U.K. election fallout; Goldman Sachs sparks a tech selloff; What’s next for Fox-Sky deal?

Profitable Moment   Which restaurant for the bet I lost? What a night…What an election in Britain. The markets gave their reaction. The pound initially wobbled, fell and then ended up recovering some of its losses (a weak pound is good for U.K. exports). The London stock market actually rose. These movements are very odd, but perhaps nothing can be taken for granted in this environment.   So, tonight, the key questions are: How long can Theresa May stay as Prime Minister? When will the U.K. go back to the polls? Can the U.K. economy withstand the strain?   I didn't go into last night's election expecting anything like the final result. I don't know anyone who seriously thought that there would be a hung parliament. In fact, half an hour before the polls closed, my producer suggested there might be a hung parliament. I was so sure she was wrong that I told her: If there is a hung parliament I would buy her dinner in any restaurant of her choice, anywhere in the world – and I would fly her there, too.    So...come on QMB Bon Vivieurs, name the restaurant. Where should we go?? -Richard.Quest@cnn.com  What's new... what's next   By Matt Egan, Patrick Gillespie, Julia Horowitz and Paul R. La Monica of CNNMoney 1. Pound down on after U.K. snap election May's decision for a snap election backfired, creating a hung Parliament without a clear majority and some unhappy investors. The pound slid as much as 2% against the dollar after the vote as uncertainty mounted about the future of Brexit negotiations, which were already facing lots of questions. Big business in the U.K. is telling government to get its act together. Now one of the biggest puzzles is how hard or soft the Brexit landing will be for the U.K. and its divided leadership.   2. Betting firms say the U.K. may vote again The Brits are sick of elections -- but they could be heading for another. The odds set by betting firms indicate there's a decent chance of another general election this year. Betting agency Ladbrokes says there's a 42% chance, while rivals Betfair and William Hill have the odds at a more conservative 33% and 29%, respectively. The probability of another election increased dramatically overnight when results showed no single party won a majority in Parliament. 3. What's next for Murdoch's Fox-Sky deal? The shocking U.K. election result has upped the risk that 21st Century Fox's planned takeover of broadcaster Sky could be scuttled by political opposition. Shares in Sky fell as much as 4% on Friday as investors worried that the strong performance by the left-wing Labour Party could slow or even block the deal. Labour has opposed the massive media takeover, which is currently being reviewed by broadcasting regulator Ofcom. 4. Wall Street shrugs off U.K. vote...but not tech It's unclear what comes next in the U.K. But Wall Street mostly took the election news in stride. Mostly. A late selloff hit tech after Goldman Sachs questioned the run in the sector's biggest stocks. That came after the market hit new records. Brexit fears aren't rattling investors. Neither is the Trump-Comey saga. But investors may now be worried about valuations for Big Tech even though earnings have been solid and consumers and businesses continue to spend. 5. Quick Takes: Google/Alphabet sells its Boston Dynamics robot unit to SoftBank Indian outsourcing firm Wipro says Trump is a risk to its business Taylor Swift makes nice with Spotify...while SiriusXM invests in Pandora Brazilian cosmetics firm Natura in talks to buy The Body Shop from L'Oreal Uber's controversial CEO needs a respected lieutenant if it ever hopes to IPO Flip the switch? General Electric has put its iconic light bulb unit up for sale Deutsche Bank won't release details of its business relationships with Trump Game on! Nintendo, Sony & Microsoft to showcase latest at big E3 conference 6. What's next: Will Puerto Rico become the 51st state? Residents of the U.S. commonwealth head to the polls on Sunday and can choose between statehood, independence or the status quo. The vote comes during a time of economic turmoil for Puerto Rico that has forced thousands to flee for the mainland U.S. Even if Puerto Rico votes in favor of statehood, Congress would need to approve it – something seen as unlikely. Make this newsletter better. Please send us your feedback to CNNMoneyfeedback@turner.com Share Tweet Forward Sign up for CNN Money's morning markets newsletter: Before the Bell Sign up for CNN Money's closing markets newsletter: Markets Now Copyright © 2017 Cable News Network, LP, LLLP. A Time Warner Company. All Rights Reserved., All rights reserved. You're receiving this newsletter because you opted in at cnn.com or cnnmoney.com. Our mailing address is: Cable News Network, LP, LLLP. A Time Warner Company. All Rights Reserved. One CNN Center Atlanta, GA 30303 Add us to your address book unsubscribe from this list    update subscription preferences