>> google i would think want to work with bigger automakers than fiat chrysler.ith four million units is drop in the bucket compared to general motors, toyota or ford motor company but it's a step in the right direction. on surface this fiat chrysler getting their products in the hands of google so google can use them testing on open roads. so what is important here is that google gets to expand its fleet. fiat chrysler get as little pr value. the endgame for google is supplying and or building a car. but in interim is supplying the brains of the car that will allow it to move down the road autonomously. a lot of this work can be done. google is by most indicators far out in front of most automakers when it comes to understanding how to get cars to do that. finding more auto-makers not just fiat chrysler. lori: hate to cut you off. hate to speak over you. we're watching a crazy market today. we'll have earnings after the bell. tesla is down over 4%. no there are a lot of cancellations to the mass market car, mass market model. what is it going on here with tesla

, actually, and this is, of course, both fiats and chryslers potentially. market for fiat after italy. so it's a huge market for fiat. this could be big if they, in fact, were barred from selling them there. but you're right, the germans, after the whole scandal with their dieselgate, if you want to call it that, that's 11 million vehicles that they admitted, you know, were essentially putting defeat devices in so that they were tested, they turned the emissions controls off. after that they began testing a lot of different cars including fiats, and they found that in particular the fiat 500x was one that they say turned the controls off when they were being tested. now, fiat, of course, is denying all of this. and what's more, they're saying it's none of your business because under european union rules, it's the italian regulators that get to test cars. so they say we passed the test with the italian regulators. we don't have any reason that we need to comply with anything that you say. that's the way the european rules work, they say, in the european union

why would google pick fiat chrysler, and vice versa? talked to carmakers about the deal. they wanted to share the testing data from developing the cars, share intellectual property, and develop the actual brain to make a self driving car work. google wants to keep control of all that. that is favoring the party. fiat chrysler isn't developing any of their own self driving technology right now. they have much less leverage when bargaining. they can just go to google to get the technology, and google can keep everything's for themselves. fiat chrysler can just a sickly be the manufacturer for them. emily: these automakers have been based in europe for a long time. you don't think of parents with kids as the test case for so driving cars. -- for self driving cars. does this point towards a uber ride sharing model? >> most people expect that is what will happen 15-20 years down the line.i don't necessarily agree with the kid's front. if you have screaming children in the back of the car, you don't want to concentrate on driving. it's about

why would google pick fiat chrysler and vice versa?le has talked to other carmakers, specifically about general motors. they wanted to share the testing data the given developing cars, share intellectual property, and develop the actual brains that make a self driving car work. google really was to keep -- really wants to keep control of all that because that is what they bring to the party here. fiat chrysler is not developing their own self driving technology or software right now. they had much less leverage when bargaining. they can basically just go to google to get the technology and google can keep everything for themselves and have fiat chrysler just make the minivans and basically be the manufacturer. emily: it seems like other european carmakers are not open to this idea of working with google? >> google was not interested in building a vehicle. they want to shove their sensors onto a vehicle. know where people are going, be able to push themselves. and the carmakers in europe, the high end carmakers know that's for the incre

google's parent company, alphabet, and announced tuesday they are joining forces with fiat chrysler. already google has tested 70 automated cars on over 1.5 million miles. , thisg up their efforts doubles google's fleet by adding 100 chrysler minivans. they are testing out the technology on vehicles that carry more people. further opening the door for those who do not want to or cannot drive, to one day safely get behind the wheel. in a statement, google said collaborations like these are an important part of realizing the potential of self driving technology. to improve road safety and make transportation more accessible for millions of people. this is the first time the tech giant has joined forces with a major automaker. the california-based company says they have no interest in building cars on their own. the automated pacificas will not be for sale. aogle is still aiming to make self driving cars available by 2020. the deal is a positive step for chrysler as well. the car company had been lagging behind other carmakers, such as ford and gm, in the race to develop innovative auto

it the first time google has chosen carmaker to work on a project and it is also a boon for fiat chrysler. .eporter: self driving cars an innovation that is just around the corner, now even further speeding along. ,oogle's parent company alphabet, announced tuesday they are joining forces with the automaker fiat chrysler. google has tested 70 automated cars on 1.5 million miles. seeking to rev up their efforts, they will add 100 chrysler pacifica minivans and test out the latest technology on the vehicles to carry more people. further opening the door for those who don't want to or cannot drive to when they safely get behind the wheel. in a statement, google said collaborations like these are an important part of realizing the potential of self driving technology. to improve road safety and make transportation more accessible for millions of people. this is the first time the tech giant has joined forces with a major automaker. the california-based coveney says they have no interest in building cars on their own, and the automated pacificas won't be for sale. aiming to make something cars

. ♪ david: fiat chrysler expected to come out with sales within the hour. also expected to make a deal with google in order to develop self driving minivans. pacifica is aler fairly popular minivan. the company wants to make it self driving with google. you can see out so that down in the free market. we also have clorox shares moving. a ton of earnings back -- out today. jonathan: coming up, warren buffett has one piece of advice, the most important investment lesson in the world, next. ♪ jonathan: this is bloomberg go. by over deep in the red 1%. do you like that, tom keene? we will break down the markets in just a moment. let's can check of the headlines with matt miller. matt: the european commission has cut its inflation forecast and warned of slower than predict growth. in gdp in the eurozone will increase by one point x percent this year, a full 1% below february's forecast. that helicopter crash in norway is raising questions about whether oil industry cost cuts are a threat to hd. last week's crash killed three people. calls's biggest oil union the

. >> let's look at outs, specifically fiat chrysler. fiat reportedly canceled its attendance at the last minute. they described fiat's actions as totally incomprehensible. and keep in mind we don't have a word as to why they did cancel the meeting so we don't want to jump to conclusions but investors very nervous. >> i love these little cars. the trend back to small. just the small compact cars. have really made a dom back from a number of years ago where bigger was better, right sh. >> and you can see why too with the urban areas -- >> exactly. >> look at suv saelts they still have doing extremely well. especially given the fuel price at the moment. >> definitely. daimler has lowered its outlook for profits in the trucks division amid weak demand. the german out maker plans to cut jobs in brazil, increasing severance cost by a hundred million euros. >> and unicredit is looking into sale of a stake in one of its businesses in attempt to raise capital. italy's biggest bank is reportedly considering reduction in holdings in turkey and pola

connell: we have news, melissa, on company fiat chrysler.he price took a hit where regulators are suspecting they used illegal software to cheat on a emissions test. this new report out in german newspaper. fiat chrysler could be banned from selling cars in germany if it is found to blatantly disregarded emission rules. melissa: sanders is not quitting without a fight but could the fight make the divide in the democratic party even worse. connell: fitbit under fire. fitbit is under fire!? new study may prove that the heart rate tracker may not be that accurate. melissa: oh, no! connell: whoops. ♪ i have asthma... ...one of many pieces in my life. so when my asthma symptoms kept coming back on my long-term control medicine. i talked to my doctor and found a missing piece in my asthma treatment with breo. once-daily breo prevents asthma symptoms. breo is for adults with asthma not well controlled on a long-term asthma control medicine, like an inhaled corticosteroid. breo won't replace a rescue inhaler for sudden breathing problems. breo opens

look at fiat chrysler. egulators suspect that the company, fiat, used illegal software to cheat on emissions tests. maybe a bit like volkswagen? the stock is down. then we have this, leonardo dicaprio honored in new york for environmental work. and look at this, he flew from france to new york and back, 8,000 miles round trip on a private jet. now that's, i don't want to be silly and facetious, but that's a carbon footprint and a half and he gets an environmental award. >> there's role models here. remember the paris global warming summit. 50,000 people flying to paris for obama, his trip there, generated more co 2 than driving 72 cars for a year or running 31 u.s. homes for a year. they partied, they had a great time, but instead of having, you know, a go to meeting video cast, they all had to go to paris and party. so what hollywood looks at and the individuals look at it hypocrisy of other people. and we make sacrifices, people watching this program you invest and sacrifice and for these people they don't

ferrariry, he spun off from fiat chrysler. turns out that sergio marchionne is a busy man. said to be in talks firstoogle to build their driverless car. we talked with david welch out in michigan. david: chrysler really has done very little in terms of autonomous vehicles. google is seen as the leader and developing cars that can drive themselves. they tested a car for more than 1.4 million miles. fiat chrysler does not have any others technology, or at least in its early stages, they really need a partner like this. most a year ago, marchionne put confession,entation where he basically said fiat chrysler needs a merger partner, because they could not afford the new technology. a year on, no one has bought his company or merged, so now he has to find partners to develop this. david: according to your reporting, they will start with ca, which is a minivan. why are they starting their? david w.: a lot of when this will come out is to be determined. but that is a good place to start, because it is a minivan. pragmatic. if you have a self driving car and want to use this for ri

it's make or break time for fiat chrysler.nd, about to go head-to-head with bmws three series. the luxury sedan junior is on sale in europe. the critical launch the u.s. is set for the third quarter. latest business flash. now, let's talk apple. billion move to china, as the iphone maker faces pressure. here with all the details as bloomberg's alex webb. joining us from san francisco, know it's early, but really, why china? dd atllion people using the moment? alex: china is the place where apple has endured a certain amount of pain, the iphone sales of slowed. it is potentially the biggest market in the biggest population in the world. getting access into another part of that economy is a huge thing for them. are they caroline: going into the ridesharing company because they want to get into people's phones and cause more use of apple play? or is this like google and a moonshot? maybe they are even getting more. alex: we do not know the exact nature of what will or won't be shared between the two companies. this is the first o

fiat chrysler isn't aware of any injuries or crashes because of this. the company will contact you if you're an owner. >>> one pitch at a time. it's a mantra that allowed the sherwood high school softball team to achieve an unthinkable milestone in montgomery county. >> the girls just won their 100th consecutive game. as shomari stone found out, they say they are just getting started. [ cheering ] >> reporter: they earned it. >> this is like another state champion to me. >> reporter: the sherwood high school girls softball team made history. 100 wins in a row. >> triple digits. so exciting. not many people have done this and we did it. it just feels so good. >> reporter: the warriors dominated, beating howard high school 6-0 in seven innings. >> all these different emotions. i'm really excited. >> reporter: head coach. >> a lot of the alumni came to see it. >> reporter: the assistant coach says we can all learn from this team. >> there's no limits to what you can succeed if you put your mind to it. >> reporter: what's a sweet victory without cake? after

. >>> google and fiat chrysler joining forces.leet of minivans, engineers at both will work together in a facility in southeast michigan. google says it's the first time they've worked together including the consensus and software. they will not share proprietary self-driving software. and it would not be offered to the public but somewhat off. but exciting developments on that. adp payrolls and in june, in terms of earnings reports, time warner, 21st century fox, tesla and kraft heinz reporting after the bell. those are the ones to watch. at the moment, falling about a percent of a decline yesterday as oil prices slid in the dollar rally. we're looking at 0.2% for declines in each of the three main indices. 36 points as you can see for the dow jones. guys, back to you. >> wilfred, good to see you. have a good wednesday. >>> dennis lockhart said britain's referendum whether or not to, quote, leave the eu, looms large. brexit could be a source of heightened uncertainty. he added that he's worried that disappointing first quarter gd

. >>> google's parent company alphabet has signed a deal with auto maker fiat chrysler to make self-drivingminivans. kari, we could reach back and do so much stuff. alphabet and fiat chris letter will make 100 self-driving pacifica hybrids. they will be prototype minivans for google to use as test vehicles. that deal allows fiat chrysler to jump start its understanding of the technology that goes into self-driving vehicles and allows google to double its testing fleet. there are no plans to sell those self-driving vehicles to the public. rats on that one. >> back here at home -- >> back here at home a fremont company which admitted to underpaying foreign workers will be paying out a six-figure settlement. the company is called bit micro networks, the department of labor accused it of bringing software engineers to the u.s. from the philippines and underpaying them by providing wages in philippine currency. bit micro has agreed to pay out $170,000 including $80,000 in unpaid wages and overtime for 18 workers. >>> the city of santa clara might be the 49ers newest opponent. the team announced

google can test its technology on cars and fiat chrysler can prepare for the industry to change. >>>eather lab is not self- driving. >> we need our fine photographers in the front seat. weather hasn't been rough recently. we have some rainfall. severe weather has been staying away. it's been in texas and colorado. jet been in the northwest. for -- it's been in the northwest. for us it's been calm. 56 in san francisco, 76 in concord. santa rosa 69. already the atmosphere is becoming more unstable. we are seeing that in the highest elevation locations. the far northern california mountains toward the siskiyous in southern oregon and far northern california. already some thunderstorms just to the west of redding and one lightning strike about three hours ago to the north and west of lake tahoe. that unstable air is going to hang out with us for a couple of hours. walk and "bike to school" day tomorrow. a little cloudy and cool. temperatures in the 50s. thousands of folks throughout the bay area walking or riding their bikes to school. and they will be doing that with rain-free condition

shares in fiat chrysler getting crushed. they are down on your screen 4.7%.o talk about whether or not this company can come back from this, even though it is only alleged. next, merkel on a mission. the german chancellor makes another trip to turkey as she strives to rescue the fragile refugee deal. ♪ guy: let's get your bloomberg business flash. here is haslinda amin. haslinda: ryanair has forecast earnings growth will slow this year is in as profit jumped. the discount carrier expects earnings to rise this year after a 43% surge in the 12 months through march. airlines cut ticket prices to entice customers wary of flying after recent terror attacks. ceo michael o'leary told bloomberg that egyptair crash will put further pressure on airlines. said it will stop investing in tobacco and will divest. france's largest insurer will sell stock in tobacco companies and run off its tobacco industry bond holdings valued at about 1.6 billion euros. said smoking poses the biggest threat to public health in the world today. boeing has won an $11.3 billion jet order fro

fiat chrysler benefited from jeep and its dodge ram pickup. and ford from its f-series pickups also seems seeing heavy and in. stock market is doing a u-turn after solid gains yesterday. numbers going down. google's hometown may be onf the next cities to get the company's high- speed tic internet servi of. >> back to you. >> thank you. >>> google's hometown may be one of the next cities to get the company's high speed fiberoptic internet service. today the tech giant will present its plans to the mountain view city council. currently the service is only available in six cities, none in california. >>> racist texts and officer shootings have some people questioning san francisco's police department. today its loudest critics hunger strikers are pushing for mayor ed lee's perspective. kpix 5's jackie ward reports from the mission police station where protestors have been speaking their minds for two weeks. >> reporter: they going to march to city hall. they said it will happen around 12:30 this afternoon. the goal is to meet with mayor ed lee. m

. >>> fiat chrysler is recalling more than a half million jeep wrangerring because of a safety issue. it includes wrangler models from 2007 to 2010. fiat is not aware of injuries due to the issue. >>> a data breach for linked in could be larger than previously thought. an estimated 317 million user names and passwords are being traded by hacker. the price tag is $122 in bit coin, linked in is looking to unvalidate the passwords affected . >>> many older adults are pressured into trying to look younger. looking good can also make them feel good. >> carol owns a fresh produce company in south jersey and seeing looking good as an important part of his job. >> you can't do much with the aging process. but you don't want to look batters or beat up and want vibance. >> he goes to the gym to stay in shape and to the salon in mar ton to stay on trend. >> he has meeting and is traveling and it's important to look grooms and professional. >> i used to have it straight back and now a george clooney look. people that haven't seen me say i look much younger. >> and carroll is retired and says main

fiat chrysler down by two percentage points, because analysts are wary. be the concern of the mp. they are saying it is exposed to the u.s. auto leasing bubble, that is coming to an end. they say the company hasn't done enough to protect itself from a downturn. the price target goes lower, to 5.4 euros. fiat chrysler falls. guy: thank you very much. has a $250 million that -- inic gold barrett's gold. gold futures have climbed 21% this year, including a 17% surge in the first three months, the best quarter in three decades. what's going on? plenty of people are long or very short on this right now. let's talk about the metals. joining us now, sanford bernstein analyst. also here, a metals and mining analyst from bloomberg. ken, everybody is divided on this one. some people are long. they think they desperately need to buy more gold. others -- >> like, digs that -- look, exactly. you take gold as a currency that doesn't have a central bank, and when you lose faith in other central banks and what they may a currency that doesn't have a central bank to screw

fiat chrysler says that their emissions meet the standard.t new york city's fame must murray's cheese shop because there is a glut of cheese nationwide and cheese prices are falling. some of those numbers on that. this is three-pound hunk of caso here. we eat 12 of these. that glut, we would have to eat another 3-pound chunk. 1.2 billion pounds of cheese in storage in in excess. we spoke to the head of merchandising here at murray's cheese shop. >> demands in 2014 that raise the production of milk across the country. what we're seeing now is things hitting that. china is importing. russia has embargo. we're not selling them any cheese. europe is producing a lot more milk. it is driving price -- >> down. >> cheese down. reporter: so, at the chicago mercantile exchange since 2014 the block price, the commodity trading for cheddar has fallen almost 45%. now retail shops, you're paying about 4% less for cheese. so, eat up america. we're heading into the memorial day holiday this weekend, cheese, 3pounds of this a year -- 36 pounds of it, no matte

google will build 100 self-driving cars, based on a fiat-chrysler minivan. 17.3 million cars, but thosere the old ones. the new generation is on its way, and fiat and chrysler are working together. millikening up, the richardce, interviewing byrne, coming up next. ♪ alix: "what'd you miss?" treasury secretary jack lew was work fore a deal will puerto rico, with no spillover to the commonwealth. institute, we asked the secretary how the island would restructure its debt, given recent legislative efforts in the house. >> we have been working on a bipartisan basis, between the treasury department and members of congress, trying to come up with technical approaches that work. our standard is simple, it has to work. the restructuring have to be evil to take effect. there can be the ability for holdouts. that means there has to be a process, where we put in an , and a voluntary restructuring does not work, -- >> the devil is in the details, what plan works for you? we have been clear, there could be a voluntary agreement, but the reason we have bankruptcy rules in general, it is really hard t

and fiat chrysler is recalling 2007 to oh 2010, you because the driver's side air bag may not deploy.re of any injuries or crashes related to the issue. >>> let's go to sports. the golden state warriors looking to avenge their game one loss to the thunder here. the amazing lay-up, and the foul. that was part of an 8-0 run for the warriors to end the half. steph curry had a monster first quarter, he scored 15 points, wow. golden state takes game two. >>> remember tiger's manager, epic meltdown earlier this week, which included draping his sweatshirt over home plate. you can own a part of it. they're up for auction on mlb.com and the bidding is at $1,380. jump right in there. >>>. >> just ahead, stephen colbert gets a kid's take on the white house. plus, who are you going to call? we have al roker's ghost bust ter's. ter's. ♪ it's time to get seriously silly, people. ♪ join red nose day to do some serious good to help fight kids' poverty. ♪ it's simple: just get your red nose, only at walgreens, and get your silly on, seriously. time is running out. get your red nose today at walgreens.

. >>> and life in the fast lane, google and fiat chrysler teaming up on self-driving minivans. it's wednesday, may the 4th, 2016. and "worldwide exchange" begins right now. ♪ my house we control now >>> good morning, welcome to "worldwide exchange." on cnbc. i'm sara eisen. >> and i'm wilfred frost. good morning from me as well. first, today's political story, ted cruz dropping out of the race after losing yesterday's indiana primary. >> with a heavy heart, but with boundless optimism for the long-term future of our nation, we are suspending our campaign. but hear me now, i am not suspending our fight for liberty. >> the move effectively makes donald trump the gop's candidate for president. in a tweet rnc chairman reince priebus calls trump the presumptive republican nominee and calls on the party to unite and focus on defeating hillary clinton. as for the democrats, bernie sanders got a surprise victory in indiana. much more on the political story. >>> the wall street set up after an ugly day, another selloff on wall street yesterday. at this hour, early futures indicating a l

>> reporter: that's right, german officials say fiat chrysler, the italian-american auto maker, has usedtware to cheat on bruce test cents. germany's been launching massive investigations into emission test he is after volkswagon admitted it rigged software. so we'll see how this one plays out, brooke, jim? >> thanks, jill. we'll check in with a little later. another check on weather and traffic. >> some areas could see pop up shower today. katie's forecast when we come >> happy monday, looking ahead to overall pretty decent day. there is an area of low pressure that's nearby, actually, down over the over the mid-atlantic, more of a virginia problem than anything right now, see some of the moisture still rotating through the area as a result of. that will i don't want you to get too bent out of shape over this really talking a hit or miss variety after shower, maybe rumble every thunder, not a huge deal, but we do have little moisture rich atmosphere. there are some areas of fog out there because of this, as well. so today, you know, you have about a 50-50 shot to see something roll thro

fiat-chrysler and google teaming up to double the number of google's self driving vehicle fleet.says it needs to test the tech in more vehicles and try more real world scenarios. wonder how long before we see a lot of those on the road. >>> its major stock indices down yesterday. the dow fell 140 points and this morning futures are also pointing to a lower open. >>> if you win powerball you won't have to worry about all these ups and downs in the stock market at least not as much. tonight's jackpot $348 million and they are expecting that the prize could increase depending on ticket sales. >> normally does when it gets real high. 4:53. we're following breaking news. detectives are investigating two police involved shootings in the city overnight. one of them was deadly. we will have live team coverage at 5:00 a.m. >> but next up a south jersey family makes a desperate plea to the people caught on surveillance video walk away with their family dog. >> ♪ >> a gloucester county woman is appealing to the public to help find her stolen dog. a man in a hoodie carrying the missing yorki

. >> google is teaming up with fiat chrysler to put the self driving technology in the cars.hnology in 200 vans. the deal marks the first time thattingly will share its secret self driving tech with a major automaker. the vans for through rigorous testing. they have so far logged 1.5 million miles with only one accident. >> the 49ers and the city of santa clara, next at 5:00 a.m., the rent despite that has the tomb taking legal action. >> and now, we know ted cruz is out of the race what does it mean for the g.o.p. presidential mean for the g.o.p. presidential race in california? wow. college already. ( chuckles ) yeah. - ( engine starts ) - we gotta go. ♪ for all the truth that you made me see... ♪ i love you. ♪ for all the joy you brought to my life... ♪ i love you too, daddy. ♪ you're the one who saw me through... ♪ and thanks - for everything. - ♪ through it all... - ♪ you were my strength when i was weak... ♪ - ( woman speaks ) a message from the foundation for a better life. >>> live from the kgo-tv broadcast center this is abc7 news. >> it is 5:00 am. i am reggie aqui.

fiat chrysler and google are teaming up to produce 100 self- driving cars. the chrysler pacifica minivans will be outfitted with google sensors and software so the vans can drive themselves. the vehicles will be used to expand real world testing. >>> a double dose of bad news for palo alto-based tesla motors. two manufacturing executives are leaving and the electric car company lost $282 million in the 1st quarter. the company's stock also fell more than 4% yesterday. and it has been on a downward slope in the past few weeks. >>> well, tesla's not the only company dealing with losses. as betty yu reports, sales of ping pong tables can reflect the local economy. >> reporter: it's a must have amenity at any sillicon valley startup or big name tech company. the ping pong table. a symbol of the millennial workplace. many of the big companies buy them at billiard wholesale in san jose. >> cisco and google and twitter buying a lot. they are regular customers. they always buy it when they either expanding or just replacing the old tables. >> reporter: but the owner

fiat chrysler recalling about 500,000 jeep wrangler suvs worldwide.he recall covers wranglers from the 2007-2010 model years. they are not aware of any injuries blamed on the problem. its car sharing service to boston, chicago and washington. chargeser to zip car eight dollars an hour. that is your bloomberg business flash for this hour. mark: deutsche bank holding its investor meeting in frankfurt today. said he is committed to the securities trading business. investor sentiment was rather mixed. >> if you make a record loss, positive --tart off at the same time, coming back to shareholders saying we have a new system and we want you to approve it. there was not enough concentration to shareholders. >> we want some answers on our corrections where deutsche bank is spending in five years. deutsche bank seems to be a large restructuring unit. where does the banking business that's where is the banking business of the future for this company? calm compared to last year. , james had a speech and overall, the was a crisis mood in the auditorium. cryan's n

he is chief executive of fiat chrysler. frannie to make the luxury brand, not just and automaker.hares were up as much as 4.5% in milan. they are unchanged. strong as ever first-quarter. today, watch out for spain at midnight. parties have to form a government. if they don't, there will be another election in late june. the election took place -- the yield on the spanish 10 year has .ome down from 1.96% to 1.58% uncertainty has not hurt the spanish bond market. they had been growing by pointing percent in the last quarter. this by the uncertainty, the economy seems to be going from strength to constraint. looks like we will have an election in late june. vonnie: we will have a dedicated conversation later on. let's check in with bloomberg first word news. >> u.s. secretary of state john kerry is trying to work out at least a partial truce in syria. geneva, john kerry met with the saudi foreign minister. the u.s. and russia may come up with safe sounds in the city of aleppo to protect civilians. the civilian military says it had been targeting military. in baghdad, a car bombing ha

fiat chrysler is down about 14%.is too excited about the car market right now because of concerns around emissions. he's not doing that bad relative to the industry. it has already been given a valuation like the big carmakers. it is a sexy stock to own. he's a visionary guy. it is not clear at what point investors will start to punish him if he doesn't deliver on target. francine: ryan chilcote with the latest on this amazing story. you can follow ryan on twitter, but also go on the website. we have a great story front page on tesla and young mosque -- and elon musk. next, alibaba has lost a third of its value since its ipo. we will ask why, next. ♪ alibaba reports earnings before today's u.s. open. let's get the latest from selena wang in shanghai. what are investors going to be looking for from alibaba's numbers? >> investors are going to care the most about its core e-commerce business. they are looking for a comeback in revenue growth, which has slowed considerably. they're going to be watching for gross margins

interesting to see fiat chrysler down.porsche down, bmw is bmw is not the worst performing european automakersn the scandal broke, last september, but still, it has a lot of work to do to claw its way out of its issues. to the west -- these are the best and worst performing industry groups. leisure are at 5.5%, showing resilience after the egyptair plane crash a couple of weeks ago. the worst performing industry group is basic resources, down by 9.5%. best performing industry group on the stoxx 600 this year. the world's biggest steelmaker, shares up i 3.8%, the stock was raised, the price target is 4.5 euros. a price target of 4.89 euros, 117% since rebounded low onll to a 13 year february 11. that is the third-best performer on the stoxx 600. 90 minutes into the trading day in the u.s., let's get over to the markets desk were julie hyman has the latest. julie: we+++ stocks are lower and they are pulling down that index. s&p just holding on and the nasdaq up about a quarter of 1%. as we are on the last trading day of the month, i want to look at the monthly performance and it is looking good.

google joined forces with fiat chrysler to build self driving cars based on the chrysler hybrid poweredthat does it for this edition of bloomberg west. tomorrow, we sit down with the biggest competitor to uber in southeast david -- southeast asia. now from sanr francisco. ♪ ♪ >> from our studios in new york city, this is "charlie rose." charlie: we begin this evening with the fight against isis and the operation to recapture the city of falluja. 15 iraqi soldiers were reportedly killed in an bar province.meanwhile, a kurdish led forth launched an offensive in syria on territories around raqqa. this is aimed to put pressure on isis forces in their stronghold. joining me from washington is david ignatius. here

fiat chrysler, the company appears to be battling over emissions.they did she on emissions tests. the back-and-forth continues and is sending the shares down, 5.6%. speaking of down, the worst is roper technologies, down about 5%. the analysts over at wall street initiated the stock with a cell on a price target of $118. slowing organic revenue growth in the revenue and scientific imaging unit, also perhaps disappointment and the technology unit as well. you can see the shares under pressure today as well. david: appreciate that. coming up, apple is getting ready to pick the next generation of iphones with new screens, with a return them to robust growth? ♪ david: this is "bloomberg markets." shery: apple is betting on a new screen to boot -- to boost sales, made from organic led, thinner and more flexible. orders for the equipment to make it are up 400%. emily, did he say anything about this increase in sales? emily: i asked him specifically at it was related to the new iphone, but they said they could not talk specifically about their culture. he

fiat chrysler is recalling half wranglersjeep worldwide because the driver airbag may not in late in crash. it covers wranglers from the 2007-2010 model years. chrysler says is not aware of related injuries. the sec says pro golfer phil made $931,000 in insider trading case. been named a relief defendant but is not accused of a crime. the sec says it wants a return on his profits. involves tom davis and a las vegas gambler and both have been charged with insider trading. that is your bloomberg business flash. mark: still ahead, we were first to a week ago and now it's official -- bayer is making a biggest monsanto, the supplier of farm chemicals, all the details are next. ♪ lookinggerman company to buy an american giant with bayer making an offer for monsanto and it would make them the largest supplier of firm chemicals. news of the potential takeover was reported by bloomberg news a week ago. of desperation or defensiveness? what's the rationale behind this bid?licited did question >> we saw it deals we have been talking about for months. we saw a dallas/dupont merge. the remaining

fiat chrysler has refused to meet with the german transport minister to discuss emissions. nisters italian counterpart has told him in effect to leave fiat and that italy is responsible for testing fiat. digital banking in india will expand the consumer business. the british bank will shutter half of its branches in india while they are targeting affluent indians who have devices for electronic banking. bidjor blow and its hostile to gain lofty maker of amber capital after raising itself by 11%. some analysts believe a counter offer is unlikely. that is the latest bloomberg business flash. fliesngry birds movie" into the u.s. and chinese theaters today. the film is based on the smartphone game from finland's rodeo and has already grossed $43 million since its debut last week in europe, russia, and south america. big ineo, this is boosting the franchise that is down in merchandise and sales. joining us now is a man who has told me he has played over 100 hours of angry birds, correct? >> realistically, it's probably more than that, but it's a lot. mark: more than i have. some

fiat chrysler has reached an on selft with google driving cars according to people familiar with the who say the deal could be signed as soon as today. it is based on the chrysler pacifica minivan. the first phase of a joint project to create autonomous vehicles. a big blow to apple's plans to go after price conscious consumers in india, however jacket the request to import and sell cheaper, refurbished iphones. wouldsay that the move lead to a flood of refurbished electronics and defeat the program to encourage local manufacturing. that is the bloomberg business flash. coming up in the next hour, kleiner perkins partner ellen howell discusses her new venture one year after she lost a .iscrimination lawsuit that interview is coming up next. here is a check on the markets, looking at the nasdaq, down at 4773. 17 points at 2054. the dow, down. ♪ david: welcome to "bloomberg markets." from bloomberg's world headquarters, good afternoon. i'm david gora. jury -- energy shares are the hardest hit. , fromlair joins us bright's to the threat of islamic state. speaking out. she talks about he

expanding the luxury sports car maker allowing its january spinoff from the oxides for -- from fiat chrysler00 a.m. in new york♪, >> :00 p.m. in london, and 11:00 p.m. in hong kong. i'm vonnie quinn. mark: and i mark barton. you're watching the "european close" on "bloomberg markets." ♪ mark: we are going to take you .o new york to milan signs of strain from the italian numbng sector as investors a new ipo. will the rescue funds to be enough to keep the industry going at go vonnie: it is a major energy deal gone bust. how investment bankers have called off the proposed merger. what is it signal to the rest of the oil markets? mark: ferrari, the chief executive is leaving. what is ahead for the luxury carmaker? we are 90 minutes into the training day. let's head to the market that's

earlier this month google joined , forces with fiat chrysler to build 100 self-driving cars based onler hybrid powered minivan. that does it for this edition of bloomberg west. tomorrow, we sit down with the biggest competitor to uber in southeast asia. that's all for now from san francisco. ♪ ♪ manus: oil has broken 50 bucks for the first time since november. america have fallen more than expected. rishaad: the middle east's biggest ever bond sale. energy resources make for international investment. in china anddown simmering territorial disputes top the agenda as g-7 leaders meet. riaa

however, one thing to also keep in mind, this allows fiat chrysler to really jumpstart its understandinglf-driving vehicles and the technology that goes into them because for some time there's been a lot of chatter in detroit that fiat chrysler remains one of the few automakers not talking about self-driving cars but now it's signed a deal with google and the self-driving car program at going toll build 100 pacifica hybrid minivans that will part of the self-driving test program for google. back to you. >> wow. phil, we know that sergio marchionne was looking to gm and others as a partner in order for that company to grow. is it possible that having been spurned, if you will, that maybe this is, you know, kind of a plan "b"? >> i don't any if it's a plan "b." i think it's a little too sign to say that. i think it's possible that eventually you could see a tech company like google, like apple, if they truly want to buy an automaker, fiat eyes ler chrysl twhanlt to sell. but i could see him in a couple of years saying, okay, what about google, apple, or another company. >> it wouldn't be j

. >>> and google, fiat and teaming up to double the size of the google leaked, and the chrysler engineershelp google install the sensors and software in the vehicles, and google says they need more cars as they expand the real world testing. the new vehicles will include gas electric hybrids owned by google, and the new technology will not be licensed to the fiat chrysler or anyone else. both companies have agreed that they are still free to work with other companies as well. >>> the time is 5:26 am. >>> you may notice changes as you arrive at the muni, but will happen with the trains at the downtown station following the glitch last year. >>> a kickoff to legalize marijuana in california is happening in the bay area today, and we will tell you how much support it is getting. >>> looking at a commute that is still doing very well out there. as a matter-of-fact highway 24 does not look bad, and also the drive toward the tunnel. >>> cloud cover and light rain, more than likely starting tomorrow and into saturday. (group chatter) dude, dude, dude. this is bad. i think we're stuck. we're goin

it affects an additional eight automakers between honda, fiat chrysler, toyota, subaru, ferrari, mitsubishi. toccata says a special chemical used in the airbags can burn a canister and spew shrapnel into cars. the airbags are responsible for at least 11 deaths and more than 100 injuries. >>> interest in tesla, the company may not be all that excited about. united auto workers union is focusing its efforts on unionizing workers in tesla's factory in fremont. this comes as the palo alto -based automaker is said to ramp up production. the company plans to build half 1 million model three vehicles over the next 2.5 years. >>> the heat is on and lakes are full. perfect nomination for a memorial day weekend. folsom lake lake all levels almost at capacity. it is a well -- welcome relief after seeing the lake at the lowest level last if it folsom lake and lake natoma averaging 1000 people per day just this holiday weekend. >> increasing the numbers of employees working here to include park maintenance, diaz workers. >> boat repair shops say they have seen business double as both have been in storag

auto is off 0.6% despite fiat chrysler that we'll get to in a few minutes and retail up about 0.4% despiteurbury's earn agency. goldman sachs has downgraded equities to neutral. that view over the next 12 month. they're citing growth and valuation concerns. goldman said equities will not look attractive without sustained earnings growth adding that it expects, quote, particularly poor returns in dollar terms, due to the forecast in the strong dollar. and the higher volatility is based on risks including china growth and the increased political risks and fed cycle. and commodity price declines particularly for metal, the trend we're seeing this morning. the big question, how good goldman recommend playing a market it calls fat and flat. the big thing is to focus on cross asset opportunities particularly when it comes to emerging markets. goldman was front and center yesterday because fed officials have been talking up a storm ahead of today's affluence minutes. and john williams agreed up to three hikes seemed reasonable. dallas president robert kaplan said he would call for a rise in june

are recalling more than 12 million cars and trucks because of the detective air bags, honda, fiat, chrysler, toyota, nissan, subaru and ferrari included. cars are older models, in areas in the gulf coast with high heat and humidity. they are responsible for 11 deaths and more than 100 injuries worldwide. >>> switching gears for the first time ever, the philly pops and music center of performing arts presents a memorial salute. >> a concert for the veterans, and in this case, by a veteran. todd williams playing the horn in the orchestra. before that, he served in the indiana national guard. he will be one of nearly 70 performers putting on the first ever memorial day salute. williams tells us that the training and disblip learned in the national guard applies to his muse, and how he feels about life. >> i think most of basic training is not just about the combat training, but about learning yourself, what you can deal with, what you can put up with, what you can strive for, what yo can achieve, really about perseverance more than anything else. keep on keeping on. >> williams will be perform

i spoke to the fiat chrysler ceo and he said for whatever reason investors have decided not to like that. why is that is this. >> i think investors are always aware of the cyclical nature of the automobile industry. so arguably and over time you get companies trading on multiples that are lower than the wider market. of course when the multiples diverge from those historic averages that is when valuation becomes apparent. we think we've been through a period of that. and therefore that's thrown off some investment opportunities for us. >> you point out speaking of sectors that are underperforming that the banking sector has been brutally sold off over the last year. down something like 20%. do we dip into selective european banks yet? >> precisely and again it is all about active fund management andic looing for individual opportunities and when there is a low dispersion of returns or everything moves in one direction it is almost like throwing the baby out with the bath water. investors are not doing sufficient analysis on those companies that are actually improving their returns profil

italian-based sort of new york company depends, fiat chrysler, actually did pretty well.d, toyota, honda had a mixed bag here, but nissan, all of them together saw increases in sales mostly on their truck and sport utility vehicle side. gm, you have to hear this. gm saw sales fall about 3.5%. why? in very large part due to cadillac's disaster sales. cadillac's april sales fell 29%, but the company said that pickup truck sales remain very strong. volkswagen fell 10%, that's due to the residual effects of its emissionen scandals, but auto sales are usually a good indicator of consumer spending. does this give credence to the idea we might see a rate hike in june or some other indicator investors should be watching right now? the traders always have their eyes open. john corpina, auto sales look good, we have lockhart out of atlanta, the federal reserve atlanta bank, saying at least two more rate hikes in this year. do the auto sales nudge them along? >> i don't know. that's just an ingredient that's in the big pot that the fed's trying to figure out. as you were saying in t