Hot stocks: 5 sizzling performers in May

NEW YORK (CNNMoney)

While there were many winners this month (sorry Whole Foods (WFM, Fortune 500) -- you definitely didn't make the cut), check out the rankings of the five hottest companies in the S&P 500 in May.

1. Netflix: Binge watching is the new black

Netflix (NFLX) was hammered by the risk aversion on Wall Street in recent months. The streaming movie rental service saw its shares slump 26% in March and April.

But investors quickly realized that lovers of "Breaking Bad" and "House of Cards" aren't abandoning Netflix any time soon. Shares spiked 30% in May, making it easily the best performer in both the S&P 500 and Nasdaq 100.

Netflix also announced a price increase for new members and plans to expand services to six more European countries: France, Germany, Austria, Switzerland, Belgium and Luxembourg.

Related: CNNMoney's Tech 30 Index

2. Electronic Arts: The World Cup effect?

The second hottest S&P 500 stock this month can trace its sparkling performance to a single day: May 6.

That was the day Electronic Arts (EA) blew Wall Street's socks off with earnings that crushed expectations. Buoyed by sales of games for PlayStation 4 and Xbox One, the video game maker also sounded a very positive tone for the rest of the year and unleashed a $750 million stock buyback.

The company, known as EA, also highlighted how strong its sports titles are, especially the blockbuster FIFA game ahead of this summer's World Cup. EA is one of the few non-apparel companies to serve as a major sponsor of top soccer stars.

Other video game makers have also enjoyed success this year, including France's Ubisoft (UBSFF), Activision Blizzard (ATVI) and Take-Two Interactive (TTWO).

After EA's 23% surge in May, the company has spiked 52% so far this year, good for No. 3 in the S&P 500 in 2014.

Related: Three tech stocks worth buying

3. Green Mountain juiced by Coke (again)

It's been a wild ride this year for investors of the company formerly known as Green Mountain Coffee Roasters.

Keurig Green Mountain (GMCR) spiked 36% in February after Coca-Cola (KO, Fortune 500) acquired a 10% stake in the company for $1.25 billion. But the coffee maker slumped 11% in April and continued to face skepticism from short sellers like hedge fund giant David Einhorn.

Coke came to the rescue once again, announcing plans on May 13 to boost its stake to 16%, adding more than $1 billion more. Green Mountain also impressed Wall Street wtih a 22% jump in profits.

The final result for Green Mountain is a heavily caffeinated 21% return for the month.

4. TripAdvisor charts an upward course

The online travel site finished April a hefty 26% below its all-time high, which was just the month before. But TripAdviso (TRIP)didn't stay home and pout.

The company unveiled a flurry of acquisitions during the month, including European restaurant service Lafourchette, travel guide site Tripbod and Vacation Home Rentals.

TripAdvisor also pleased investors by posting bullish results on May 6 that revealed a 22% jump in revenue and a 44% boost to traffic.

The stock is up 20% in May.

5. SanDisk by a nose

SanDisk (SNDK, Fortune 500), which makes flash memory, benefited from an overall rebound in tech stocks this month.

The company ended May with a 13.7% rally, narrowly besting Tiffany (TIF) for the No. 5 spot amongst S&P 500 stocks.

SanDisk pleased investors by hiking its quarterly dividend by 33% on May 7 after posting a 62% jump in earnings in April.

Related: The wealthy are spending again, baby. Luxury stocks are back

Honorable mention: Tiffany soared 13.6% during May and was easily the month's best performing retailer in the S&P 500. The company has sparkle, but not quite enough for the top 5.

Correction: An earlier version of this article incorrectly reported that investor Carl Icahn increased his stake in Netflix during the month.

First Published: May 30, 2014: 3:05 PM ET

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Sonic & Chili's: Leave guns at home

Chili's told guests Friday to "refrain from openly carrying firearms into our restaurants."

NEW YORK (CNNMoney)

Chili's, which is owned by Brinker International (EAT), said Friday, "We kindly ask that guests refrain from openly carrying firearms into our restaurants and we will continue to follow state and local laws on this issue."

Sonic (SONC) said, "We're asking that customers refrain from bringing guns onto our patios or into our indoor dining areas."

Related: Chipotle: Guns not welcome here

In recent months, gun enthusiasts have held rallies and openly carried firearms, including large automatic weapons, into restaurants. It's alarmed customers and led to campaigns against guns in restaurants from advocacy groups like "Moms Demand Action for Gun Sense in America."

Earlier this month, Chipotle (CMG)said it did not want customers to bring guns into its restaurants "unless they are authorized law enforcement personnel."

Last year, Starbucks (SBUX, Fortune 500) also told customers they shouldn't bring guns into its stores. The company said the debate about whether people should openly carry guns had become increasingly uncivil and that the chain did not want its stores to be used as a political stage.

First Published: May 30, 2014: 5:52 PM ET

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Want Beyoncé tickets? Wait till the last minute

Beyoncé and Jay-Z will be kicking off their tour at Sun Life Stadium in Miami in June. Last year, she played smaller arenas.

NEW YORK (CNNMoney)

The reason: Unlike last year, some of the hottest concerts -- Beyoncé, Rihanna, and One Direction -- are all playing at big stadiums.

Larger venues mean more tickets.

"As we get closer to the shows, ticket brokers who hold big blocks of seats will start to release their inventory, and there will be plenty of inventory this year," said Chris Matcovich, who runs data and communications for ticket search engine TiqIQ.

Matcovich says chances are, people will be able to get tickets the day before and even on the day of the event, especially if they don't care where they sit. However, he advises discerning concert goers who want choice seats not to wait till the day before. To be on the safe side, they should buy tickets a week or two before the performance.

Related: Apple buying Beats for $3 billion

Usually, when concert tickets are first released, only a few lucky fans are able to snag seats through Ticketmaster or parent Live Nation (LYV, Fortune 500). The rest are left to find tickets that are resold via StubHub, TicketNetwork, SeatGeek, or even eBay.

That's because ticket brokers, credit card companies, venue owners, and even fan clubs tend to snatch up large blocks of tickets as soon as they are sold. While brokers hope to sell at higher prices, companies use them as a special currency for VIP's.

But this year, they might end up holding on to more seats than they can fill until it's too late.

And that usually leads to last-minute discounts.

Consider this: The British boy band One Direction, a rage among American tweens and teenagers, will be playing this summer at 70,000- to 80,000-seat football fields. Last year, they played at 20,000-seat arenas.

The same holds true for Beyoncé and Jay-Z, who'll be kicking off their tour at Sun Life Stadium in Miami in June. Last year, the Queen B played smaller arenas.

Tickets are already selling at lower prices this year, according to TiqIQ.

In 2013, the average price of a One Direction ticket was selling for $433. This year, it's selling for $236, according to TiqIQ.

Similarly, tickets for Beyoncé's show last year cost $399. This year they're selling around $274.

And if Matcovich is right, chances are they could go even lower.

First Published: May 30, 2014: 3:03 PM ET

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Here is ousted RadiumOne CEO Gurbaksh Chahal's letter to the board

(CNNMoney)

To the Board of Directors of RadiumOne:

As you all know, I resigned from the board of directors on Tuesday. In light of recent events and to stay transparent and forthright, you give me no other vehicle than an open letter to communicate adequately.

I am deeply disappointed by your actions and decisions over the last few weeks.

All of you were well aware of the legal matter I had been struggling with since August, just as you were aware that of the exaggerated allegations against me. You supported me from the beginning both in person and in writing, and you made it clear that you had every intention of standing by me until justice prevailed.

In August 2013, when this incident first arose, I even suggested Bill Lonergan to take over as CEO while I battle to clear my name and you were against that idea. You gave me your full support, confirming that I was still the best person to lead the Company. So, I continued to honor my commitment to you and to grow the company.

In my effort to maintain full transparency, I kept you abreast of my case. I was always forthright and honest during our conversations, text messages, emails, and board meetings.

Soon enough, the potential for an IPO for RadiumOne became a reality, and in December we started meeting with banks. We even created an IPO sub-committee, which was tasked with submitting a progress report every two weeks.

Since my case was still in limbo, it became the main roadblock holding our company back from an impending IPO. The legal process was slow, and my case was still in the early stage. We agreed to keep moving forward with the IPO plans including hiring an IPO consultant.

Given the timing of an IPO, you began suggesting that I should not try for full exoneration with a trial, since that could take a year or more and disrupt the timing and IPO process. One approach involved getting the case to a misdemeanor plea so that we could resolve the case and focus on the IPO. You communicated this to me during several board meetings, emails, as well as conversations with my counsel.

By April, after the first settlement conference and preliminary hearing, my legal team was able to get a misdemeanor plea that was satisfactory to both the RadiumOne board and the bankers. You were well aware that if I had gone to trial I would have gotten full exoneration. Instead, I sacrificed full exoneration for the sake of the Company's IPO, and - more importantly -- for you and for our shareholders.

On our board meeting of Tuesday, April 22nd, with only a week to go before the IPO bake-off, I told all of you that my personal matter had been resolved. Everyone was very happy with the outcome, as evidenced by various congratulatory gestures.

The next day, I was practically lynched on social media when the local press began covering the news. Everyone seemed fixated on the initial allegations made by the DA, which were false. The decision to accept the misdemeanor plea to end this case, instead of going to trial, was proving ineffective. This was the first wave of the social media lynching.

Robin Murray told me to stay calm, to ignore the press, and to focus on the bake-off and the IPO. However, On Friday morning, with the story going viral, Robin and David Silverman made a house call to see if I would consider resigning. They said they "couldn't handle all the bad press." This came shortly after full support -- both in written remarks in emails and on calls from them less than 48 hours ago.

I declined the request to resign. Later that day, the board called for an emergency board meeting for Saturday evening. At the advice of my counsel and of the company counsel - I wrote to remind you that I had simply taken this plea as a strategic move for the company and for the IPO, as you had instructed me to do so.

It's clear to my counsel and I, that I was wrongfully terminated. When I offered to resign in August, I instead received the board's full support to stay on as the "rainmaker," the key visionary to take the Company forward and eventually public. There is no documentation in the history of the Company to indicate that there was any dissatisfaction with my performance as the Chairman & CEO. It was praise - in every board meeting - for my performance.

I know you have your individual careers in mind, but I am shocked and saddened at how you responded to social media. I was going through hell, both professionally and personally (my father had just had another heart-attack brought on largely by this incident). I thought I could count on your support as a board, as executives, and as a team and you abandoned me when I most needed your support. And what did I do to deserve this, when all I've ever done is to put the interests of you and the Company ahead of my own?

You are the team that I relied on and that helped me build the company to where it is today. I never took a salary at RadiumOne. I put my heart, soul, and millions of dollars of my own money into launching the Company. I always thought it would be better to create jobs rather than to pay myself a CEO salary. In exchange, you offered me an option grant. Now, as part of my abrupt departure, not only are you withholding that, but now you're also trying to figure out other ways dilute my holdings at RadiumOne further.

I sincerely hope you wake up from this greed, betrayal, and dishonesty.

You have left me with no other options but to seek legal recourse. And, now will have to face severe legal consequences individually for this in the court of law.

All supporting documents relating to the facts of this letter have been sent to the press and my legal counsel.

First Published: May 29, 2014: 5:16 PM ET

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Ousted RadiumOne CEO: 'What did I do to deserve this?'

Ousted RadiumOne CEO Gurbaksh Chahal plans to sue his board, claiming wrongful termination.

NEW YORK (CNNMoney)

The ad-startup executive was accused of hitting his girlfriend 117 times in a span of less than a half hour last August. The former CEO maintains that the allegations were false and his board encouraged him to plead to a misdemeanor rather than fight a lengthy trial to exonerate him.

"What did I do to deserve this, when all I've ever done is to put the interests of you and the company ahead of my own?" Chahal wrote in the letter first sent to CNNMoney. "I thought I could count on your support as a board, as executives, and as a team and you abandoned me when I most needed your support."

Chahal claims that the board was "well aware" of his legal trouble since August, and they knew the allegations "were completely false." He says he was "going through hell, both professionally and personally" and felt betrayed after the board bowed to the social media storm that ensued once the allegations became widely circulated.

Read Gurbaksh Chahal's open letter to the board

"I know you have your individual careers in mind, but I am shocked and saddened at how you responded to social media," he wrote. "You supported me, in person and in writing, and you made it clear that you had every intention of standing by me until justice prevailed."

Chahal also noted that he offered to resign in August 2013 but the board encouraged him to stay on.

As a result, Chahal said he plans to sue the company's board for wrongful termination, according to a letter obtained by CNNMoney.

Related: Board backed RadiumOne CEO days before firing him

Chahal has obtained a laywer and says the suit is "imminent."

"You have left me with no other options but to seek legal recourse," he writes. "You will now have to face severe legal consequences individually for this in the court of law."

In a statement to CNNMoney, the company said the complaint had no merit. "Gurbaksh Chahal's own actions impaired his ability to lead RadiumOne as CEO and gave the board no choice but to terminate his employment and name a new CEO," they said.

First Published: May 29, 2014: 5:19 PM ET

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Stocks: 4 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

Here are four things you need to know before the opening bell:

1. Stock markets have a spring in their step: So far this month, the S&P 500 has surged by nearly 2% to hit new record highs. The Dow Jones industrial average has gained 0.7% and the Nasdaq has posted a dramatic rebound after two months in the red, adding more than 3%.

But will the gains continue on the final day of trading in May?

U.S. stock futures were lower, indicating stocks could retreat from recent record-setting levels. The CNNMoney Fear & Greed index is in neutral territory.

On Thursday, the S&P 500 closed at 1,920, surpassing its previous record high from earlier this week. The Dow Jones industrial average closed 0.4% higher and the Nasdaq ended up 0.5%.

Related: Fear & Greed Index

2. Market movers -- BNP Paribas, Salesforce, Ford: Shares in BNP Paribas (BNPQF) declined by roughly 5% in Europe after the Wall Street Journal reported that U.S. authorities were pushing the bank to pay more than $10 billion to settle a criminal probe of alleged sanctions violations.

Salesforce (CRM) shares were up in extended trading after the company announced a partnership with Microsoft (MSFT, Fortune 500).

Ford (F, Fortune 500) stock was under a bit of pressure after the automaker announced four recalls affecting at least 1.4 million vehicles.

3. Data, data, data!: The U.S. government will release personal income and spending numbers for April at 8:30 a.m. ET. The University of Michigan will publish a final reading of its May consumer sentiment index at 9:55 a.m.

Related: CNNMoney's Tech30

4. International action: European markets were mostly lower in morning trading, led by declines in the mining sector.

Asian markets ended with mixed results.

Investors in India are waiting for the latest report on quarterly GDP, which will be released at 8 a.m. The Mumbai Sensex was little changed.

First Published: May 30, 2014: 5:10 AM ET

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Britain, Italy include drugs and sex in GDP

NEW YORK (CNNMoney)

The U.K.'s Office of National Statistics announced Thursday that paying for drugs and sex adds about £10 billion ($16.7 billion) a year to the economy. The British government is now including prostitution and narcotics sales in its official Gross Domestic Product (GDP) statistic. That's the oft-cited measure of how much a country's economy grows or contracts.

Overall, illegal activities are still a small part of the U.K. economy -- a mere 0.7%, according to government estimates.

The reason for the change is to harmonize economic reporting across the European Union. Prostitution and some drugs are legal in the Netherlands, and the Dutch count those activities in official government statistics.

Since prostitution and many narcotics are still illegal in the United Kingdom, the government is using a combination of police seizures and other data to estimate how much money these activities are adding to the economy.

Related: High-tech sex workers in Silicon Valley

Governments often use surveys to gather this information, but drug dealers are unlikely to answer those.

Italy made a similar announcement last week that it would begin measuring narcotics and sex work in its GDP, generating "mafia economy" jokes as the news reached social media.

But the Brits and Italians aren't the only ones who measure illegal business activity in their countries. Estonia, Austria, Slovenia, Finland, Sweden and Norway do as well.

Even the U.S. Bureau of Economic Analysis measures prostitution as a part of Nevada's state GDP.

"Where prostitution is legal, we will count it," says spokesman Thomas Dail.

In Nevada, the BEA counts prostitution under "other personal services," where it gets rounded up with small industries like personal trainers and party planning.

"It's one of those hodge-podge categories," Dail says.

The BEA is now doing the same for Washington and Colorado's marijuana industries.

Related: Investors high on marijuana despite risks

In Colorado and Washington, the marijuana business gets sized up in categories like retail or agriculture, depending on the point of sale, he says.

First Published: May 29, 2014: 4:04 PM ET

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Here is ousted RadiumOne CEO Gurbaksh Chahal's letter to the board

(CNNMoney)

To the Board of Directors of RadiumOne:

As you all know, I resigned from the board of directors on Tuesday. In light of recent events and to stay transparent and forthright, you give me no other vehicle than an open letter to communicate adequately.

I am deeply disappointed by your actions and decisions over the last few weeks.

All of you were well aware of the legal matter I had been struggling with since August, just as you were aware that of the exaggerated allegations against me. You supported me from the beginning both in person and in writing, and you made it clear that you had every intention of standing by me until justice prevailed.

In August 2013, when this incident first arose, I even suggested Bill Lonergan to take over as CEO while I battle to clear my name and you were against that idea. You gave me your full support, confirming that I was still the best person to lead the Company. So, I continued to honor my commitment to you and to grow the company.

In my effort to maintain full transparency, I kept you abreast of my case. I was always forthright and honest during our conversations, text messages, emails, and board meetings.

Soon enough, the potential for an IPO for RadiumOne became a reality, and in December we started meeting with banks. We even created an IPO sub-committee, which was tasked with submitting a progress report every two weeks.

Since my case was still in limbo, it became the main roadblock holding our company back from an impending IPO. The legal process was slow, and my case was still in the early stage. We agreed to keep moving forward with the IPO plans including hiring an IPO consultant.

Given the timing of an IPO, you began suggesting that I should not try for full exoneration with a trial, since that could take a year or more and disrupt the timing and IPO process. One approach involved getting the case to a misdemeanor plea so that we could resolve the case and focus on the IPO. You communicated this to me during several board meetings, emails, as well as conversations with my counsel.

By April, after the first settlement conference and preliminary hearing, my legal team was able to get a misdemeanor plea that was satisfactory to both the RadiumOne board and the bankers. You were well aware that if I had gone to trial I would have gotten full exoneration. Instead, I sacrificed full exoneration for the sake of the Company's IPO, and - more importantly -- for you and for our shareholders.

On our board meeting of Tuesday, April 22nd, with only a week to go before the IPO bake-off, I told all of you that my personal matter had been resolved. Everyone was very happy with the outcome, as evidenced by various congratulatory gestures.

The next day, I was practically lynched on social media when the local press began covering the news. Everyone seemed fixated on the initial allegations made by the DA, which were false. The decision to accept the misdemeanor plea to end this case, instead of going to trial, was proving ineffective. This was the first wave of the social media lynching.

Robin Murray told me to stay calm, to ignore the press, and to focus on the bake-off and the IPO. However, On Friday morning, with the story going viral, Robin and David Silverman made a house call to see if I would consider resigning. They said they "couldn't handle all the bad press." This came shortly after full support -- both in written remarks in emails and on calls from them less than 48 hours ago.

I declined the request to resign. Later that day, the board called for an emergency board meeting for Saturday evening. At the advice of my counsel and of the company counsel - I wrote to remind you that I had simply taken this plea as a strategic move for the company and for the IPO, as you had instructed me to do so.

It's clear to my counsel and I, that I was wrongfully terminated. When I offered to resign in August, I instead received the board's full support to stay on as the "rainmaker," the key visionary to take the Company forward and eventually public. There is no documentation in the history of the Company to indicate that there was any dissatisfaction with my performance as the Chairman & CEO. It was praise - in every board meeting - for my performance.

I know you have your individual careers in mind, but I am shocked and saddened at how you responded to social media. I was going through hell, both professionally and personally (my father had just had another heart-attack brought on largely by this incident). I thought I could count on your support as a board, as executives, and as a team and you abandoned me when I most needed your support. And what did I do to deserve this, when all I've ever done is to put the interests of you and the Company ahead of my own?

You are the team that I relied on and that helped me build the company to where it is today. I never took a salary at RadiumOne. I put my heart, soul, and millions of dollars of my own money into launching the Company. I always thought it would be better to create jobs rather than to pay myself a CEO salary. In exchange, you offered me an option grant. Now, as part of my abrupt departure, not only are you withholding that, but now you're also trying to figure out other ways dilute my holdings at RadiumOne further.

I sincerely hope you wake up from this greed, betrayal, and dishonesty.

You have left me with no other options but to seek legal recourse. And, now will have to face severe legal consequences individually for this in the court of law.

All supporting documents relating to the facts of this letter have been sent to the press and my legal counsel.

First Published: May 29, 2014: 5:16 PM ET

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Ousted RadiumOne CEO: 'What did I do to deserve this?'

Ousted RadiumOne CEO Gurbaksh Chahal plans to sue his board, claiming wrongful termination.

NEW YORK (CNNMoney)

The ad-startup executive was accused of hitting his girlfriend 117 times in a span of less than a half hour last August. The former CEO maintains that the allegations were false and his board encouraged him to plead to a misdemeanor rather than fight a lengthy trial to exonerate him.

"What did I do to deserve this, when all I've ever done is to put the interests of you and the company ahead of my own?" Chahal wrote in the letter first sent to CNNMoney. "I thought I could count on your support as a board, as executives, and as a team and you abandoned me when I most needed your support."

Chahal claims that the board was "well aware" of his legal trouble since August, and they knew the allegations "were completely false." He says he was "going through hell, both professionally and personally" and felt betrayed after the board bowed to the social media storm that ensued once the allegations became widely circulated.

Read Gurbaksh Chahal's open letter to the board

"I know you have your individual careers in mind, but I am shocked and saddened at how you responded to social media," he wrote. "You supported me, in person and in writing, and you made it clear that you had every intention of standing by me until justice prevailed."

Chahal also noted that he offered to resign in August 2013 but the board encouraged him to stay on.

As a result, Chahal said he plans to sue the company's board for wrongful termination, according to a letter obtained by CNNMoney.

Related: Board backed RadiumOne CEO days before firing him

Chahal has obtained a laywer and says the suit is "imminent."

"You have left me with no other options but to seek legal recourse," he writes. "You will now have to face severe legal consequences individually for this in the court of law."

In a statement to CNNMoney, the company said the complaint had no merit. "Gurbaksh Chahal's own actions impaired his ability to lead RadiumOne as CEO and gave the board no choice but to terminate his employment and name a new CEO," they said.

First Published: May 29, 2014: 5:19 PM ET

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Qatar, UAE about to get major upgrade

NEW YORK (CNNMoney)

But these two Persian Gulf countries are starting to make a name for themselves for their economies and stock markets.

Both countries will soon be upgraded to "emerging market" status, a step up from their classification as "frontier markets," a demarcation that's not too far off from the Wild West of the investing world.

The change in status by the MSCI will put Qatar and the UAE in the same league as countries like China and Brazil. It will also likely increase the flow of American investment dollars into these Gulf states.

Related: World Cup: Meet soccer's 10 biggest stars

Why does it matter?

When an organization like the MSCI shifts a country between the frontier and emerging categories, it's like a real estate agent tagging a neighborhood as hip or up-and-coming.

"There's this anticipation that more people will be interested in these stocks," said MorningStar senior fund analyst Patricia Oey of the change.

The MSCI unveiled the upgrades for Qatar and the UAE a year ago, but the official switch is expected to take place in June.

Investors who put money into funds that track the popular MSCI Emerging Markets Index are likely to own more stocks from these Gulf states soon.

Related: Investors dip a toe back into emerging markets

The Gulf state growth story

Between 2008 and 2012, Qatar saw its GDP grow an astounding 86%, according to the World Bank, rocketing past other frontier nations like Nigeria and Saudi Arabia. The UAE's economy has grown more modestly over the same period, although still twice as quickly as the U.S.

Additionally, the index move announcement last year is part of the reason both nations' stock markets have had such impressive gains. The Qatar Exchange Index is up 44% over the last year, and the UAE's Dubai Financial Market General Index has more than doubled.

Compare that to the S&P 500, a popular American stock market index. It's up 15% in the last 12 months.

Bigger fish, smaller pond

The trick for Qatar and the UAE will be to keep the excitement -- and growth -- up to draw investors when they stop being the big fish of the frontier markets pond. Now these two Gulf states will be in the "big leagues".

Investors looking for emerging markets exposure tend to focus on economies like China. In a research note, Oey noted that companies in Qatar and the UAE might only get 1% of the popular emerging market index's weight allocation.

That said, 1% of a larger pie could still leave the Gulf states better off. Around $1.4 trillion is invested in the funds that mimic the MSCI's Emerging Markets Index. That dwarfs the funds tied to the MSCI Frontier Markets Index by a factor of 100.

A word of caution

Keep in mind, however, that the impressive gains in many emerging markets are due in part to risk-chasing "hot money" driven by foreign investors seeking higher yields on their investments. What goes up can quickly go down -- dramatically.

When former Federal Reserve Chairman Ben Bernanke unexpectedly announced last May that the Fed would soon begin winding down its bond-buying program, Brazil's stock market fell nearly 20% over the next two months.

Another risk is that the fortunes of both countries are closely intertwined with energy prices, specifically oil. Energy and financial firms are big players in both economies.

Tarun Khanna, a Harvard professor who co-authored Winning in Emerging Markets: A Road Map for Strategy and Execution, said that the hope for Qatar, the UAE and other emerging markets countries is that the hot money subsides over time as investors get more comfortable with their underlying economies.

"In the longer run, I would say the real fundamentals on the ground are the primary drivers," he said.

First Published: May 29, 2014: 12:59 AM ET

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Stocks: 4 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

Here are 4 things you need to know before the opening bell:

1. GDP data could show a contraction: The U.S. government is set to revise its first quarter GDP figures at 8:30 a.m. ET, and the numbers may show the U.S. economy contracted in the first three months of the year. This would mark the first GDP decline since the start of 2011.

But there's no need to freak out: a dip is expected and it does not necessarily signal the start of another recession. Economists are expecting a weak number because of a slump in spending, which can be blamed on cold winter weather.

The first estimate of GDP from late April showed the U.S. economy grew by 0.1% in the first quarter.

The government will also release weekly jobless claims numbers at 8:30 a.m.

2. Market direction: U.S. stock futures were relatively firm Thursday, and not far from record-setting territory. Any surprise in the GDP figure could shift market sentiment.

Apple (AAPL, Fortune 500) shares were little changed in premarket trading after the technology giant announced that it was buying headphone-maker Beats for $3 billion.

U.S. stocks closed slightly lower Wednesday. The S&P 500 retreated from an all-time high, while the Dow Jones Industrial average fell 42 points and the Nasdaq dropped just under 0.3%.

Related: Fear & Greed Index

3. Ready for more earnings: Costco (COST, Fortune 500) has issued its latest quarterly results, showing sales increased but profit came in slightly below expectations.

Abercrombie & Fitch (ANF) will also report earnings before the opening bell.

Retailers Guess (GES) and Pacific Sunwear (PSUN) will report after the close.

Related: CNNMoney's Tech30

4. International movements: European markets posted small declines in morning trading, though the FTSE 100 index in London was higher.

Asian markets mostly closed in the red Thursday.

Japan's Nikkei index bucked the trend and edged up by 0.1%. Japanese investors shrugged off retail sales data from April showing consumers were cutting back on their shopping after a sales tax hike.

First Published: May 29, 2014: 5:07 AM ET

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Has the U.K. become a tax haven?

U.S. firms are increasingly eyeing up London for takeover targets to benefit from low U.K. corporate tax rates.

LONDON (CNNMoney)

Why? Relatively low tax rates and a business-friendly environment.

Pfizer (PFE, Fortune 500) was the latest high-profile example; it tried to take over the British pharmaceutical firm AstraZeneca (AZN).

American and French media giants Omnicom (OMC, Fortune 500) and Publicis (PGPEF) also planned a mega-merger that would have seen the new firm domiciled in the U.K., though the deal was scuppered.

Meanwhile, the British-based InterContinental Hotels (IHG) was reportedly approached by a U.S. suitor who may have been looking to take advantage of a more favorable U.K. tax system.

British corporate tax rates are near 20%. In the U.S., rates are closer to 40% -- among the highest in the developed world.

The U.S. also levies high taxes on income that's earned abroad and brought back -- or repatriated -- to the States.

The U.K. rules are not as strict, allowing money to flow home without so many tax hassles, said Gary Hufbauer, a senior fellow at the Peterson Institute for International Economics.

"The basic point is that the U.S. corporate tax system is the most onerous amongst the advanced countries," Hufbauer said. About $1.6 trillion in foreign earnings have been left overseas to avoid U.S. taxes, he added.

Related: Pfizer was banking on big tax savings in the U.K.

Companies find London attractive because of its thriving business and financial scene, a close timezone between Asia and the United States, and easy access via air travel.

Kelly Erb, a tax attorney in the Philadelphia area, also points out that comfort with language and culture make a transition to the U.K. easy.

Related: Firms warned to not leave U.S. for lower taxes

But moving to the U.K. is not as simple as opening an office in London and telling authorities your tax base has changed. The U.S. has blocked this strategy, so a corporate takeover is required.

Today, a U.S. company can only really move to a more tax-friendly nation through a process known as "inversion," where acquisition activity leads a foreign partner to own more than 20% of the stock in the merged entity, among other requirements.

This rule has spurred U.S. companies to consider big British takeover plans, but it's also created a backlash in Washington.

But various proposals in Congress to make it harder for companies haven't advanced. Meantime, companies are scrambling to make a move, said Kevin Phillips, an international tax partner at accounting firm Baker Tilly in London.

"People are trying to get in before the door gets shut," he said. "While the opportunity is there, people are taking the chance."

Related: Who pays the most income taxes?

Other companies have passed over the U.K. entirely in favor of even more tax-friendly places.

The U.S. banana producer Chiquita Brands International (CQB) has plans to go to Ireland, where corporate tax rates are about 12.5%. Chiquita agreed to take over Ireland's Fyffes, and the newly merged company will put its legal headquarters in Ireland.

Other countries that are known for low corporate taxes are Switzerland, Singapore and Luxembourg. On the other hand, most companies veer away from France because of its historically high taxes.

First Published: May 29, 2014: 5:34 AM ET

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Apple buying Beats for $3 billion

Dr. Dre, who co-founded Beats, will join Apple.

NEW YORK (CNNMoney)

Apple (AAPL, Fortune 500) will pay $2.6 billion up front, plus another $400 million over time. Apple's getting stylish hardware from Beats Electronics and a streaming service with Beats Music.

The deal is chump change for Apple, which is sitting on a giant mountain of cash: $159 billion as of last year.

Related story: Why I broke up with Apple

Still, many think Apple is wasting its time with Beats. The music streaming service has an estimated 500,000 customers, puny compared to Spotify's 4 million subscribers. Pandora (P), which is valued by investors at $5.2 billion, has more than 250 million active accounts. Apple could buy 30 Pandoras right now.

But on Wednesday, CEO Tim Cook made his case. In a statement, he said the deal brings together "extraordinary teams so we can continue to create the most innovative music products and services in the world."

Apple expects the deal to close in late summer or early fall.

The winners of the deal are Beats co-founders Jimmy Iovine and Dr. Dre, both successful music producers who launched the company back in 2006 and quickly grew it via celebrity endorsements.

For his part, Dre is already calling himself "the first billionaire in hip hop." His stake in Beats, estimated at 20% to 25%, is expected to push his net worth of $550 million close to that number. But it's too early to tell if Dre is a billionaire just yet.
Meanwhile, Iovine described the deal as a match made in heaven. He said the whole Beats concept was inspired by Apple's perfect blend of culture and technology.

"I've always known in my heart that Beats belonged with Apple," Iovine said in a statement.

Dre and Iovine are also joining Apple, so Iovine is stepping down from his perch as CEO of the record company Interscope Geffen A&M.

First Published: May 28, 2014: 5:32 PM ET

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Why Snowden waited a whole year for his TV close-up

Edward Snowden appeared by videoconference at SXSW, but an interview with NBC is his first television sit-down.

NEW YORK (CNNMoney)

How long, they wondered, might he wait to have his first sit-down television interview, to speak out about why he did what he did? One month? Two?

Snowden actually waited one whole year, for reasons that have a lot to do with how the news media works.

Ben Wizner, the ACLU attorney who has been Snowden's legal adviser and liaison with the press, called the wait part of a "very very deliberate strategy all along" to make mass surveillance the story, not the man.

"Waiting a year meant that there was so much to ask him about other than himself," Wizner said.

Snowden ultimately decided to speak with "NBC Nightly News" anchor Brian Williams. "The interview with Williams was conducted in Moscow last week after months of preparation and is Snowden's first with a U.S. television network," NBC says.

The network will broadcast the highlights of the hours-long interview at 10 p.m. Wednesday. The interview comes just one week shy of the one-year anniversary of the first Guardian and Washington Post stories based on Snowden's leaks.

"What's going to be most interesting is to see if it moves the conversation or changes any minds," Williams told The New York Times.

Snowden, of course, has found many other ways to speak in the past year without giving a much-ballyhooed television interview. He spent hours with Bart Gellman of the Washington Post last December. He appeared via telepresence robot at a TED Conference and via videoconference at SXSW.

But "he had not sat down for the interview that would put him into ten million living rooms," as Wizner put it in a telephone interview.

Wizner said the long wait "made it much more likely that it would be a substantive conversation — because there was a year's worth of history that was made."

"I know there are still people calling him a fame-seeking narcissist," Wizner said. "The opposite is the case." While Snowden was and is willing to answer questions about himself and his motivations, Wizner said, he wanted the focus to be on the NSA's practices.

Wizner said Snowden's decision to speak with Williams first stemmed in large part from Glenn Greenwald's dealings with NBC. The Post's Erik Wemple noted that Greenwald briefly "worked as a freelancer for NBC News" and that NBC anchors have repeatedly interviewed Greenwald about his new book "No Place to Hide."

Will there be a second American television interview for Snowden? "I don't know," Wizner said. "I think we're going to let the dust settle first."

Also making media news today...

• Amazon has finally commented on its fight with Hachette. And Hachette responded...

• Chelsea Handler is the only woman with a daily late-night show. And in August, her show is ending. Where will she appear next?

First Published: May 28, 2014: 7:39 PM ET

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Qatar, UAE about to get major upgrade

NEW YORK (CNNMoney)

But these two Persian Gulf countries are starting to make a name for themselves for their economies and stock markets.

Both countries will soon be upgraded to "emerging market" status, a step up from their classification as "frontier markets," a demarcation that's not too far off from the Wild West of the investing world.

The change in status by the MSCI will put Qatar and the UAE in the same league as countries like China and Brazil. It will also likely increase the flow of American investment dollars into these Gulf states.

Related: World Cup: Meet soccer's 10 biggest stars

Why does it matter?

When an organization like the MSCI shifts a country between the frontier and emerging categories, it's like a real estate agent tagging a neighborhood as hip or up-and-coming.

"There's this anticipation that more people will be interested in these stocks," said MorningStar senior fund analyst Patricia Oey of the change.

The MSCI unveiled the upgrades for Qatar and the UAE a year ago, but the official switch is expected to take place in June.

Investors who put money into funds that track the popular MSCI Emerging Markets Index are likely to own more stocks from these Gulf states soon.

Related: Investors dip a toe back into emerging markets

The Gulf state growth story

Between 2008 and 2012, Qatar saw its GDP grow an astounding 86%, according to the World Bank, rocketing past other frontier nations like Nigeria and Saudi Arabia. The UAE's economy has grown more modestly over the same period, although still twice as quickly as the U.S.

Additionally, the index move announcement last year is part of the reason both nations' stock markets have had such impressive gains. The Qatar Exchange Index is up 44% over the last year, and the UAE's Dubai Financial Market General Index has more than doubled.

Compare that to the S&P 500, a popular American stock market index. It's up 15% in the last 12 months.

Bigger fish, smaller pond

The trick for Qatar and the UAE will be to keep the excitement -- and growth -- up to draw investors when they stop being the big fish of the frontier markets pond. Now these two Gulf states will be in the "big leagues".

Investors looking for emerging markets exposure tend to focus on economies like China. In a research note, Oey noted that companies in Qatar and the UAE might only get 1% of the popular emerging market index's weight allocation.

That said, 1% of a larger pie could still leave the Gulf states better off. Around $1.4 trillion is invested in the funds that mimic the MSCI's Emerging Markets Index. That dwarfs the funds tied to the MSCI Frontier Markets Index by a factor of 100.

A word of caution

Keep in mind, however, that the impressive gains in many emerging markets are due in part to risk-chasing "hot money" driven by foreign investors seeking higher yields on their investments. What goes up can quickly go down -- dramatically.

When former Federal Reserve Chairman Ben Bernanke unexpectedly announced last May that the Fed would soon begin winding down its bond-buying program, Brazil's stock market fell nearly 20% over the next two months.

Another risk is that the fortunes of both countries are closely intertwined with energy prices, specifically oil. Energy and financial firms are big players in both economies.

Tarun Khanna, a Harvard professor who co-authored Winning in Emerging Markets: A Road Map for Strategy and Execution, said that the hope for Qatar, the UAE and other emerging markets countries is that the hot money subsides over time as investors get more comfortable with their underlying economies.

"In the longer run, I would say the real fundamentals on the ground are the primary drivers," he said.

First Published: May 29, 2014: 12:59 AM ET

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Michigan raises minimum wage to $9.25

What is the minimum wage in your state? Click the map to find out.

NEW YORK (CNNMoney)

The state's hourly minimum wage will increase in phases from $7.40 until it reaches $9.25 in 2018.

The legislature passed the bill Tuesday and Republican Gov. Rick Snyder said he expected to sign it Tuesday night. The law will also tie the minimum wage to inflation, so that it will continue to gradually increase after 2018.

Related: States act while Congress stalls on minimum wage

The governor called the raise responsible and said it "will help hard-working residents without hindering the state's improving economy."

While setting minimum wage at $9.25 brings it well above the federal rate of $7.25 per hour, Michigan lawmakers did not go as far as those in some other states.

Vermont's legislature approved a bill earlier this month that raises the minimum wage to $10.50 by 2018, while Maryland lawmakers raised it to $10.10 by the same year. Lawmakers in Minnesota, Delaware, West Virginia, Connecticut and Hawaii have also approved minimum wage raises this year.

A minimum wage hike to $10.10 at the federal level is supported by Democrats and President Obama, but is stalled in Congress. Opponents argue that raising the minimum wage forces businesses to cut workers' hours and jobs.

In Michigan, the wage hike received bipartisan support in the legislature. Two years ago, thousands of demonstrators camped outside the state house protesting a controversial change the bargaining rights of public workers.

First Published: May 27, 2014: 7:59 PM ET

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Stocks: 4 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

Here are four things you need to know before the open:

1. Another record high in sight: U.S. stock futures were up ahead of the opening bell, suggesting that the S&P 500 may soon hit another record high. All the major U.S. indices have gained ground over the past four trading days, rising by roughly 2% to 3.5%.

The S&P 500 closed at a record high Tuesday.

2. Stocks on the move -- GlaxoSmithKline, Disney: GlaxoSmithKline (GSK) shares were down by 1.5% in London after the company revealed it was being investigated by the U.K.'s Serious Fraud Office.

The main premarket mover in the U.S. was Disney (DIS, Fortune 500). Shares were poised to gain 1.5%.

Related: Fear & Greed Index

3. Earnings on tap: Michael Kors (KORS) will report earnings before the opening bell. Investors are hoping the fashion house will reveal that shoppers are snapping up purses, clothing and accessories. Michael Kors shares have surged by 18% since the start of the year.

Related: CNNMoney's Tech30

4. International movement: European markets were weak in morning trading, while Asian markets mostly ended with gains. The Shanghai Composite led the way with a 0.8% jump.

First Published: May 28, 2014: 5:13 AM ET

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GSK faces U.K. fraud investigation

London-based GSK is the target of a criminal probe in the U.K.

HONG KONG (CNNMoney)

GSK will cooperate fully with the investigation by the U.K. Serious Fraud Office, the company said in a statement issued Tuesday.

"GSK is committed to operating its business to the highest ethical standards," the statement said. Additional details were not provided in the statement, and a company spokesperson said the firm didn't have further information at the moment.

The Serious Fraud Office, which focuses on complex fraud and corruption cases, has not yet issued a public statement regarding the inquiry.

GSK (GSK) shares dropped 1.5% in Wednesday morning trading in London.

Related story: British ex-GSK executive charged in China bribery case

The U.K. probe is the latest complication to arise from string of corruption allegations made against the company by investigators and journalists.

GSK confirmed in April that Poland's anti-corruption bureau has opened an inquiry into its operations. The company is conducting its own investigation into its business practices in Jordan and Lebanon following allegations of employee misconduct.

Related story: China's anti-corruption drive eats into growth

In May, China accused the former head of GlaxoSmithKline's operations in the country of ordering colleagues to commit bribery as part of a widespread scheme designed to raise drug prices.

The charges against Mark Reilly, a British national, followed a year-long crackdown on pharmaceutical companies operating in China.

China has accused GSK of channeling nearly $500 million through a network of 700 travel agencies to pay bribes to government officials, medical associations, hospitals and doctors.

In 2012, the company paid a $3 billion fine enforced by the U.S. Justice Department after failing to report safety data on some of its most popular drugs.

The payment was the largest fraud settlement in U.S. history, and the largest ever by a drug company.

First Published: May 28, 2014: 4:24 AM ET

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Correcting your credit report gets easier

(Money Magazine)

Pushed by the Consumer Financial Protection Bureau, major credit reporting companies Equifax, Experian, and TransUnion have changed their complaint systems to let people dispute reports' mistakes in greater detail.

Related: Best apps for taming your bills

Previously, any gripes and supporting paperwork you sent the Big Three were assigned a code reducing your argument to one of a handful of assertions, such as "Not his/hers."

It was this code that was relayed to the credit card issuer or other creditor supplying the information under dispute.

Now when you provide documents, the agencies have to forward that material to the creditor, letting you state your full case.

The creditor then has to fix any errors with all three agencies, which received about 8 million complaints about errors in 2011.

The earlier system "was a brick wall," says Bill Hardekopf, CEO of comparison site LowCards.com. "This gives you some additional clout."

First Published: May 27, 2014: 4:37 PM ET

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Michigan raises minimum wage to $9.25

What is the minimum wage in your state? Click the map to find out.

NEW YORK (CNNMoney)

The state's hourly minimum wage will increase in phases from $7.40 until it reaches $9.25 in 2018.

The legislature passed the bill Tuesday and Republican Gov. Rick Snyder said he expected to sign it Tuesday night. The law will also tie the minimum wage to inflation, so that it will continue to gradually increase after 2018.

Related: States act while Congress stalls on minimum wage

The governor called the raise responsible and said it "will help hard-working residents without hindering the state's improving economy."

While setting minimum wage at $9.25 brings it well above the federal rate of $7.25 per hour, Michigan lawmakers did not go as far as those in some other states.

Vermont's legislature approved a bill earlier this month that raises the minimum wage to $10.50 by 2018, while Maryland lawmakers raised it to $10.10 by the same year. Lawmakers in Minnesota, Delaware, West Virginia, Connecticut and Hawaii have also approved minimum wage raises this year.

A minimum wage hike to $10.10 at the federal level is supported by Democrats and President Obama, but is stalled in Congress. Opponents argue that raising the minimum wage forces businesses to cut workers' hours and jobs.

In Michigan, the wage hike received bipartisan support in the legislature. Two years ago, thousands of demonstrators camped outside the state house protesting a controversial change the bargaining rights of public workers.

First Published: May 27, 2014: 7:59 PM ET

15.30 | 0 komentar | Read More

GSK faces U.K. fraud investigation

London-based GSK is the target of a criminal probe in the U.K.

HONG KONG (CNNMoney)

GSK will cooperate fully with the investigation by the U.K. Serious Fraud Office, the company said in a statement issued Tuesday.

"GSK is committed to operating its business to the highest ethical standards," the statement said. Additional details were not provided in the statement, and a company spokesperson said the firm didn't have further information at the moment.

The Serious Fraud Office, which focuses on complex fraud and corruption cases, has not yet issued a public statement regarding the inquiry.

GSK (GSK) shares dropped 1.5% in Wednesday morning trading in London.

Related story: British ex-GSK executive charged in China bribery case

The U.K. probe is the latest complication to arise from string of corruption allegations made against the company by investigators and journalists.

GSK confirmed in April that Poland's anti-corruption bureau has opened an inquiry into its operations. The company is conducting its own investigation into its business practices in Jordan and Lebanon following allegations of employee misconduct.

Related story: China's anti-corruption drive eats into growth

In May, China accused the former head of GlaxoSmithKline's operations in the country of ordering colleagues to commit bribery as part of a widespread scheme designed to raise drug prices.

The charges against Mark Reilly, a British national, followed a year-long crackdown on pharmaceutical companies operating in China.

China has accused GSK of channeling nearly $500 million through a network of 700 travel agencies to pay bribes to government officials, medical associations, hospitals and doctors.

First Published: May 28, 2014: 4:24 AM ET

15.30 | 0 komentar | Read More

Pfizer ditches pursuit of AstraZeneca

Pfizer has dropped its pursuit of AstraZeneca after repeated takeover attempts.

LONDON (CNNMoney)

The American drug maker announced Monday that it was withdrawing its latest in a series of unsolicited offers.

That bid valued AstraZeneca (AZN) at nearly $120 billion, a 45% premium over the company's share price in mid-April. If the deal had been accepted, it would have been one of the biggest drug takeovers in history.

But AstraZeneca's board repeatedly said that Pfizer's (PFE, Fortune 500) offers were not sufficient -- it rejected Pfizer's offers four times over the past few weeks.

Pfizer CEO Ian Read said in a written statement, "We continue to believe that our final proposal was compelling and represented full value for AstraZeneca based on the information that was available to us."

On the other hand, AstraZeneca's chairman, Leif Johansson, countered by saying he was confident his firm had solid long-term prospects as a standalone company.

U.K. takeover rules stipulate that companies seeking to make an acquisition must either make a formal offer or leave the target company alone after 28 days of making an initial approach. In this case, Pfizer faced a deadline of 5 p.m. London time. The rules are designed to ensure a company is not constantly besieged and distracted by unsolicited bids.

Related: Pfizer was banking on big tax savings in the U.K.

One factor driving Pfizer to pursue a takeover was related to taxes. Pfizer hoped to move its corporate base from the U.S. to the U.K., allowing it to pay British tax rates and save $1.4 billion annually, according to some analyst estimates.

AstraZeneca's board said last week that it was convinced Pfizer's takeover hopes were driven by potential cost savings and tax minimization.

"From our first meeting in January to our latest discussion yesterday, and in the numerous phone calls in between, Pfizer has failed to make a compelling strategic, business or value case," the board said.

The potential takeover attracted significant political attention, with some urging the British government to move to prevent takeovers by foreign firms in the interest of national security.

AstraZeneca alone accounts for about 2% of British exports.

First Published: May 26, 2014: 11:03 AM ET

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European stocks rise as elections wrap up

Alexis Tsipras leads the far-left Syriza party in Greece. His anti-austerity party that has received roughly 27% of the vote.

LONDON (CNNMoney)

Germany's DAX index led the way with a 1.3% rise. Spain's IBEX gained 1.2%, while France's CAC 40 added 0.8%. The euro recovered from earlier declines against the dollar.

Investors seemed relieved as results showed traditional left-center and right-center parties will hold a majority of seats in the European Parliament. However, many voters were increasingly supportive of anti-EU protest parties, which gained significant traction in France, the U.K. and Greece.

"The status quo prevails in Europe," explained Kathleen Brooks, a research director at FOREX.com. "Although the chorus of protest is growing louder, it is still a small force in the European Parliament."

Meanwhile, Ukrainians seem to be voting in favor of further integration with Europe. Billionaire Petro Poroshenko has declared himself the winner of the Ukrainian presidential elections after getting over 50% of the vote. The seasoned politician has been vocal about his pro-European Union views.

Related: Europe's own 'tea party' risk

The growing popularity of "euroskeptic" parties on the far right and far left indicate a severe backlash against pan-European cooperation, European institutions and austerity measures. But this doesn't threaten to tear Europe apart.

"After four years of a wrenching euro crisis, pro-European mainstream parties ... will still have close to 70% of the seats in the EU parliament," said Berenberg chief economist, Holger Schmieding. "Although it will be more difficult to negotiate a trade deal with the U.S., European institutions can function well with that result."

In France, the far-right National Front party -- which has rallied against the EU and immigration -- won a historic victory with 25% of the French vote, beating out more moderate pro-EU parties that dominated the elections five years ago. In the previous European elections, the National Front garnered just 6% of the vote.

In the United Kingdom, an increasingly prominent protest party that has loudly voiced its desire to get out of the EU won roughly 28% of the votes.

In Greece, the far-left Syriza party won roughly 27% of the vote.

The success of these anti-EU fringe parties could make for noisier Parliament debates and could complicate the passing of EU laws and appointments to the EU executive.

They also threaten to destabilize pro-EU governments in some countries and weaken the resolve of others to stick to painful economic reforms. For example, in Belgium, the prime minister handed his government's resignation after Flemish separatists scored a big win. But the Belgian benchmark stock index rose 0.5%.

Brooks, the FOREX.com research director, suggests that the rise of the anti-EU parties may actually benefit Europe.

"The increase in the protest vote could be a good thing for the markets, as it could streamline the EU," she said. "The amount of red tape created by the EU can be negative for businesses, and thus markets, so anything that could reduce this influence is a good thing."

First Published: May 26, 2014: 7:23 AM ET

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Stocks: 4 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

Here are 4 things you need to know before the open:

1. Fresh record highs in sight: U.S. stock futures were making solid advances ahead of the opening bell, indicating we could see new record highs.

U.S. markets ended on a positive note Friday. The S&P 500 closed at an all-time high of 1,900.5, while the Dow Jones industrial average rose by about 0.4% and the Nasdaq was up by nearly 0.8%.

2. Stocks on the move -- InterContinental Hotels, AstraZeneca, Equifax, Michael Kors: Shares in InterContinental Hotels (IHG) were 5% higher in London after Sky News reported the hotel chain rejected a secret £6 billion ($10 billion) bid by a U.S. suitor. The firm declined to comment on the report.

Shares in AstraZeneca (AZN) were down by just over 2% as investors reacted to Pfizer's (PFE, Fortune 500) confirmation that it would no longer pursue a mega-takeover of the British drugmaker.

Equifax shares were off by 5% and Michael Kors (KORS) shares were up by 1% ahead of the open. The fashion company will report earnings Wednesday.

Related: Fear & Greed Index

3. Economic events: The latest S&P/Case-Shiller 20-city home price index will be published at 9 a.m. ET. This index provides a snapshot of how the U.S. housing market is performing.

The Conference Board will release its latest consumer confidence index at 10 a.m.

Related: Tech stocks are back

4. International movement: European markets had an eventful session Monday -- with some key markets up by over 1% -- but they were less enthusiastic Tuesday.

Investors brushed off European Union election results that showed far-right and far-left parties had gained additional traction. A majority of voters still supported traditional parties in the European Parliament.

Investors were also pleased that Ukrainian elections were completed without too many complications.

Asian markets were mixed Tuesday.

First Published: May 27, 2014: 5:17 AM ET

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Production halt for India's iconic Ambassador

An Ambassador taxi on the streets during monsoon rain in Kolkata.

HONG KONG (CNNMoney)

Once the vehicle of choice for Indian politicians and bureaucrats, the Ambassador's design was borrowed from Britain's Morris Oxford. The car's look hasn't changed much since the 1950's, making it one of the most enduring sights on India's streets.

While the car's popularity has diminished greatly in recent years, the Ambassador is still used today as a taxi in several Indian cities including Kolkata. Last year, the Ambassador was named world's best taxi by the popular BBC show Top Gear.

The suspension of work at Hindustan Motors' Uttarpara production facility, where the Ambassador is built, has thrown the model's future into doubt. Only a few thousand of the cars are sold each year.

The company said in a stock market filing that it was working to fix substantial problems at the factory located near Kolkata.

"The Company has been transparent in sharing updates about the worsening conditions at its Uttarpara Plant which include very low productivity, growing indiscipline, critical shortage of funds, lack of demand for its core product, the Ambassador, and large accumulation of liabilities," the statement said.

Related: Inside Nissan's 'Taxi of Tomorrow'

Rajiv Saxena, a company spokesman, said that the suspension of work at the factory did not mean permanent closure.

"We have suspended operations to set things right for revival," he said.

-- CNN's Ravi Agrawal contributed reporting from New Delhi.

First Published: May 26, 2014: 2:47 AM ET

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Pfizer ditches pursuit of AstraZeneca

Pfizer has dropped its pursuit of AstraZeneca after repeated takeover attempts.

LONDON (CNNMoney)

The American drug maker announced Monday that it was withdrawing its latest in a series of unsolicited offers.

That bid valued AstraZeneca (AZN) at nearly $120 billion, a 45% premium over the company's share price in mid-April. If the deal had been accepted, it would have been one of the biggest drug takeovers in history.

But AstraZeneca's board repeatedly said that Pfizer's (PFE, Fortune 500) offers were not sufficient -- it rejected Pfizer's offers four times over the past few weeks.

Pfizer CEO Ian Read said in a written statement, "We continue to believe that our final proposal was compelling and represented full value for AstraZeneca based on the information that was available to us."

On the other hand, AstraZeneca's chairman, Leif Johansson, countered by saying he was confident his firm had solid long-term prospects as a standalone company.

U.K. takeover rules stipulate that companies seeking to make an acquisition must either make a formal offer or leave the target company alone after 28 days of making an initial approach. In this case, Pfizer faced a deadline of 5 p.m. London time. The rules are designed to ensure a company is not constantly besieged and distracted by unsolicited bids.

Related: Pfizer was banking on big tax savings in the U.K.

One factor driving Pfizer to pursue a takeover was related to taxes. Pfizer hoped to move its corporate base from the U.S. to the U.K., allowing it to pay British tax rates and save $1.4 billion annually, according to some analyst estimates.

AstraZeneca's board said last week that it was convinced Pfizer's takeover hopes were driven by potential cost savings and tax minimization.

"From our first meeting in January to our latest discussion yesterday, and in the numerous phone calls in between, Pfizer has failed to make a compelling strategic, business or value case," the board said.

The potential takeover attracted significant political attention, with some urging the British government to move to prevent takeovers by foreign firms in the interest of national security.

AstraZeneca alone accounts for about 2% of British exports.

First Published: May 26, 2014: 11:03 AM ET

15.30 | 0 komentar | Read More

European stocks rise as elections wrap up

Alexis Tsipras leads the far-left Syriza party in Greece. His anti-austerity party that has received roughly 27% of the vote.

LONDON (CNNMoney)

Germany's DAX index led the way with a 1.3% rise. Spain's IBEX gained 1.2%, while France's CAC 40 added 0.8%. The euro recovered from earlier declines against the dollar.

Investors seemed relieved as results showed traditional left-center and right-center parties will hold a majority of seats in the European Parliament. However, many voters were increasingly supportive of anti-EU protest parties, which gained significant traction in France, the U.K. and Greece.

"The status quo prevails in Europe," explained Kathleen Brooks, a research director at FOREX.com. "Although the chorus of protest is growing louder, it is still a small force in the European Parliament."

Meanwhile, Ukrainians seem to be voting in favor of further integration with Europe. Billionaire Petro Poroshenko has declared himself the winner of the Ukrainian presidential elections after getting over 50% of the vote. The seasoned politician has been vocal about his pro-European Union views.

Related: Europe's own 'tea party' risk

The growing popularity of "euroskeptic" parties on the far right and far left indicate a severe backlash against pan-European cooperation, European institutions and austerity measures. But this doesn't threaten to tear Europe apart.

"After four years of a wrenching euro crisis, pro-European mainstream parties ... will still have close to 70% of the seats in the EU parliament," said Berenberg chief economist, Holger Schmieding. "Although it will be more difficult to negotiate a trade deal with the U.S., European institutions can function well with that result."

In France, the far-right National Front party -- which has rallied against the EU and immigration -- won a historic victory with 25% of the French vote, beating out more moderate pro-EU parties that dominated the elections five years ago. In the previous European elections, the National Front garnered just 6% of the vote.

In the United Kingdom, an increasingly prominent protest party that has loudly voiced its desire to get out of the EU won roughly 28% of the votes.

In Greece, the far-left Syriza party won roughly 27% of the vote.

The success of these anti-EU fringe parties could make for noisier Parliament debates and could complicate the passing of EU laws and appointments to the EU executive.

They also threaten to destabilize pro-EU governments in some countries and weaken the resolve of others to stick to painful economic reforms. For example, in Belgium, the prime minister handed his government's resignation after Flemish separatists scored a big win. But the Belgian benchmark stock index rose 0.5%.

Brooks, the FOREX.com research director, suggests that the rise of the anti-EU parties may actually benefit Europe.

"The increase in the protest vote could be a good thing for the markets, as it could streamline the EU," she said. "The amount of red tape created by the EU can be negative for businesses, and thus markets, so anything that could reduce this influence is a good thing."

First Published: May 26, 2014: 7:23 AM ET

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Production halt for India's iconic Ambassador

An Ambassador taxi on the streets during monsoon rain in Kolkata.

HONG KONG (CNNMoney)

Once the vehicle of choice for Indian politicians and bureaucrats, the Ambassador's design was borrowed from Britain's Morris Oxford. The car's look hasn't changed much since the 1950's, making it one of the most enduring sights on India's streets.

While the car's popularity has diminished greatly in recent years, the Ambassador is still used today as a taxi in several Indian cities including Kolkata. Last year, the Ambassador was named world's best taxi by the popular BBC show Top Gear.

The suspension of work at Hindustan Motors' Uttarpara production facility, where the Ambassador is built, has thrown the model's future into doubt. Only a few thousand of the cars are sold each year.

The company said in a stock market filing that it was working to fix substantial problems at the factory located near Kolkata.

"The Company has been transparent in sharing updates about the worsening conditions at its Uttarpara Plant which include very low productivity, growing indiscipline, critical shortage of funds, lack of demand for its core product, the Ambassador, and large accumulation of liabilities," the statement said.

Related: Inside Nissan's 'Taxi of Tomorrow'

Rajiv Saxena, a company spokesman, said that the suspension of work at the factory did not mean permanent closure.

"We have suspended operations to set things right for revival," he said.

-- CNN's Ravi Agrawal contributed reporting from New Delhi.

First Published: May 26, 2014: 2:47 AM ET

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How celebrity hacker 'Sabu' helped feds thwart 300 cyber-attacks

NEW YORK (CNNMoney)

That's according to new U.S. government documents that for the first time provide extensive detail about what they call the "extremely valuable and productive" undercover cooperation of Hector Monsegur.

Monsegur used the Sabu moniker online, where he was a member of the hacking collectives Anonymous and LulzSec.

He pleaded guilty to charges including identity theft and credit card fraud and is set to be sentenced on Tuesday.

He would face up to 26 years in prison for the $2.5 million in losses connected to his hacks, but the government is seeking leniency -- perhaps no additional prison time beyond seven months he already served.

Prosecutors said his work on behalf of the FBI helped thwart attacks on websites belonging to the U.S. military, NASA and media companies, among others. The FBI relocated him and his family because he received threats for his cooperation, the court documents say.

Related: How the FBI made a global hacker bust

Monsegur was part of a group of hackers that became notorious in 2011 for breaking into or disabling U.S. government and corporate websites. The Anonymous-affiliated groups LulzSec and Internet Feds targeted sites including PBS, Fox Television, Nintendo and Sony Pictures. Their public boasts on Twitter and elsewhere on the Internet drew them instant celebrity as so-called hacktivists, because they often claimed to make a political point in their activities.

The documents show that in June 2011, FBI agents visited Monsegur's apartment in a public housing project in Manhattan's lower east side. They confronted him about his activities and he immediately agreed to become an informant.

He agreed to a guilty plea, returned to his apartment and was back online in hours -- this time, working for the FBI.

His assistance helped the FBI investigate and net LulzSec and Internet Feds members, including the FBI's most-wanted cybercriminal, Jeremy Hammond, who is serving a 10-year prison sentence, prosecutors said in court documents.

Related:6 most dangerous cyberattacks

"Working sometimes literally around the clock, at the direction of law enforcement, Monsegur engaged his co-conspirators in online chats that were critical to confirming their identities and whereabouts," prosecutors said. "During some of the online chats, at the direction of law enforcement, Monsegur convinced LulzSec members to provide him digital evidence of the hacking activities they claimed to have previously engaged in, such as logs regarding particular criminal hacks."

His quick cooperation was key, according to the documents, because LulzSec had established a protocol to destroy computer evidence if any of their members went missing or was arrested.

"Monsegur admitted to engaging in hacking activities about which the government had not previously developed evidence," prosecutors said. He hacked thousands of computers, at first in a bid to build a legitimate computer security company and then to steal and pay his bills, prosecutors said.

Monsegur's cooperation with the FBI became public when he was arrested in 2012 for making unauthorized online postings, violating his cooperation agreement.

Upon the news, Anonymous members hacked a computer-security website and posted an open letter to Sabu. It read: "Sabu snitched on us. As usually happens FBI menaced him to take his sons away. We understand, but we were your family too (remember what you liked to say?) It's sad and we can't imagine how it feels having to look at the mirror each morning and see there the guy who shopped their friends to [the] police."

First Published: May 25, 2014: 3:12 PM ET

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