U.S. stocks opened slightly lower on Friday as crude prices retreated. The rally seen in oil prices on Thursday ended as fresh data suggested U.S. crude inventories reached a record high. Meanwhile, Yahoo! (YHOO) said it has created a committee to explore strategic alternatives. It has also engaged investment banks like Goldman Sachs (GS), JPMorgan (JPM) and PJT Partners to help. Plus, V.F. Corp. (VFC) posted disappointing fourth quarter earnings - missing estimates on the top and bottom lines and was also hit by the strong dollar, shedding light on soft consumer spending. 'You're seeing wages grow very slowly and we're not really seeing the benefits from the declines in oil prices, which has boosted discretionary income,’ said Craig Erlam, senior market analyst at Oanda, based in London. The company owns well-known apparel brands like The North Face. TheStreet’s Scott Gamm reports from Wall Street.
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