSON COORS HURT BY DECLINING BEER VOLUMES 

Molson Coors Brewing Co. reported lower profit and revenue for its fourth quarter, hurt by lower earnings in its MillerCoors LLC venture and declining beer volumes.

TEVA PHARMACEUTICALS REPORTS SALES DECLINE 

Teva Pharmaceuticals Industries reported a decline in revenue as drug sales fell across its generic and specialty segments.

NOKIA SEES DEMAND COOLING FOR TELECOMS GEAR 

Nokia warned of an impending slowdown in the telecommunications-equipment sector amid growing worries about the health of the global economy, just as the integration of the recently acquired Alcatel-Lucent gathers speed.

 
 
 
  ======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES ======= 
 
 
U.S. Economy 
WSJ SURVEY: ECONOMISTS LOWER GROWTH ESTIMATES AMID RISING RECESSION RISK 
 

The risk of the U.S. tilting into a recession is rising due to the tumble in financial markets, according to The Wall Street Journal's latest survey of economists, which also lowered growth estimates.

 
European Business News 
U.S. TREASURY'S LEW CHALLENGES EU ON CORPORATE TAX INVESTIGATIONS 
 

The U.S. stepped up a spat with European officials over their investigations of U.S. companies' tax practices, warning in a letter from the Treasury secretary that they are creating a "disturbing" precedent.

 
 
 

(END) Dow Jones Newswires

February 11, 2016 13:00 ET (18:00 GMT)

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