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FCA worker in Indiana tests for coronavirus, but the plant will stay open

Fiat Chrysler Automobiles NV said Thursday that an employee has tested positive for COVID-19 at its Kokomo, Indiana, transmission plant, but the location will remain open. The Italian-American automaker said the company placed the employee and his immediate co-workers and others he may have come into direct contact with in home quarantine. The automaker said it is “deploying additional sanitization measures across the entire facility, re-timing break times to avoid crowding and deploying social spacing.” Fiat Chrysler is canceling all in-person meetings unless “business critical” and conducted meetings through video conferencing technologies. Automakers also have canceled non-essential travel. Ford, meanwhile, said its plants in North America remain unaffected. General Motors spokesman Jim Cain said the Detroit automaker has not had any cases of the coronavirus in its North American plants yet, citing such measures as reduced travel and restricted entry to plants as helping. How the No. 1 U.S. automaker would respond to a positive test would depend on the situation, he added. “You do plan to operate with a certain amount of absenteeism, but every facility has a different operating plan,” he said. The Fiat side of the FCA operation, meanwhile,  is temporarily halting operations at some plants in Italy and will reduce production rates in response to coronavirus in the country, the largest outbreak in Europe, a spokesman for the automaker said on Wednesday. FCA said in a statement it had stepped up measures across its facilities, including intensive sanitation of all work and rest areas, to support the government's directives to curb the spread of the infectious disease. "As a result of taking these actions the company will, where necessary, make temporary closures of its plants across Italy," it said. The spokesman said affected plants were Pomigliano, Melfi, Atessa and Cassino, each of them halted for two or three days between Wednesday and Saturday. FCA said that to allow greater spacing of employees at their workstations, "daily production rates will be lowered to accommodate the adapted manufacturing processes." However, a source close to the matter said FCA did not expect an impact on overall production rates. The source added that temporary closures were in no way linked to disruptions of auto parts supplies following anti-virus measures imposed by Rome all over Italy.

Ferrari raises $893M, valued at $12B

Ferrari's stock is moving as quickly on the New York Stock Exchange as the brand's iconic sports cars do on the road. The company's incredibly popular initial public offering has already raised $893.1 million by virtue of 17.18 million shares sold for $52 apiece. If the deal's underwriters buy in as well, the figure would grow to $982.4 million. Plus, even after shouldering some of FCA's debt, the automaker carries an enterprise value of $12 billion, Bloomberg reports. Just as the company starts trading on the New York Stock Exchange, the share price is already racing upward, too. As of this writing, Ferrari stock, which is listed under the symbol RACE, is priced at $57.59. At its high so far today, the value reached as high as $60.95. While Ferrari is looking strong, the big winner in this success looks to be FCA because the company should raise $4 billion in the spin-off, according to Bloomberg. With nine percent of the sports car maker on the NYSE and one percent for the underwriters, another 80 percent will be distributed to FCA investors in 2016. When that's through, Exor, the holding company for the Agnelli/Elkann family, should have the largest stake at about 30 percent. Piero Ferrari holds the remaining 10 percent and has no intention to sell it. Related Video: FCA Announces Pricing of Initial Public Offering of Ferrari N.V. Common Shares Fiat Chrysler Automobiles N.V. (NYSE: FCAU/MI: FCA) ("FCA") and its subsidiary Ferrari N.V. ("Ferrari") announce today the pricing of Ferrari's initial public offering of 17,175,000 common shares at an offering price of $52 per share for a total offering size of $893.1 million ($982.4 million if the underwriters exercise the option described below in full). The shares are expected to begin trading on the New York Stock Exchange on Wednesday, October 21, 2015, under the symbol "RACE", and closing of the offering is expected to occur on October 26, 2015. In addition, the underwriters have a 30-day option to purchase an aggregate of up to 1,717,150 common shares of Ferrari from FCA. The offering is intended to be part of a series of transactions to separate Ferrari from FCA. Following completion of this offering, FCA expects to distribute its remaining ownership interest in Ferrari to FCA shareholders at the beginning of 2016. UBS Investment Bank is acting as Global Coordinator for the offering.

You can own Don Draper's 1964 Imperial Crown Convertible

In AMC's Mad Men Jon Hamm's character may have been a jerk, but Don Draper's 1964 Imperial Crown Convertible is fantastic. One of just 922 droptop Imperials built for 1964, Draper's land yacht is up for auction as part of a broader sale of Mad Men props. Alongside stuff like Roger Sterling's Ray-Bans or Draper's copy of Dante Alighieri's Inferno, the big Imperial is the undisputed star of the show. According to the auction page, fewer than 200 exist today, meaning that even without its Hollywood provenance, this is an exceedingly rare vehicle. Under hood, there's a 413-cubic-inch V8 wedge mated up to a push-button, three-speed TorqueFlite automatic transmission. Typical of a big, 1960s luxury vehicle, the Imperial gets power steering, power brakes, and power windows. Even the roof is electric. Cosmetically, the auction site claims Draper's convertible was repainted once, 20 years ago, going from a "drab" Roman Dark Red to today's California Red. In the interior, the only change are new carpets. This isn't the first time Draper's Imperial has crossed the auction block. It sold at a Palm Springs auction in February 2015 for just $23,625, before a St. Louis dealership listed it on eBay for $39,900 less than a month later. That online listing has long since disappeared, so there's no telling if it actually sold or not before being listed as part of this latest auction. Regardless, with fewer than 1,000 made, fewer than 200 in existence, a credit on a critically acclaimed TV show, and a history of reasonable sale prices, this is one big, 1960s land yacht worth considering. The auction starts on June 1 and runs through June 15. Related Video: