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RACE issued, plummets

by David Zatz on

Today, buyers of FCA stock (FCAU) finally received their shares in Ferrari (RACE) — which immediately plunged, despite a rising (then falling) market.  FCAU dropped down to $8.05 at 11:24 am EST, divorced from RACE; the latter fell by over $2 per share, to $44.50.

Marchionne-FCAU-Web

The stock market has fallen substantially over the last few days, but even when it was rising by 1% this morning, RACE was falling, presumably as owners of FCAU sold it off.  Prior owners of FCAU were given one share of RACE for every ten shares they owned, rounded down to the nearest solid unit; FCAU is to dispose of the fractions.

Ferrari sells cars, but appears to make most of its money from supplying racing teams and licensing its name.

Update: at 1:15 pm, the stock market as a whole had turned up, but RACE continued to fall, down to $44.17 (around $4.42 per FCAU share).  FCAU made a slight move towards recovery.

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