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Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Monday, Aug. 5:

1. -- U.S. stock futures were pointing to slight gains Monday on Wall Street following record high closings last week and ahead of a report on the U.S. services sector.

European stocks were rising. Asian shares ended Monday's trading session mixed. Japan's Nikkei 225 index fell 1.4%.


2. -- The economic calendar in the U.S. Monday includes the ISM Services Index for July at 10 a.m. EDT.


3. -- U.S. stocks on Friday finished in the green with record closing highs in the Dow Jones Industrial Average and S&P 500.

The S&P 500 rose 0.16% to settle at 1,709.67. The benchmark index closed in positive territory for the week, up 1.07% after crossing 1,700 for the first time Thursday with the help of some encouraging data and earnings reports from corporate heavyweights. The Dow added on 0.19% to close at 15,658.36, finishing the week up 0.64%. The Nasdaq finished up 0.38% to 3,689.59, rising by 2.12% over the week.


4. -- Warren Buffett's Berkshire Hathaway (BRK.A - Get Report) saw second-quarter profit rise 46% as earnings got a boost from the estimated value of Berkshire's investments and derivatives.

Those investments during the latest quarter were worth $622 million; a year earlier, the company recorded a loss of $612 million on the investments.

Berkshire posted net income on Friday of $4.54 billion, or $2,763 per Class A share, up from year-earlier net income of $3.1 billion, or $1,882 per Class A share.

Excluding the investments and derivatives, operating earnings in the second quarter were $3.92 billion, or $2,384 per Class A share.


5. -- The Obama administration vetoed on Saturday a ban on imports of some Apple (AAPL - Get Report) iPads and older iPhones, dealing a setback to rival Samsung.

U.S. Trade Representative Michael Froman overruled a decision in June by the U.S. International Trade Commission, which had banned imports of the iPhone 4 and some variations of the iPad 2. The commission ruled that the Chinese-made Apple devices violated a patent held by Samsung and couldn't be imported. The ban never went into effect, however, because the Obama administration had 60 days to decide if it would uphold the commission's decision.


6. -- Ford (F - Get Report) is adding a third shift at its plant in Kansas City, Mo., that makes the F-150 pickup because of soaring demand.

The third shift at the plant will add 900 new hourly workers.

The F-150 is the best-selling vehicle in the U.S.


7. -- JetBlue (JBLU - Get Report) plans to add premium seats on some of its planes, marking a major shift for the discount carrier, The Wall Street Journal reported.

JetBlue is expected on Monday to provide details about the new seats, which will be located in the front of the plane, and convert into lie-flat beds, the Journal reported.

Scott Laurence, JetBlue's vice president of network planning, called the upmarket move "a big change for us culturally."
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