Morning Brief

Dow, S&P 500 poised for 2nd positive week

Key Points


U.S. stock futures were sharply higher this morning after the Dow Thursday joined the out of correction territory. With two trading days left in February, both market measures were on track for a second week in a row of gains and a positive month, after January's dismal start to 2016. (CNBC)

Wall Street was following oil prices higher on Friday after U.S. crude gained nearly 3 percent Thursday. With gains of about 11.5 percent from Monday to Thursday, oil was headed for a second straight positive week. But crude was poised for a fourth month in a row of losses. (Reuters)

GOP presidential rivals Sens. Marco Rubio and Ted Cruz ganged up on front-runner Donald Trump at last night's debate, trying to halt the billionaire businessman's momentum, ahead of next week's Super Tuesday nominating contests. (Reuters)

Apple (AAPL) to reverse an order forcing the tech giant to help the FBI hack into the locked iPhone of one of the San Bernardino shooters. Meanwhile, Apple holds its annual meeting today. (AP)

FBI Director James Comey told the House Intelligence Committee Thursday the bureau is not using litigation against Apple to try to set a sweeping precedent to gain access to encrypted devices. Comey and Apple general counsel Bruce Sewell are set to testify before the House Judiciary Committee on Tuesday. (USA Today)

In an unusual twist, after Japan's Sharp said it was being taken over, Taiwan's Foxconn balked, saying it needed more time to review the $5.5 billion deal. Foxconn is a major Apple supplier. Shares of Sharp in Japan tanked another 11 percent. (NY Times)

Weight Watchers (WTW) shares were off more than 20 percent in premarket trading, . Revenue was slightly better than estimates, but fell 21 percent from the year-ago period. (AP)

The paper value of Oprah Winfrey's stake in Weight Watchers plunged by about $24 million. But she's still seen a paper gain of nearly $75 million, since she took a 10 percent position and became the public face of the company. (Reuters)

Reporting quarterly results several hours before they were scheduled, J.C. Penney (JCP) issued a better-than-expected earnings and revenue, helped by strong sales at its Home, Sephora, Footwear, and Handbags divisions. (Reuters)

Herbalife (HLF) reported better-than-expected fourth quarter results. The company also said it's over its business practices, related to accusations made by hedge fund manager Bill Ackman. (Reuters)

Warren Buffett releases his annual letter to Berkshire Hathaway (BRK.A) shareholders tomorrow. The release comes after a year in which the company's stock performance lagged the S&P 500 by the most since 2009. (CNBC)

Buffett joins CNBC's "Squawk Box" on Monday for three hours, starting at 6 a.m. ET, to answer your questions. Send questions to CNBC via Twitter, Facebook, and Instagram. Use the hashtag #AskWarren.

Former U.S. Treasury Secretary Henry Paulson is telling China tolet some companies there fail. He was speaking on the sidelines ahead of the meeting of G-20 finance ministers and central bankers in Shanghai. (CNBC)

The governing body of international soccer, FIFA, votes for a new president in Zurich today. Five nominees are vying to succeed Sepp Blatter, who led FIFA from 1998 until he was banned for financial wrongdoing. (USA Today)


It's a jampacked Friday for economic numbers, with the second read on fourth-quarter GDP, as well as trade deficit data, personal income and personal spending numbers, and core PCE prices, a Fed inflation favorite, all out at 8:30 a.m. ET. The final February consumer sentiment report is out at 10 a.m. ET.


Gap (GPS) matched on earnings, but revenue fell short. The retailer warned on full-year profits, blaming a strong dollar and weak sales at its Banana Republic brand.

Splunk (SPLK) beat on earnings and revenue, while issuing strong forward guidance. The data analytics provider added 600 business customers in the fourth quarter for a total customer count of 11,000.

Baidu's (BIDU), often called "China's Google," saw fourth-quarter revenue increase 33 percent, beating estimates, driven by ad spending. Baidu warned revenue growth would slow further in the first quarter.

Kraft Heinz (KHC) beat on earnings and revenue. The food giant said strong growth in ketchup and sauces was offset by lower shipments of ready-to-drink beverages, frozen meals, and coffee.

Monster Beverage (MNST) missed on earnings and revenue, blaming the strong dollar, an inventory shift, and higher taxes. But the energy drink maker said demand for its products remains strong.


The hard soda trend shows no signs of going flat. The Seagram's brand is the latest entrant, while Anheuser-Busch InBev (BUD) also unveiled a new flavor in its line. (CNBC)

"Fuller House," a 13-episode spin-off series of sitcom "Full House," debuts today on Netflix (NFLX). The latest season of "House of Cards" is out on the streaming service next Friday. (USA Today)