marchionne expects they boost .he value before the spinoff 10% now, a high evaluation.area the beginning of next year. after the ipo, ferrari would finally get the value and after --gets real value, >> of course, marchionne already the ceo of fiat ricer as well as the chairman of ferrari, notorious for working around the clock. he apparently never sleeps. doesn't he already have too many jobs? busy. guy is a bit ferrari,hairman of which was spun off in 2011. chairman of the swiss company sgs. has a lot of jobs. he took charge of ferrari one over two decades. he already has the ferrari as one of his main jobs. involved it looks like he really cares about ferrari and that is why he will get the job when they ask for the ceo to retire probably in the coming months. still ahead, much more, including we will go live for more of the world has his top economic minds. we will speak with the vice chairman of the fcic next. don't miss it. ♪ olivi: welcomea back to the bloomberg market day. what happened to today's rally? the dow is up nearly 400 points. looks like we are up about

are doing something that sergio marchionne has been calling for for a long time.omakers spend about $2 billion a week trying to develop new technology and they are all on the same track, doing their own thing. it's good for them to combine forces. but i don't think they invited sergio as part of the trio. scarlet: who is the big winner? matt: winners across the board. to post sales of .6%. you can see 6.4%. ford with 5%. honda and nissan beating as well. everybody did very well and looks like the month was the mate -- maybe the strongest on record. >> i will see you at 4:00. hasng up, deutsche bank caught the attention of u.s. federal prosecutors yet again. we will tell you why. ♪ alix: let's get straight to a look at the top headlines this afternoon. houlihan loki seeking as much as $360 million in an initial outlook offering a selling 15 million shares. the firm is targeting a price of $22-20 four dollars a share according to a regulatory filing that came out today. sales of a heineken, describe -- despite increased competition in the beer business. they posted

pimm: sergio marchionne may soon have another role.talian supercar maker itsari may name him executive. fiat-chrysler is ferrari's parent. tiffany, it is getting hurt by the stronger u.s. dollar. the luxury jewelry retailer chain posted profits in the second quarter that missed estimates. it has kept foreign tourists from purchasing jewelry stores in the united states. facebook is hoping to offer a service similar to apple's siri. it is testing a personal digital assistant to run inside its mobile messaging app. ." is to be called "m it is being tested in the san francisco bay area. mayia: now, robo advisors be the single most disruptive trend in the financial industry. loewe artificial intelligence driven services could put investors in h-appropriate i'm a risk-appropriate -- age-appropriate, risk-appropriate centers. pimm: cory johnson is standing by. cory: every time i talk to the money managers, they are talking about this rise in the robo -advisors. adam nash joins us right now. the whole business model is built on, we can handle

sergiofacing off against marchionne who says he loses money every time he sells a 500 e.id he wasn't required to do it, he would not sell vehicles. he said he had to sell the government -- had to sell vehicles he would be there for a government handout. this were to become a pass, can we see this in court or is this a state regulation? scarlet: it's a proposal and it is what she wants to do. the target is 100% electric vehicles, new vehicles to be sold in 2030 to be almost zero emissions. that is a pretty stringent goals. even now it's goals are pretty stringent in california. going to be how each state deals with credits and a lot of automakers want more credits before they introduce more plug-in hybrids. is differentonne among automaker ceos in that he is complaining in public. other ceos have not. brownthe governor jerry said a target in 2030 of it 80% reduction in greenhouse gas emissions. the argument against that is it's not just going to be cars producing these omissions. when you are talking about automakers, heads of auto , i believe they are going to fight tooth

aer the last 64 months in row, everything a month, sergio marchionne has provided row for fiat chrysleras sales. literally every single month for five years. will happen this august, labor day will be counted as part of september rather than part of august. because of this little calendar quirk, he might lose his perfect track record. some analysts are looking for a drop of 1.2% in sales growth this august. bummer as far as a little calendar change for fiat chrysler sales. everyone will feel the same issue, all automakers, but it is just kind of the end of a winning streak for fiat chrysler if they do not manage to pull a rabbit out of a hat. oil stocks obviously getting crushed as the underlying commodity falls in value, even with the rebound, we're looking at 44 dollars per barrel. phillips 66 getting a huge boost today from warren buffett here bestnote, and buying his as far as berkshire hathaway is concerned. people are still driving a lot and gas prices are still cheaper. that to you. david.et's go back to moments ago, when tracy was still here, you said now is a good time to be on

vonnie: sergio marchionne is being considered to be chairman as chief executive officer after the ceo ofchionne is fiat and will stay around. you do an ipo.w robert pretty sick of jones day has seen every flavor of ipos. it is a small product, there's a balance. it helps to bring in a namebrand ceo. of course.k: one of the biggest issues, there is a lot of phenomenon going on but mergers and creations of ts, usually, they are very complicated, but the biggest issue is who is going to manage this? tom: who is going to run it day-to-day? mr. profusek: and is that guy going to have credibility. i want you to make clear the relationship, jones day has a relationship with one of america's most visible and troubled companies, american apparel. what is that? involvedsek: i'm not directly. i think they are just trying to stay alive. tom: how do retail workouts happen? there is clothing to be bought. what is different about a retail bankruptcy versus another bankruptcy? mr. profusek: one of the things about retail, this could be something for the future in general, the so-called gray market is