- Ferrari (NYSE:RACE) is being bid down by investors after the automaker unveiled new models yesterday just ahead of the Frankfurt Motor Show. Ferrari is actually skipping the Frankfurt event this year, but launched the F8 spider and 812 GTS in Maranello, Italy.
- The drop isn't seen as a reaction to the models or what's being said in Frankfurt about Ferrari, but some profit taking by holders following RACE's +60% YTD runup in share price.
- Ferrari is down 4.75% in Milan, while the U.S. ADRs are off 4.24% in the premarket session.