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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: 156868

Reported Deaths: 3851
CountyCasesDeaths
DeSoto10409104
Hinds10279202
Harrison7313112
Jackson6566128
Rankin5887106
Lee529496
Madison5014107
Forrest389786
Jones369088
Lauderdale3594147
Lafayette338253
Washington3246108
Lamar297850
Oktibbeha252362
Lowndes247064
Bolivar244384
Panola232653
Neshoba2249121
Marshall222851
Leflore208591
Monroe206778
Pontotoc204231
Lincoln197366
Sunflower192655
Warren180258
Tate177751
Union171926
Copiah167940
Pike165359
Yazoo160140
Scott159430
Itawamba157635
Alcorn155628
Pearl River155368
Coahoma152743
Simpson152653
Prentiss151331
Adams144752
Grenada143345
Leake139744
Holmes133461
Covington128639
Tippah128430
George128325
Winston125526
Hancock124341
Wayne121323
Marion119446
Attala119334
Tishomingo112443
Chickasaw109432
Newton108229
Tallahatchie98127
Clay94727
Clarke93653
Jasper85223
Stone80615
Calhoun78713
Walthall77629
Montgomery76926
Carroll74115
Lawrence73814
Smith73216
Yalobusha73128
Noxubee72717
Perry68326
Tunica62619
Greene61522
Jefferson Davis59017
Claiborne58916
Amite56615
Humphreys54719
Benton50018
Quitman5007
Webster46714
Kemper45018
Wilkinson40522
Jefferson37112
Choctaw3617
Franklin3555
Sharkey32417
Issaquena1204
Unassigned00

Alabama Coronavirus Cases

Cases: 252900

Reported Deaths: 3638
CountyCasesDeaths
Jefferson33526501
Mobile20103365
Madison13723151
Tuscaloosa13366154
Montgomery12552236
Shelby1079677
Baldwin9051137
Lee787266
Morgan696451
Calhoun6598121
Etowah656167
Marshall647357
Houston541038
DeKalb498137
Cullman462443
St. Clair441956
Limestone440445
Lauderdale426754
Elmore421164
Walker3735111
Talladega370157
Jackson340423
Colbert332042
Blount306140
Autauga281842
Franklin257434
Coffee250015
Dale239054
Dallas231532
Chilton228939
Russell22663
Covington225034
Escambia202331
Tallapoosa187291
Chambers182750
Pike161514
Clarke161019
Marion144736
Winston137523
Lawrence133436
Pickens126518
Geneva12508
Marengo123424
Bibb120418
Barbour118911
Butler118642
Randolph105522
Cherokee105124
Hale98131
Fayette94616
Washington93219
Clay92824
Henry8896
Monroe83011
Lowndes80929
Cleburne78814
Macon75522
Crenshaw72230
Bullock70119
Lamar7018
Conecuh70014
Perry6916
Wilcox64818
Sumter58622
Greene43518
Choctaw43114
Coosa3664
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