The daily business briefing: February 12, 2016

1. California natural gas leak plugged after 4 months

Southern California Gas Company announced Thursday that it had "temporarily controlled" a natural gas leak that has released more than 80,000 tons of gas just north of Los Angeles since Oct. 23. Crews drilled down almost 8,500 feet to inject the leak with a mud-like compound. The next step is pumping in concrete, which will begin as early as Friday. Nearly 5,000 households had to move out of the Porter Ranch area due to health concerns. The leak has cost $300 million, and the company faces 67 pending lawsuits.

Ars Technica Los Angeles Times

2. Yellen says Fed is considering below-zero interest rates

Federal Reserve Chairwoman Janet Yellen told lawmakers on Thursday that the central bank's policy makers were examining whether they should consider cutting interest rates below zero if the economy stumbles. Japan, Sweden, and a small but growing number of other nations have cut rates below zero recently, and Sen. Richard Shelby (R-Ala.) asked whether the move was under consideration at the Fed. Yellen said the idea had been rejected in 2010 but it's "not off the table" given "the experience of European countries and others that have gone to negative rates."

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Bloomberg USA Today

3. Pandora puts out feelers for potential buyers

Music streaming service Pandora is holding discussions about selling itself, according to people briefed on the matter. Pandora is the biggest internet radio service, with 78.1 million users, compared to about 10 million subscribers for Spotify and Apple Music. Pandora had 81.5 million users in 2014, however, and its market value has fallen to $1.8 billion from $7 billion two years ago. Pandora is working with Morgan Stanley to find potential buyers.

The New York Times

4. Boeing shares dive as sales slow

Boeing shares plummeted by 11 percent on Thursday over fears about slowing sales and production. The aircraft maker's stock also took a hit from a Bloomberg report indicating that Securities and Exchange Commission regulators are looking into its accounting of costs and expected sales of its two biggest jetliners, the 747 and 787. On Wednesday, Boeing said it was cutting middle management and executive positions. The streamlining comes as it faces competition from European rival Airbus.

Reuters Bloomberg

5. U.S. benchmark oil price hits 12-year low

The price of U.S. benchmark West Texas Intermediate crude oil fell Thursday to the lowest level in more than 12 years. The price hit $26.13 a barrel, beating a January low of $26.19. Oil prices have dropped by nearly 30 percent this year. The three main U.S. stock indexes dropped Thursday due to fears the oil prices signal a global economic slowdown, but the Dow Jones Industrial Average was set to rebound early Friday, with Dow futures up 0.7 percent.

Bloomberg MarketWatch