In News:

Who wants Hulu??? Obviously DirecTV and two other unidentified suitors since all three have reportedly submitted bids of $1 billion plus each for the company. Seven other companies have also submitted bids the streaming content provider. Current owners News Corp, Disney, and Comcast have let it slip that they will be cutting down to a “shortlist” over the next few weeks.

Better but not quite great.. What some may say about the latest EZ PMI Numbers reported on Monday. Euro zone manufacturing PMI (Producers Manufacturing Index, a measure of manufacturing strength) came in at 48.3 for May vs. 46.7 in April. The rise was a 15 month high but any number below 50 still shows an economy in contraction. There’s always next month…

Goin it Alone: Apple will head to court solo and fight allegations it conspired with five publishers to raise e-book prices. The five publishers decided to settle with the Justice Department pre-trial. Guess we will all have to stay tuned to see which side was smarter.

Shame on you.. French prosecutors have launched an investigation into the French arm of wirehouse UBS. The prosecutors are probing whether the unit’s parent company bankers encouraged (aka helped) French clients open Swiss Bank accounts allowing them to commit tax evasion.

Settlement, Maybe.. Bank of America heads to court on Monday. At stake, whether the court will approve the proposed $8.5 billion to settle claims over bad mortgage bonds. If the settlement were to be agreed Bank of America can move toward their ultimate goal of cleaning the inherited Countrywide mess up. One hurdle standing in the way… AIG opposition of the deal, saying the bank in fact owes them $8.5 Billion in damages. Luv court room drama.

Mixed Bag: Friday brought a mixed bag of economic data out of the US. On the not so good side Consumer spending was down in 0.2% in April, the first decline since May 2012. On the good/better side of the bag Chicago PMI (Producers Manufacturing Index) was up in May to 58.7 a jump from May 49.0. Also, Consumer Sentiment rocked at 84.5 in May vs. 76.4 in April. But why is this bad? Better economic data=Better economy=sooner end of QE, Weak economic data=Bad economy= QE (Quanatative Easing) not ending in the near future.

In Markets:

Asia: Asian markets tumbled in their Monday session. It was the fourth major fall in eight sessions. Global optimism over Abenomics is starting to fade on concerns that his three arrows will fall short of expectation and not getting the job done. The Nikkei has not wiped out 17% of its value since its rally in midNovember 2012 which brought gains of 80%.

Europe: European markets closed deep in red territory on Friday. Investors took profits on the final day of the month while starting to worry what the future will be like if the Fed stimulus program starts to taper off  because of the US growing economy.

US: US markets followed Europe’s footsteps tumbling Friday on better than expected economic data. Investors got a lot more squeamish thinking about how soon the fed might start tapering off as the economic is looking better

DJIA: -208.96 15,115.57  NASDAQ: -32.38 3455.91 S&P: -23.67 1630.74

In Dinner or Drink:

We pick a drink today that global investors may have been drinking after Friday’s tumble.

Harvey Wall Banger

1 oz. Stolichnaya® vodka
1/2 oz. Galliano® herbal liqueur
2 oz. orange juice

Pour the Vodka, Galiano, and orange juice in to a shaker with ice and shake until well mixed. Then strain in to an appropriately sized glass filled with ice and serve.

For more info on our drink today.