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)
Copyright (c) 2016 Dow Jones & Company, Inc.