TOP STORIES
FCC APPROVES NET NEUTRALITY RULES
The Federal Communications Commission voted to regulate Internet
service like a public utility, expanding the U.S. government's
oversight of a once lightly regulated business at the center of the
country's commercial and social activity.
PENNEY POSTS SURPRISE LOSS
J.C. Penney posted a surprise loss of $59 million, or 19 cents a
share, in the holiday quarter, though the retailer reported
stronger-than-expected sales. Shares dropped nearly 8% late.
NASDAQ RESUMES CLIMB AS BLUE CHIPS WAVER
The Nasdaq Composite closed in on 5000 for the first time in 15
years, ending up 21 points at 4988. The Dow industrials slipped 10
points to 18214, while the S&P 500 lost three points to
2111.
U.S. CONSUMER PRICE INDEX DOWN 0.7% IN JANUARY
A measure of U.S. consumer prices fell in January from a year
earlier, marking the first annual decline in more than five years
and potentially complicating the calculus for when the Fed will
lift short-term interest rates.
GAP OUTLOOK HURT BY DOLLAR, PORT DELAYS
Gap offered a muted earnings forecast for the year, blaming the
impact of the stronger dollar and delayed shippings at West Coast
ports. For the quarter ended Jan. 31, Gap's profit rose nearly 4%
to $319 million, or 75 cents a share, while sales increased nearly
3% to $4.71 billion.
FORMER SAFETY REGULATOR, ENGINEERING FIRM TAPPED FOR TAKATA PROBE
A group of car makers tapped a former top U.S. auto-safety
regulator and an engineering firm to probe defective Takata air
bags prone to rupturing and injuring or killing consumers.
COVERUP CHARGES AGAINST ARGENTINE PRESIDENT DISMISSED
A federal judge rejected allegations that Argentine President
Cristina Kirchner plotted with Iran to cover up its alleged role in
a 1994 terrorist attack here, saying there was no evidence
whatsoever of any crime.
OIL PRICES FALL SHARPLY ON BEARISH SUPPLY OUTLOOK
U.S. oil prices slid to their lowest level in nearly a month as
growing crude inventories weighed on the market. April Nymex crude
fell $2.82, or 5.5%, to $48.17 a barrel, the lowest price since
Jan. 29.
TIPS RALLY ON U.S. INFLATION DATA
A rare sighting of higher-than-expected inflation numbers
ignited a rally in U.S. government bonds that compensate investors
for rising price levels, extending what has been a comeback year
for the debt.
CITIGROUP TO BACK 'PROXY ACCESS' FOR INVESTORS
Citigroup is taking steps to more easily allow shareholders to
nominate directors at the bank, a spokesman said, joining a group
of U.S. companies that have moved to open up their corporate
elections this year.
STANDARD CHARTERED CEO TO STEP DOWN
Standard Chartered Chief Executive Peter Sands said he will step
down in June, after months of disquiet from shareholders and
executives over the bank's leadership.
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Digits
APPLE PLANS 'SPECIAL EVENT' ON MARCH 9, LIKELY FOR SMARTWATCH
Apple said it will hold a "special event" for March 9 that is
likely to be a coming-out party for Apple Watch. Apple has said the
watch will go on sale in April.
Interview
EU OFFICIAL SEES PROGRESS ON IRAN TALKS
Nuclear talks between Iran and six major powers are getting
close to agreement after more than a decade of diplomacy, the EU's
foreign-policy chief Federica Mogherini said in an interview with
The Wall Street Journal.