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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 10:54 AM
Updated: Feb 26, 2018 10:54 AM

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

Oregon Coronavirus Cases

Data is updated nightly.

Cases: 387485

Reported Deaths: 5116
CountyCasesDeaths
Multnomah59768836
Washington41571393
Marion39592504
Clackamas32426376
Lane29856354
Jackson24672350
Deschutes23182185
Umatilla15087180
Linn14488178
Douglas13236286
Josephine10057240
Yamhill9665142
Klamath8979145
Polk813698
Benton605137
Malheur591586
Coos5573106
Columbia423855
Jefferson416865
Lincoln357252
Union336854
Crook330156
Wasco314846
Clatsop258335
Baker217531
Tillamook214345
Hood River211337
Morrow197025
Curry190136
Harney119332
Grant108314
Lake104016
Wallowa74713
Sherman1903
Gilliam1844
Wheeler1141
Unassigned00

California Coronavirus Cases

Data is updated nightly.

Cases: 5060666

Reported Deaths: 74152
CountyCasesDeaths
Los Angeles152491227121
San Diego4047084319
Riverside3849455306
San Bernardino3718825944
Orange3329505675
Sacramento1674002423
Kern1565171781
Fresno1558992246
Santa Clara1511691922
Alameda1246581504
San Joaquin1070001833
Ventura1036461188
Contra Costa1032921045
Stanislaus912991413
Tulare856141082
San Francisco56614669
San Mateo56058629
Monterey52340625
Solano47422356
Santa Barbara47035548
Merced44807664
Sonoma42912412
Placer41881468
Imperial38128769
Kings35038358
San Luis Obispo31294358
Madera26005311
Shasta25917440
Butte25295309
Santa Cruz22028222
Yolo21451257
Marin18342248
El Dorado18166161
Sutter14494181
Napa13372104
Yuba1070088
Tehama10230129
Humboldt10043117
Nevada9914103
Mendocino848894
Lassen792355
San Benito775977
Tuolumne767790
Lake6990110
Amador573766
Siskiyou470954
Glenn455136
Calaveras435685
Del Norte371242
Colusa323519
Inyo254345
Plumas19127
Mono18294
Mariposa156718
Trinity98817
Modoc7475
Unassigned2430
Sierra2170
Alpine1060
Out of CA00
Medford
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Fog and stagnant air in the valleys, dry and mild weather continues into Monday
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