J.C. Penney beats sales expectations

J.C. Penney Co. said Monday that sales at stores open at least a year will surpass expectations for December, but the post-holiday news from a Cincinnati-based retailer was more grim.

Federated Department Stores, the parent company of Macy's and Bloomingdale's, now says November and December same-store sales will be down 4.5 percent.

Sprint likely to follow AT&T, MCI rate hikes

Be on the lookout for higher long-distance bills in 2003: Now that the nation's two largest long-distance calling providers have announced rate increases in recent weeks, No. 3 Sprint Corp. seems likely to follow suit.

Spokeswoman Leslie Letts acknowledged Monday that the company had taken note of the increases made by rivals AT&T Corp. and MCI, which is part of WorldCom Inc.

Rates mixed in Treasury bill auction

Interest rates on short-term Treasury securities were mixed in Monday's auction, with rates on six-month bills dropping to their lowest level on record.

The Treasury Department sold $14 billion in three-month bills at a discount rate of 1.185 percent, unchanged from last week. An additional $16 billion was sold in six-month bills at a rate of 1.220 percent, down from 1.240 percent.