The daily business briefing: February 10, 2016

Beyonce performs during halftime of the NFL Super Bowl 50 football game in Santa Clara, Calif.

(Image credit: AP Photo/ Matt Slocum)

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1. Wall Street gets a lift ahead of Yellen testimony
2. Red Lobster sales rise after mention in Beyoncé song
3. Sears speeds up store closings after rough holidays
4. Warner/Chappell Music agrees to return $14 million in 'Happy Birthday' fees
5. Gas prices may fall to below $1 a gallon

published 10 February 2016

1. Wall Street gets a lift ahead of Yellen testimony

U.S. stock futures rose early Wednesday ahead of Federal Reserve Chairwoman Janet Yellen's testimony on Capitol Hill. Analysts are hoping Yellen will provide clues about the Fed's thoughts on interest rate hikes as markets sink due to fears of a global economic slowdown. The Fed raised rates for the first time in nearly 10 years at its December meeting, before markets plunged worldwide.

Red Lobster said Tuesday that its sales had surged by 33 percent on Sunday — compared to the year before — after Beyoncé released a new track called "Formation" in which she mentions the seafood chain's food as a reward for sex. The overtly political song also touched on such hot topics as police brutality and black culture. Beyoncé also addressed her own influence, saying, "I might just be a black Bill Gates in the making." Red Lobster was mentioned on Twitter 42,000 times in one hour, company spokesperson Erica Ettori said.

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Sears reported Tuesday that its sales over the crucial 2015 holiday season fell short of projections. The struggling retail chain said it would accelerate the closure of 50 unprofitable stores and explore other cost-cutting measures to keep its turnaround plan afloat. The company said it expected $7.3 billion in sales for the quarter that ended Jan. 30, down from $8.0 billion in the same period a year ago and short of the $7.4 billion projected by analysts. It blamed the shortfall on intense competition and unseasonably warm weather.

Warner Music Group's publishing arm, Warner/Chappell Music, will return $14 million in licensing fees to settle a lawsuit over its claim to the copyright for "Happy Birthday to You." The company also has agreed to give up its claims to the song, the Los Angeles Times reported, citing court documents released this week. The deal would end a lawsuit filed in 2014 by a California musician, a film producer, and two New York music producers, but it still has to be approved by a federal judge.

Gas prices in some parts of the Midwest could dip below $1 per gallon before they start rising again, Gasbuddy.com said Tuesday. "The cheapest gasoline prices in over 12 years are showing up in some states in the heart of the nation, with previously unthinkable 99-cent gasoline becoming a strong possibility as wholesale gas prices plunge amidst growing supply," GasBuddy.com senior analyst Patrick DeHaan said in an email. The nationwide average this week is $1.72 per gallon, down 45.5 cents from a year ago due to a global oil glut.

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Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.