Fiat Chrysler shares plunge following Ferrari spinoff

• Fiat Chrysler (NYSE:FCAU) opened a third lower in Milan this morning as the Italian-American car manufacturer began trading without its former crown jewel - Ferrari (NYSE:RACE).
• The company distributed an 80% stake in the luxury sports-automaker to shareholders on Sunday, ending 30 years of its exclusive control.
• The spinoff, first announced more than a year ago, comes after Fiat Chrysler sold a 10% stake in Ferrari in an initial share sale on the NYSE in October.