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Why Ferrari Stock Is Hitting the Brakes Today

Why Ferrari Stock Is Hitting the Brakes Today

Shares of Italian supercar-maker Ferrari (NYSE: RACE) were trading lower on Tuesday after the company reported its first-quarter earnings. Although the results were quite good, Ferrari said that the profit-growth targets it had expected to hit next year won't be hit until 2023. As of 10:45 a.m. EDT, Ferrari's shares were down about 6.8% from Monday's closing price.