1) The superstore Fry’s Electronics suddenly closed all of its stores overnight, ending a nearly four-decade run in business. Fry, which had 31 stores across nine states, said that it made the difficult decision to shut down its operations and close its business permanently because of changing consumer shopping habits and the ongoing Covid-19 pandemic. The Silicon Valley retail electronics store provided a ‘one stop shopping’ environment for the hi-tech professional market. The retailer didn’t implement and expand its online operations as rapidly as larger rivals. Best Buy, for example, recently reported its best quarter in 25 years as home bound customers snapped up laptops, home theater systems and kitchen appliances. The electronic retailer had been in business for 36 years.

2) Communications giant AT&T is spinning off its DirecTV into a new company for a fraction of the $48.5 billion dollars it paid for the satellite TV service in 2015. DirecTV has lost millions of customers. The value in the deal is just $16.25 billion, including its debt. The private equity firm TPG will own 30% of the business, while AT&T holds the rest. The telecom company will receive $7.8 billion in cash, including $1.8 billion from TPG and and $5.8 billion from the new DirecTV firm, which is borrowing that sum. The new DirecTV will also take on $200 million in debt from AT&T. AT&T launched its streaming service HBO Max last year and is focused on building that business. It also owns TV networks like CNN and TBS along with the Warner Bros. movie studio in addition to its huge wireless and internet business. The new DirecTV company will include AT&T TV, a streaming version of cable TV, and U-verse, AT&T’s older cable service. AT&T will retain its Latin America DirecTV business. AT&T said it expects few to no changes for subscribers.

3) Lockheed Martin is preparing to close its Middle River facility, in Maryland, which supports small combatants and ship systems programs, including the MK 41 Vertical Launching System (VLS), next generation launching systems, ship controls and automation and Littoral Combat Ship (LCS) engineering and sustainment. The company will reportedly relocate the business that is located in Middle River, Maryland to other Rotary and Mission Systems facilities. In an ongoing effort to drive down costs for customers and increase efficiency and value, Lockheed Martin consolidating some operations in their Rotary and Mission Systems business to better align employees, technology and facilities to meet customer needs. The majority of employees will be offered the opportunity to relocate or, if possible, telework. Lockheed Martin currently employs more than 3,150 people in Maryland, with 32 facilities and 569 suppliers, supporting nearly 100 small businesses across the state.

4) Stock market closings for – 26 FEB 21:

Dow 30,932.37 down by 469.64
Nasdaq 13,192.34 up by 72.91
S&P 500 3,811.15 down by 18.19

10 Year Yield: down at 1.46%

Oil: down at $61.66

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