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Ferrari rose 6% after solid Q3 earnings - Capital Street FX
Ferrari is currently trading at 153.45-higher by 6.16% as compared to the previous closing. The stock has continued gaining after the opening bell on Monday.
The stock rose after the news that the U.S will not levy import tariffs on European cars.
The company reported its 3rd quarter earnings on Monday. After better than expected quarterly earnings report the company have adjusted its yearly forecast for profit at around 3.7 billion euros beating its previous year earnings by 9.2%.
The solid earnings were backed by a strong sale of its Portofino and 812 superfast luxury cars.
Earning per share for Ferrari rose to 0.90 euros in the third quarter form 0.04 in the previous quarter.
On the technical front, the RSI indicates that the market is expected to trade on the positive side. the market is trading above its 5-day, 20-day and 50-day ema. The MACD indicates a strong bullish momentum in the market.
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