Here are five things you must know for Wednesday, Feb. 28:
1. -- U.S. Stocks Edge Higher
U.S. stock futures edged higher on Wednesday, Feb. 28, as global investors parsed potentially hawkish comments from Federal Reserve Chairman Jerome Powell in his testimony on Capitol Hill.
Contracts tied to the Dow Jones Industrial Average rose 7 points, while those tied to the S&P 500 were flat.
Powell's maiden Humphrey-Hawkins testimony on Tuesday, Feb. 27, before the House Financial Services Committee, went largely to script, with the newly appointed Fed chief rarely deviating from his prepared remarks as he fielded questions on the economy, interest rates and financial regulation. But Powell may have hinted at more rate hikes in 2018 than initially anticipated.
Stocks finished lower on Tuesday, following Powell's remarks. The Dow Jones Industrial Average declined 299 points, or 1.16%. The S&P 500 slipped 1.27% and the Nasdaq fell 1.23%.
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2. -- Amazon Buys Ring, a Maker of Smart Doorbells
Amazon.com Inc. (AMZN) has purchased Ring, a company that appeared as a contestant in 2013 on CNBC's "Shark Tank" as DoorBot but left without a deal. Multiple reports pegged the value at more than $1 billion.
The Santa Monica, California.-based start-up, a maker of smart doorbells, was valued at $1 billion in late 2017, founder Jamie Siminoff told CNBC in November.
Ring most recently landed $109 million in venture funding from investors including Qualcomm Corp.'s (QCOM) venture arm Qualcomm Ventures, Goldman Sachs & Co. (GS) , DFJ Growth and Richard Branson's Virgin Group. Amazon's Alexa Fund, which invests in Alexa-powered devices and services, was also a previous investor in the company which has raised more than $200 million in venture funding, according to Crunchbase.
Ring makes smart doorbells that allow customers to see who is at their door when the doorbell is pressed. The company said its mission is to reduce crime by creating an automated neighborhood watch system.
3. -- Weight Watchers Rallies
Shares of Weight Watchers International Inc. (WTW) jumped 9.3% in premarket trading on Wednesday after the New York-based weight loss and healthy living company reported earnings that handily beat estimates.
The company reported adjusted fourth-quarter earnings of 37 cents a share, topping Wall Street's expectations of 31 cents. Sales in the fourth quarter were $312.5 million, which beat analysts' forecasts of $309 million and rose 14% from a year earlier.
Looking ahead, Weight Watchers said it expects full-year 2018 revenue to approach $1.55 billion and earnings between $2.40 and $2.70 a share.
Weight Watchers President and CEO Mindy Grossman told TheStreet that the company's impressive momentum at the end of the year was largely thanks to its new Weight Watchers Freestyle Program, launched in December.
The program, which features prominent spokeswoman and Weight Watchers partner Oprah Winfrey, allows customers a great deal of freedom in the eating and lifestyle plan.
Weight Watchers subscribers grew 22.6% at the end of 2017, adding roughly 600,000 new members from the same time a year earlier.
4. -- Papa John's Is Burnt to a Crisp
Papa John's International Inc. (PZZA) fell 5.6% in premarket trading after fourth-quarter North American same-store sales at the pizza chain dived 3.9%. Sales were markedly below rivals Domino's Pizza Inc. (DPZ) and and Yum! Brands Inc.'s (YUM) Pizza Hut, which notched respective gains of 4.2% and 2%.
5. -- Square Tumbles Despite Earnings Beat
Square reported adjusted earnings of 8 cents a share, beating analysts' estimates of 7 cents. Adjusted revenue was $282.7 million, compared to analysts' expectations of $266.5 million.
The company guided for adjusted earnings per share of 3 cents to 5 cents in the first quarter of 2018; analysts expect 8 cents.
Square CEO Jack Dorsey emphasized the strength of the company's peer-to-peer Cash app in a letter to shareholders. Square recently added new services to the Cash app, including a feature allowing users to buy and sell Bitcoin that's generated a lot of buzz, as well as a Visa debit card to withdraw funds from the app.
"With Bitcoin, we're not stopping at buying and selling," Dorsey said, adding that the company will take a "learning mindset" when it comes to expanding the cryptocurrency features on the app.
Square also estimated revenue in 2018 of $1.3 billion to $1.33 billion in 2018. In 2017, revenue was $984 million.
This article has been updated from 5:58 a.m. ET.