BY THE NUMBERS
U.S. stock futures dropped slightly Monday after strong gains last week that saw the Dow, the S&P 500 and the Nasdaq each log their best weekly performances since November 2020. Dow stock Boeing fell 5% in the premarket after a 737-800 jet crashed with 132 people on board in China. (CNBC)
Friday's rally capped a week in which the Dow rose 5.5%, the S&P 500 gained nearly 6.2%, and the Nasdaq jumped 8.2%. All three stock benchmarks broke multiweek losing streaks. Only the Nasdaq remained in a correction. (CNBC)
U.S. oil prices on Monday gained 4% to $109 per barrel as European Union nations considered joining the United States' Russian oil embargos. The 10-year Treasury yield Monday rose to around 2.24%. Following last week's first interest rate hike in more than three years, Fed Chairman Jerome Powell is set to speak at 12 p.m. ET. (CNBC)
Warren Buffett's Berkshire Hathaway (BRK.a) said Monday morning it agreed to buy insurance company Alleghany (Y) for $11.6 billion, or $848.02 per share, in cash. Alleghany shares, which closed at $676.75 on Friday, rallied toward that buyout price in Monday's premarket. The deal, which is expected to close in the fourth quarter of this year, came after Berkshire's Class A shares hit a record high last week. (CNBC)
IN THE NEWS TODAY
China's civil aviation authority said a Boeing 737-800 jet operated by China Eastern Airlines crashed Monday in the southern region of Guangxi. There was no immediate word on the fate of the 123 passengers and nine crew members. The incident comes as Boeing has been trying to recover its reputation after a number of major crashes in recent years. (AP)
President Joe Biden has added a stop in Poland to his trip this week to Europe for urgent talks with NATO and European allies about Russia's offensive in Ukraine. Poland, a crucial ally in the Ukraine crisis, is hosting thousands of American troops and taking in more Ukrainian refugee than any other nation. White House officials have said Biden has no plans to travel to Ukraine. (AP)
Ukrainian officials on Monday rejected a Russian demand for a surrender in Mariupol in exchange for safe passage out of the besieged strategic port city. In the capital Kyiv, Russian shelling devastated a shopping center near the city center. Britain's Defense Ministry said Monday that Ukraine's resistance had kept the bulk of Russian forces more than 15 miles from the center of Kyiv. (AP)
Supreme Court Justice Clarence Thomas, 73, has been hospitalized since Friday due to an infection. The court provided no additional details about the infection, but said Thomas was being treated with antibiotics and his "flu-like symptoms" were abating. Thomas, among the 6-3 conservative majority, plans to participate in the cases this week even if he misses the arguments, the court said. (AP)
The news about Thomas' hospitalization came as the Senate Judiciary Committee prepared to begin confirmation hearings Monday for Ketanji Brown Jackson. The 51-year-old judge is Biden's pick to succeed retiring liberal justice Stephen Breyer. She would be the first Black woman on the Supreme Court. (AP)
U.S. health experts are warning an emerging, highly contagious Covid omicron variant, called BA.2, could soon lead to another uptick in domestic coronavirus cases. White House chief medical advisor Dr. Anthony Fauci said BA.2 is about 50% to 60% more transmissible than omicron, but it does not appear to be more severe. (CNBC)
The Shanghai Disney Resort said on Sunday it will temporarily close until further notice starting Monday, citing a new coronavirus outbreak in China. China is fighting its biggest wave of locally transmitted Covid cases since it contained the initial outbreak. (CNBC)
* ‘Extremely awkward’: Bob Chapek and Bob Iger had a falling out, they rarely talk — and the rift looms over Disney’s future (CNBC)
Goldman Sachs (GS) is pushing further into the nascent market for derivatives tied to digital assets. The firm is close to announcing that it's the first major U.S. bank to trade an over-the-counter crypto transaction, CNBC has learned.
STOCKS TO WATCH
Anaplan (PLAN) agreed to be bought out by private-equity firm Thoma Bravo for $10.7 billion, or $66 per share in cash. The business planning software company's stock had closed at $50.59 per share Friday, and it surged 28% in the premarket.
Nielsen Holdings (NLSN) tumbled 18.6% in premarket trading after it rejected a $9.13 billion takeover bid, worth $25.40 per share, from a private-equity consortium. Nielsen said the bid significantly undervalues the company, best known for its TV ratings.
General Motors (GM) bought Softbank's $2.1 billion stake in its Cruise driverless-car division. It also announced it would invest an additional $1.35 billion in cruise, replacing funds that Softbank had pledged to provide. GM initially fell more than 1% in the premarket but then pared those losses.
SAP (SAP) fell 2% in the premarket. Chief Financial Officer Luka Mucic is departing the German business software company at the end of March 2023.
Deutsche Bank upgraded Manchester United (MANU) to buy from hold, saying the soccer team's shares are undervalued relative to its peers in sports and live events. Manchester United gained 1.6% in premarket action.
Nio (NIO) said it had no immediate plans to raise prices on its electric vehicles, although China-based carmaker said it would be flexible on pricing. Rivals like Tesla (TSLA) and BYD have recently raised prices due to higher materials costs.
BlackBerry (BB) added 2.1% in the premarket after RBC upgraded the communication software company to sector perform from underperform, saying the stock price is now more aligned with BlackBerry's fundamentals.
All eight of the regional semifinal March Madness matchups are set. Top men's seeds Gonzaga, Kansas and Arizona are in the Sweet 16. So is little Saint Peter's, the giant killer and only the third No. 15 seed to make it this far in the NCAA Tournament. (AP)