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Not "Off To The RACEs" - Ferrari Crashes Below IPO Price

From its highs at $60.97 (after opening at $60), Ferrari has crashed over 16% and broken below its IPO prices today...

 

 

Or put another way...

 

As no lesser market expert than Bob Pisani explained on the day of Farrari's IPO:

But what about Ferrari? The pressure on it is not nearly as intense. It's a different story.

 

1) After a poor third quarter, the markets have improved in October, so while buyers are picky, the timing is clearly better than a month ago;

 

2) Ferrari is profitable; and

 

3) Ferrari is a unique product with one of the most recognizable brand names in the world, and something else: it oozes sexiness.

How sexy is a 16% loss?

Charts: Bloomberg