we've talked to sungard before, but it was years ago. they had a lot of things going on that we did not care for. to ipo andecided they started announcing their ideas around ipo, we reached out and said that's reengage. maybe you can come over and enjoying -- join us. we engaged in late may come early june. these transactions evolve quickly from the course. mark: were they receptive? >> they were. they have a strong team. an outstanding job that she has brought in a lot of strong leadership. they had a nice turnaround transformation. when they look at their situation, they were looking to go public or they could join with a strong company like sis -- like fis. scarlet: you talk about leadership. haverd and its owners operational expertise. what will you look to preserve from that management? is not new to fis doing acquisitions. we like to work through the integration plans. we like to identify the right leadership to take us forward and raise the bar to the next level. we will be working through our integration plans between signing and

fidelity will buy software maker sungard. by the private equity owners to take the company public. all that and more coming up on the bloomberg "market day." hillary clinton wants to make college more affordable for americans. she announced her new college compact this week. the plan aims to make for your public schools more affordable and two-year community college is free by increasing federal ending. the plan would allow people currently repaying loans to refinance at lower rates. joining me now to discuss the merits of her plan is a senior vice president and publisher of advisors mays -- based in las vegas. i have wondering if you could describe your reaction to hillary clinton's plans for a fairlyucation? >> complicated plant with lots of details and hard to describe in just one sentence. significantide a influx of money to make college more affordable. pimm: talk about the plan to reduce the debt burden. specifically how you can refinance outstanding loans. >> about one third of the money will go to allowing existing bo

fidelity national information services spending $9 billion to data.e sungard misses profits estimatesimir putin being published by western authors. the problem is, they did not write them. good afternoon, i'm mark crumpton, here with scarlet fu. evaluationina's yuan continues to ripple throughout the market. this is the ninth drop in 10 days for the dow. noticeable for the trend over the last 10 days. the s&p 500 fallingit

sungard calculates the prices, the net asset values. it apparently has affected several fund firms including freighted and prudential financial. i spoke with some representatives of the mutual fund industry who emphasized it did not affect today's big market springs. it wasn't a part of that. this was a straight ahead hardware failure that could have happened any day, anytime. i was able to ascertain less than two dozen fund complexes were affected. it wasn it wasn't an industrywide thing. p. it affected part of the bny system. the question is whether they can accurately calculate the asset values. first trust which manages several exchange traded funds said on wednesday in a statement that the net asset value of some of its funds contain errors greater than 1%. that's not good. bny mellon was reportedly able to construct monday the net asset values for all their funds, but there's likely a big backlog of these net asset values that need to be calculated for tuesday and today. federated still has a statement on its home page that there

bank of new york mellon and sungard happens grambling for a week already. if you were in the investor or client who relies on that pricing to make decisions about which traits you're going to make, in a week like the one we just lived through? redone ive had to be corrected prices. it's disgraceful. warnedumber 4 -- buffett's berkshire hathaway making its most significant energy investment. is making a $4.5 billion stake in phillips 66. it makes it the biggest shareholder in the u.s. oil refiner and one with because name. buffett sees the intersection of recordle prices and driving. we have seen forecast for even lower oil prices. $32 from citigroup. they are the lowest of the big banks. each about it with everybody pumping as much as they can hear with you do not know everybody pumping as much as they can here today. erik: i would not evaluate. it does not matter whether it is or buffett ons buying phillips 66 stop. ck. matt: it doesn't even matter if he goes down to $32. erik: let's talk about alibaba. hedge fund lovebird alibaba is dwindling. the stock p

fidelity says it will buy sungard data systems in a deal worth $9 billion including debt.att: thank you for that. another $9 billion deal. a little m&a a midst the bloodshed. but stay on alibaba. the ceo daniel chang spoke earlier with emily chang. they talked about how the company plans to reverse the stock slide. i think this quarter, we continue to deliver a stronger 36%lt in our group i year-over-year in a revenue grew by 28% year-over-year. specifically, we make very good progress and mobilization for mobilest time, our revenue exceeded the pc revenue. i think this is a good transition to the mobile and ino we made a big investment sony, the largest consumer electronic retail chain. i think all these signaled that growth and welthy will create more value to our customers. talk about the investment and sony. this gets you big and off-line commerce, the biggest deal alibaba has made. chinany customers inrural do expect to get as a result of this deal? >> the investment marks our commitment to our on the channel strategy. we want to create a unique premier experience wit

. -- sungard.cial institutions and is owned by seven private equity firms including kkr and silver flake. and john paulson made billions betting against subprime morbid -- mortgages and now he is profiting from another bet that has taken longer to mature. land. lotsquired about 35,000 since 2009 and less you the company shifted toward selling. 70's --invested about $770 million. those are your top headlines. brendan: we call it "ro boadvising." that is what you call algorithmic trading when you offer it to smaller investors. elliott weiser is a proponent of roboadvising. what do you do on a high volatility week like this week? guest: let me say i am not necessarily a proponent of robo-advisers as opposed to human advisers. what is happening today is you have a number of companies offering algorithmic designed models which can replace what a human and financial advisor might do but the problem is they cannot replicate what human beings actually do which is to listen and ask questions and pick up on

the banking and payment technology has agreed to buy software maker sungard valued at more than $9 billion including debt. they make software for financial institutions and it is owned by said in equity firms including kkr silver lake. in pro football, new york jets quarterback smith will be out up to 10 weeks after having his job broken in a fight with a teammate. espn says the fight was over 600 bucks in debt -- are you kidding me? -- who punched smith has been cut from the team and those are your top headlines. if you are a third string player and you even damage a star, if you even give them a hangnail, you're in trouble. if you punch him in the jaw and break it -- you are out. erik: the jets just cannot win. stephanie: literally and figuratively. erik: let's get you need to know. stephanie: has to be number one, policy in china is obviously waiting on global markets again. look at futures, yikes. thea's yuan but the 2 -- biggest two-day selloff since 1997. stocks in europe also in the red and u.s. futures, as i mentioned, down almost 1% this morning. bloomberg's mark barton is in lond