Here are five things you must know for Monday, Feb. 26:
1. -- Stocks Extend Rally
U.S. stock futures were higher on Monday, Feb. 26, as investors extended last week's global equity rally amid stabilizing bond yields.
Contracts tied to the Dow Jones Industrial Average rose 142 points, while those tied to the S&P 500 gained 8.45 points.
Wall Street was prepping for the first Humphrey Hawkins testimony of newly appointed Federal Reserve Chairman Jerome Powell before House and Senate committees on Tuesday, Feb. 27, and Thursday, March 1.
Stocks on Friday, Feb. 23, finished higher led by the technology sector and banks.
The Dow Jones Industrial Average rose 347 points, or 1.4%, to 25,309, the S&P 500 gained 1.6% and the Nasdaq increased 1.8%. For the week, the Dow rose 0.36%, the S&P 500 gained 0.55% and the Nasdaq jumped 1.35%.
The economic calendar in the U.S. on Monday includes New Home Sales for January at 10 a.m. ET, while St. Louis Federal Reserve Bank President James Bullard is scheduled to give a speech on the economy and monetary policy at the National Association of Business Economics in Washington at 8 a.m.
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2. -- Berkshire Hathaway Gets $29 Billion Boost From Tax Law
Warren Buffett's Berkshire Hathaway Inc. (BRK.A) said fourth-quarter profit more than quadrupled as it received a $29 billion boost from the new tax law, offsetting any weakness in the company's businesses.
Berkshire said it earned $32.6 billion, or $13.19 per Class B share, in the fourth quarter because of the tax law changes. A year earlier, the company earned $6.3 billion, or $2.55 per B share.
In his annual letter to shareholders on Saturday, Feb. 24, Buffett said Berkshire Hathaway has had trouble finding companies worth buying. He blamed his recent acquisition drought on ambitious CEOs who have been encouraged to take on debt to finance pricey deals.
"If Wall Street analysts or board members urge that brand of CEO to consider possible acquisitions, it's a bit like telling your ripening teenager to be sure to have a normal sex life," Buffett said.
Berkshire's class B shares rose 1.35% in premarket trading to $205.50.
3. -- Samsung Unveils the Galaxy S9
Samsung Electronics Co. (SSNLF) unveiled its latest flagship smartphone, the Galaxy S9, late Sunday as it looks to maintain its lead over rival Apple Inc. (AAPL) in the global handset market amid slowing sales and a perceived peak in design and innovation.
Samsung's S9 series will carry a price tag of between $750 and $930 in the U.S. market, depending on which model customers choose, and will carry Qualcomm Inc.'s (QCOM) 'Snapdragon 845' chip that will power a 2.8 GHZ processor, faster on paper than Apple's $999 iPhone X. Its camera has two lenses that will take a dozen 12-megapixel images simultaneously and is embedded with multiple options and functions designed to integrate the handset seamlessly into various social media platforms.
The baseline S9 weighs just under 6 ounces, according to Sunday's presentation at the Mobile World Congress event, has a screen size of 5.8 inches and will officially hit stores around the world on March 16.
4. -- Weinstein Co. to File for Bankruptcy
Weinstein Co. will file for bankruptcy protection after last-ditch talks to sell its assets to an investor group collapsed, the company's board of directors said Sunday, Feb. 25, the Los Angeles Times reported.
"While we recognize that this is an extremely unfortunate outcome for our employees, our creditors and any victims, the board has no choice but to pursue the only viable option to maximize the company's remaining value: an orderly bankruptcy process," the board said in a statement.
The decision came after the board was unable to revive a deal to sell the struggling studio, co-founded by Harvey Weinstein, to an investor group led by Maria Contreras-Sweet, who ran the Small Business Administration under President Obama from 2014 to 2017.
The bid, backed by billionaire investor Ronald Burkle and Dallas private-equity firm Lantern Asset Management, would have given Contreras-Sweet's consortium control of Weinstein Co.'s assets in a deal worth about $500 million, according to the Los Angeles Times.
Weinstein Co. has been in a tailspin since its former co-chairman, Harvey Weinstein, was accused of sexual harassment and assault against dozens of women.
5. -- Delta and United Cut NRA Ties
Delta Air Lines Inc. (DAL) and United Continental Holdings Inc. (UAL) , the parent company of United Airlines, were the latest companies to cut ties with the National Rifle Association.
Delta said Saturday that it was ending discounted rates for NRA members. "We will be requesting that the NRA remove our information from their website," the company said in a tweet.
United Airlines said it will no longer offer discounts on flights to the NRA annual meeting.
The airlines join a growing list of companies that have abandoned partnerships with the NRA amid a renewed public debate over tightened gun laws following the school shooting in Florida on Feb. 14, that left 17 dead.
This article has been updated to include fresh stock market prices.