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Stocks surge; Buffett moves markets; Samsung in spotlight

1. Recovery rally continues: Global markets are continuing to recover after a very rough start to th...

Posted: Feb 26, 2018 12:54 PM
Updated: Feb 26, 2018 12:54 PM

1. Recovery rally continues: Global markets are continuing to recover after a very rough start to the month.

US stock futures were higher ahead of the open.

European markets were up in early trading. Asian markets ended in positive territory, with stocks in China turning in a particularly strong performance.

The rally follows a banner Friday in the US. The Dow Jones industrial average, S&P 500 and Nasdaq all rose between 1.4% and 1.8%.

2. The Buffett effect: Billionaire investor Warren Buffett is moving markets again.

Shares in Kraft Heinz were under pressure premarket after the food giant announced Buffett would be retiring from its board of directors.

"Mr. Buffett decided to retire from the board as he decreases his travel commitments," Kraft Heinz said in a press release on Friday.

Shares in Buffett's investment firm, Berkshire Hathaway, were rising after the company published his annual letter to investors on Saturday.

Buffett told investors that Berkshire Hathaway made a $65.3 billion net gain in 2017, but roughly $29 billion of that came from changes to the US tax code.

"A large portion of our gain did not come from anything we accomplished at Berkshire," he wrote.

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3. Wheels and deals: The chairman of a Chinese automaker has taken a 10% stake in Germany's Mercedes Benz-maker Daimler.

In a filing in Germany late Friday, it was disclosed that Li Shufu, the chairman of Chinese automaker Geely, had bought 103.6 million shares of Daimler stock, worth $9 billion.

The stake will not be owned by Geely directly. It will be held by an investment vehicle known as Tenaclou3 Prospect Investment Ltd., according to the filing.

Shares in Geely jumped by 6.5% in Hong Kong. Shares in Daimler slipped by about 1% in Germany.

4. Earnings: The dairy giant Dean Foods will report earnings before the open.

Fitbit and Nutrisystem plan to release earnings after the close.

GE said in a filing late Friday that it plans to restate the last two years of results.

The struggling conglomerate said the restated results will slash its 2016 profits by about 13 cents per share and last year's profits by approximately 16 cents per share.

The move comes as GE adopts a new accounting standard that changes the way companies are allowed to measure the timing and impact of long-term contracts with customers.

5. Major mobile conference: The annual Mobile World Congress is underway in Barcelona. The world's biggest smartphone makers - minus Apple - will be there.

Samsung unveiled new smartphones -- the Galaxy S9 and S9+.

While the phones are about the same size as the previous versions, the screens are brighter and slightly bigger. They have an advanced camera and stereo speakers, along with fun new tools, such as photo language translation and improved slow-motion video.

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6. Coming this week:

Monday - Mobile World Congress kicks off
Tuesday - Earnings from Macy's, Booking Holdings (formerly Priceline), Express Scripts and Discovery Communications; Fed chair Jerome Powell testifies before the House Financial Services Committee
Wednesday - Second estimate of US Q4 GDP; Earnings from Lowe's, TJX, Salesforce, L Brands, Monster Beverage and Mylan
Thursday - Earnings from Best Buy, Kohl's, Nordstrom, Gap and Barnes & Noble; Powell testifies before the Senate Banking Committee
Friday - Foot Locker and JCPenney earnings

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 341862

Reported Deaths: 7533
CountyCasesDeaths
Hinds23783441
DeSoto23180283
Harrison20365329
Rankin15307290
Jackson15087251
Madison10917227
Lee10674179
Jones8969169
Forrest8621159
Lauderdale7839243
Lowndes7016151
Lamar696289
Lafayette6535124
Washington5589139
Pearl River5141152
Bolivar4949134
Oktibbeha491698
Panola4766112
Warren4709127
Marshall4691106
Pontotoc446273
Union432579
Monroe4322137
Neshoba4268181
Hancock423788
Lincoln4171116
Pike3650113
Leflore3619125
Tate352888
Alcorn349574
Sunflower347194
Adams340588
Scott340176
Yazoo338575
Copiah323468
Simpson322090
Itawamba314180
Coahoma313385
Tippah304768
Prentiss297863
Covington291883
Leake284675
Marion283681
Wayne276143
George270551
Grenada268888
Newton261564
Tishomingo239370
Winston236584
Jasper229548
Attala225973
Stone225337
Chickasaw218760
Holmes199274
Clay196754
Clarke186280
Tallahatchie183742
Calhoun181232
Smith178935
Yalobusha171340
Walthall145348
Lawrence141626
Greene139734
Amite136943
Noxubee134835
Perry133238
Montgomery132244
Carroll125931
Webster121032
Jefferson Davis116234
Tunica113427
Benton106225
Claiborne105031
Kemper102329
Humphreys100133
Franklin87723
Quitman84619
Choctaw82319
Wilkinson77732
Jefferson71128
Sharkey51618
Issaquena1736
Unassigned00

Alabama Coronavirus Cases

Cases: 577463

Reported Deaths: 11510
CountyCasesDeaths
Jefferson841981589
Mobile47171860
Madison37047533
Tuscaloosa26915465
Shelby26873256
Montgomery25918625
Baldwin24499328
Lee16949181
Calhoun15252332
Morgan15017290
Etowah14778370
Marshall12933235
Houston11774292
Elmore10761217
St. Clair10617252
Limestone10574158
Cullman10363205
Lauderdale10083254
DeKalb9382191
Talladega8836188
Walker7681287
Autauga7479114
Jackson7317117
Blount7266139
Colbert6635142
Coffee6163132
Dale5453117
Russell470642
Chilton4682117
Covington4649125
Franklin450081
Tallapoosa4440156
Escambia427882
Chambers3898125
Dallas3717163
Clarke367763
Marion3427106
Pike327879
Lawrence3225101
Winston294973
Bibb284565
Geneva276383
Marengo259967
Barbour246261
Pickens240062
Butler238272
Hale232778
Fayette225264
Henry209245
Monroe197241
Randolph196744
Cherokee196348
Washington180139
Macon168752
Crenshaw165558
Clay163759
Cleburne160245
Lamar149938
Lowndes144854
Wilcox130531
Bullock126142
Conecuh119630
Coosa116929
Perry109928
Sumter109032
Greene98736
Choctaw64325
Out of AL00
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Tupelo
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Hi: 97° Lo: 75°
Feels Like: 101°
Columbus
Clear
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Hi: 97° Lo: 74°
Feels Like: 101°
Oxford
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Feels Like: 95°
Starkville
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Hi: 97° Lo: 73°
Feels Like: 102°
Friday we will see the hottest and most humid day of the week. We will see many areas top off in the 105 to 115 degree heat index. Some areas will approach 120. Very little chances for some isolated showers and thunderstorms for the late portion of the afternoon.
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