Ferrari Shares Race To The Top As Wall Street Trading Begins

Ferrari NV — the iconic Italian sports car brand — opened trading on Wall Street Wednesday, as chairman Sergio Marchionne rang the opening bell on the New York Stock Exchange.

Fiat Chrysler Automobiles NV is spinning off the brand — in part to raise funds to finance its ambitious five-year growth plan announced last year. The company sold a 9 percent stake in Ferrari Tuesday to underwriters at $52 a share — at the top end of the $48 to $52 range — for $893 million.

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PUGPROUD - 10/21/2015 7:48:09 PM

+1 Boost

I suspect the majority of these shares will be framed and hung on hedge fund managers' garage walls near their four wheel prancing horses.

GMCadillac - 10/25/2015 9:46:00 PM

+1 Boost

Why is this old news on the top story here?