Also. . .

* J.C. Penney Co. said it will cut nearly 5,500 jobs as part of the struggling retailer’s previously announced plan to close 47 stores nationwide, including three in California. Penney said an unspecified number of employees would be offered jobs elsewhere in the company. The cuts make up about 2% of Penney’s work force.

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* Staples Inc. said its profit won’t meet analysts’ forecasts for the fourth quarter and it will take about $200 million in pretax charges related to its telecommunications unit and Internet investments. The office supplies retailer expects earnings in the range of 19 cents to 21 cents. Wall Street’s already reduced estimate was 24 cents.

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* Sara Lee Corp. said it will slash 7,000 jobs, mostly in its underwear and food operations, which are under increasing pressure from tough competition and the U.S. retail slowdown.

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* Tyson Foods Inc. delayed its $4.7-billion takeover of IBP Inc., saying IBP failed to disclose a federal probe of its accounting practices. Shares of IBP fell $4, or 14%, to close at $24.63, while Tyson closed up 44 cents at $13.06 on the NYSE.

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