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Ferrari stock falls after new CEO calls Marchionne's goals ‘aspirational’

MILAN — Ferrari's new boss sought to reassure investors that he would execute midterm targets set by his predecessor, Sergio Marchionne, but the stock has fallen by 12.5 percent since Wednesday after he described the goals to 2022 as "aspirational." Louis Camilleri was appointed chief executive of the Italian supercar maker on July 21, succeeding Marchionne, who fell seriously ill and later died after suffering complications following surgery. The sudden change jolted investors who had expected Marchionne, who nearly tripled Ferrari's value since taking it public in 2015, to stay on as CEO and chairman until 2021. It also left Camilleri, 63, to finish scripting a midterm strategy that will be presented in September and is meant to show how the company plans to achieve financial targets unveiled earlier this year, notably a goal to double core earnings to 2 billion euros ($2.33 billion) by 2022. In a post-results conference call with analysts, Camilleri said he and Marchionne, with whom he had interacted for years, shared the same ambitions for the company. The tobacco veteran, chairman and former CEO of Philip Morris International has served on the Ferrari board since 2015, while Marchionne in turn sat on the board of PMI. Asked about how he planned to deliver on the targets set by his predecessor, Camilleri said he would provide details during capital market days to be held on Sept. 17-18 at the company's headquarters in Maranello, Italy. "They are aspirational targets. At the capital markets day, we will tell you how we plan to get there," he said. "We will also have to disclose potential risks to that, but also significant opportunities that we see going forward." Ferrari's Milan-listed shares fell after the comments, and its shares on the New York Stock Exchange fell from a Wednesday high of $134.77 to $117.99 on Thursday morning. Tough act to follow At Ferrari, Camilleri has a tough act to follow. Marchionne orchestrated Ferrari's spinoff from parent Fiat Chrysler, positioned it as a luxury icon rather than a car manufacturer, and managed to do what few thought possible: sail through a self-imposed cap of 7,000 vehicles per year without sacrificing pricing power and exclusive appeal. When its share price hit a record high of 129.90 euros in June, the company that sold just under 8,400 vehicles last year was worth around 24 billion euros, almost as much as Fiat Chrysler, which shipped 4.7 million cars.

Scuderia Ferrari displaces relatives of missing passengers at Malaysian hotel

The action and glamor of a Formula One race coming to town is usually more than enough to shine an international spotlight on a host country, but Malaysia has made headlines recently for another reason entirely. That, of course, would be the disappearance of Malaysian Airlines flight 370. But with the two events coming together, something's going to have to give, and unfortunately in this case, it's the grieving families of the flight's passengers.
The clash came to a head when the Scuderia Ferrari came to town to set up for next weekend's race. Team members were booked to stay at the Cyberview Hotel in the capital of Kuala Lumpur, arrangements which F1 chief Bernie Ecclestone points out were likely to have been made long ago. The trouble is that over a dozen relatives of MH370 passengers who had come in from China were still staying at that hotel while awaiting word on their loved ones' fates, and with the hotel apparently filling up fast ahead of the grand prix weekend, those family members were forced to leave.
Just where they've gone, we don't know, but while the development may not look good for Ferrari or for F1, it strikes us as one of those unfortunate situations where no one is really to blame. The race has been booked for months, the team likely made their reservations long before the flight went missing, the hotel is obliged to honor the reservations and the grieving families need somewhere to stay. The tendency to point fingers often prevails, but in this situation we're afraid no one is to blame but the circumstances. That, and the still as-yet unknown cause of the flight's mysterious disappearance.

Scarbo Performance SVF1 First Drive Review | A hot-rodder's take on vintage F1

THERMAL, Calif. — Some turn their nose to the sky as soon as they hear the term, "replica." They only care for "originals," cars that are inevitably destined to collect dust in someone's impeccably clean garage, preserved for posterity, and never revved in anger or given the beans in fear of fouling up an "investment." Joe Scarbo thinks this "mere existence" is a boring one, that cars are meant to be driven hard – period. That's the outlook that spurned him to create the SVF1, an ass-kickin' track weapon so good, and so demanding, our body quit well before we wanted to hand back the keys. Once you realize what the Scarbo Performance SVF1 actually is, you'll get it. The open-wheeled, open-cockpit retro-racer is modeled after a 1967 Ferrari F312 Formula One car, and many, justifiably, consider its sultry, minimalist lines to be among the prettiest F1 designs. However, the guts under its beautifully hand-beaten aluminum exterior are more SoCal hot-rodder than devout Tifosi replica. Made even clearer that this track beast resides in the former is what powers it; a Red, White, and Blue-blooded GM-sourced, 430-horsepower LS1 V8. You can't get much more American than that. Our date with the SVF1 occurred at The Thermal Club near Palm Springs, an automotive oasis plopped squarely in the middle of an agricultural hub. The freshly finished facility is just a few hours outside of Los Angeles, but unlike the better-known Willow Springs, the track surface here is absolutely pristine, on top of which there was a fine mist of sand, a condition which kept both us and the SVF1 on our tiptoes. To provide the perfect soundtrack for our track adventure, Scarbo married the LS1's fly-by-wire throttle system with eight velocity stacks, providing an otherworldly induction yowl. This is punctuated by a guttural exhaust featuring an eight-into-one collector with a three-inch exit. Upon startup, the SVF1 is sends shivers through your body, and like chain lightning it propagates through the bodies of anyone within 60 feet. Grunt and stamina are required to shift the transaxle 5-speed manual transmission from a 986-generation Porsche Boxster mated up to the LS1. No flappy paddles or dual-clutches here. You get into the SVF1 by placing your feet onto the softly padded seat and sliding your butt in-between its fuel tank, which straddle your hips and posterior. Clip into the five-point harness and you're eyeball level with the truly massive Avon race-spec slicks.