Economy
Brent crude and WTI continued their headlong plunge today, hitting record six-year lows, as an oil minister from OPEC reiterated that the group would not change its production strategy. The United Arab Emirates will continue to expand output, while shale drillers will probably be the first to curb production as prices fall, said Energy Minister Suhail Al Mazrouei. Brent crude is down 2.9% at $46.07, while WTI passed a key $45 benchmark, dropping 2.8% to $44.78.

Treasuries advanced for a third day, with U.S. 10-year notes hovering near their lowest level since May 2013, down 4 bps at 1.87%. "It’s all about oil," said Ali Jalai, a bond trader at Bank of Nova Scotia. "Inflation expectations keep coming down. That’s forcing the bond market to rally." Japan’s five-year yield fell to zero for the first time today, while the country's 10-year yield and Australia’s 15-year yield also dropped to new records.

President Obama would veto Republican-backed legislation in the U.S. House of Representatives that would scale back financial reforms, including the Volcker rule, warns the White House. Revamping the 2010 Dodd-Frank financial oversight law is a top priority for Republican Party leaders, who took control of both houses of Congress this year following big wins in November's elections.

Stocks
Alcoa +2.7% premarket after Q4 earnings and revenue topped analyst expectations. The company is continuing to benefit from its transition toward more lucrative automotive and aerospace products and away from costly aluminum smelters, posting a net profit of $268M vs. a $2.3M loss in 2013. CEO Klaus Kleinfeld announced that the fourth quarter "capped a pivotal year as we significantly accelerated Alcoa’s transformation."

United Airlines may again turn to outsourcing to slash expenses, helping the airline meet its goal of cutting costs by $2B annually. United (NYSE:UAL) may now outsource another 2K workers across 28 airports, after outsourcing over 630 jobs in July of last year. Other U.S. carriers have also kept costs low because many of its workers lack union representation, including Delta Air Lines (NYSE:DAL).

Renewing his attack on Herbalife, Bill Ackman reiterated his prediction that the company's stock price will collapse to zero - within a year. The hedge fund manager has been betting against Herbalife (NYSE:HLF) shares since 2012, claiming the company is a pyramid scheme. "We shorted it at $47 but because of option premium, borrowing costs, dividends, investigative expenses, our break even is around $31, $32," Ackman said. Herbalife's stock price closed at $32.73 yesterday after dropping 52% last year.

Nearing a $1B settlement with the DOJ over the inflated ratings it gave to shoddy mortgage bonds prior to 2008, Standard & Poor’s (NYSE:MHFI) may agree to settle its ongoing lawsuit as early as this quarter, Bloomberg reports. Ratings agencies have remained largely unscathed by the litigation ensuing after the financial crisis, although the Justice Department has secured settlements worth tens of billions of dollars during the past two years from mortgage lenders and banks.

Three senior AMD executives are departing the company, including its graphics director John Byrne, chief strategy officer Raj Naik and chief marketing officer Colette LaForce. "These changes...are part of implementing an optimal organization design and leadership team to further sharpen our execution and position AMD for growth," AMD (NASDAQ:AMD) said in an emailed statement.

Salus Capital has offered RadioShack $500M in bankruptcy financing to fund the struggling retailer's operations if it ends up in Chapter 11. Although its has not disclosed plans to file for bankruptcy, Radioshack (NYSE:RSH) has reported net losses for 11 straight quarters. The offer, which would increase Salus' influence in the company's affairs, expires on Thursday. RSH +10% premarket.

A group of hedge funds have filed an involuntary bankruptcy filing to push Caesars Entertainment’s (NASDAQ:CZR) main operating unit into Chapter 11 in an effort to get a jump on the Las Vegas company. Caesars wants to split its ailing gambling operation into a REIT and a management company, and planned on placing Caesars Entertainment Operating Company into Chapter 11, although junior creditors don’t like what they are being offered in the restructuring deal.

Just a day after unveiling its Chevrolet Bolt, GM (NYSE:GM) announced it would be open to working with Google (GOOG, GOOGL) on developing self-driving car technology. "I'm not in charge of deciding what we will and won't do, but I'd say we'd certainly be open to having a discussion with them," said General Motors CTO Jon Lauckner at the Detroit auto show. "I'd be completely surprised if Google doesn't have something to offer."

Today's economic calendar:

7:30 NFIB Small Business Optimism Index
8:55 Redbook Chain Store Sales
10:00 Job Openings and Labor Turnover Survey
1:00 PM Results of $21B, 10-Year Note Auction
2:00 PM Treasury Budget

Notable earnings before today's open: IHS, KBH

Notable earnings after today's close: CSX, DRWI, LLTC, PRGS