Iconic sports car manufacturer Ferrari (RACE) reported first-quarter earnings Thursday that topped Wall Street forecasts.
XEstimates: EPS was seen rising 10% to 88 cents as revenue skids less than 1% to $993 million, according to Yahoo Finance.
Results: EPS rose to 0.78 euro, or 96 cents, as revenue climbed to 831 million euros, or $1.02 billion, according to Zacks Investment Research. Shipments were up 6.2% to 2,128 vehicles.
Outlook: Ferrari reiterated its 2018 forecast of 3.4 billion euros with shipments above 9,000 vehicles.
Stock: Ferrari, after a slow start, raced up 4.2% to 131.04 on the stock market today, clearing a 131.30 buy point in an 11-week flat base in huge volume. The relative strength line, which tracks a stock's performance vs. the S&P 500 index, hit a new high Wednesday, a bullish sign.
The luxury sports carmaker has a solid IBD Composite Rating of 87.
Tesla (TSLA) sank 5.55% intraday. The maker of luxury electric cars reported a smaller-than-expected first-quarter loss late Tuesday, but concerns about cash burn and Elon Musk's bizarre post-earnings call with analysts slammed shares.
General Motors (GM) was down 0.1%, Fiat Chrysler (FCAU) was off 0.7%.
Fiat Chrysler spun off Ferrari in 2016. While it is known for its sports cars, it is also the oldest and most successful team in Formula One. Its Scuderia Ferrari team has won 16 constructors titles and 15 drivers titles.
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The post Ferrari Races To Buy Zone After Earnings Top Views appeared first on Investor's Business Daily.
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