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-0.000567322239031792 0 -0.00132375189107427 -0.00226928895612703 -0.000945537065052896 0.00510590015128599 0.00983358547655074 0.013804841149773
Stock impact report

Ferrari shipments decline with China slump taking toll [Fortune]

STMicroelectronics N.V. (STM) 
Last stmicroelectronics n.v. earnings: 4/22 01:00 am Check Earnings Report
US:NYSE Investor Relations: investors.st.com
Company Research Source: Fortune
The drop was due mainly to a 29% deliveries slump in China, where Ferrari has a smaller presence. The manufacturer confirmed its full-year guidance and analysts said there's no greater demand issue at the supercar maker. Ferrari shares still fell as much as 6.1% in Milan, the steepest intraday decline since May. The stock is up more than a third this year, outperforming shares of rival luxury-car makers that have issued profit warnings after more pronounced sales declines. Ferrari's third quarter was “solid rather than spectacular,” Citi analysts led by Harald Hendrikse said in a note, adding that revenue growth was a bit slower. The Italian manufacturer is doing well compared to mass-market carmakers and luxury brands more exposed to China, where there's been a decline in purchasing due to a protracted real estate crisis. Ferrari said Tuesday that third-quarter adjusted earnings before interest, taxes, depreciation and amortization rose 7% to €638 million ($695 million) — sl Show less Read more
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