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Ferrari stock demand exceeding supply

As with the Ferrari cars, so it is with shares in the company's initial public offering: When Ferrari has a limited quantity of something to sell, demand far outstrips supply. Investors told banks weeks ago that bids for the $1 billion in stock – up to 18.89 million shares – would exceed the number of shares available over the entire expected range of $48 to $52. Ten percent of the company is going on the block' Bloomberg reports that the books close on the IPO on Monday at 4:00 pm. The final price will be set on Tuesday, and trading will begin Wednesday under the ticker symbol RACE on the New York Stock Exchange. Piero Ferrari, the son of Enzo Ferrari, will hold onto the ten-percent stake he currently has in the company. Fiat Chrysler will disburse the final 80 percent to its investors sometime in 2016. In combination with spinning Ferrari off from its parent company next year, the share sale is expected to put $4 billion into Fiat Chrysler coffers, which will be used to help fuel the growth of Alfa Romeo, Jeep, and Maserati. Assuming all goes to plan, Bloomberg says Ferrari will be valued at roughly $12 billion, a number $1 billion greater than the valuation Fiat Chrysler CEO Sergio Marchionne put on Ferrari earlier this year and higher than the brand's own internal assessment. Related Video:

Chief justice invokes 'Ferris Bueller' Ferrari in Supreme Court car case

WASHINGTON — U.S. Supreme Court justices on Tuesday wrestled with the scope of police authority to search vehicles without warrants, with Chief Justice John Roberts referencing the shiny red Ferrari taken for a joyride in the 1986 comedy film "Ferris Bueller's Day Off" to make a serious legal point. The justices heard arguments in two cases in which convicted defendants are seeking to have key evidence against them thrown out because it was obtained by police officers through vehicle searches conducted without a court-issued warrant. One case involved a stolen motorcycle that was covered by a tarpaulin and parked on private property next to a house in Charlottesville, Virginia. The other involved a rental car stopped by police in Pennsylvania — driven by a man who was not named on the agreement with the rental agency — in which heroin was found. At issue is whether police in the two cases violated the U.S. Constitution's Fourth Amendment, which protects against unreasonable searches and seizures. In the motorcycle case, Roberts and other justices seemed concerned about issuing a broad ruling in favor of law enforcement that would let police officers not just inspect the immediate area outside a property without a warrant but also potentially inside a house if a vehicle is located there. Under the Fourth Amendment, police need a warrant to search a house unless there is an emergency situation. In the case of convicted defendant Ryan Collins, the motorcycle was a few feet from the house. In "Ferris Bueller's Day Off" starring Matthew Broderick, three teenagers skip school and take a ride in a red 1963 Ferrari Modena Spyder California that was parked inside a showroom-type garage apparently attached to a house. After mentioning the film's car, Roberts asked Trevor Cox, the state of Virginia's lawyer who was defending the police search, whether he was arguing that police "can just go in" to a house without a warrant because a car is "mobile and they got it in there somehow (so) they can get it out." Roberts also mentioned comedian Jay Leno, known for storing a large collection of cars. Other justices voiced similar concerns, including Neil Gorsuch, who seemed troubled about police officers being able to search garages and other outbuildings without a warrant. "Not many people live in their garage. Some people do, some people do, and in barns, but usually they're reserved for cars and for animals.

Ferrari third-quarter profit doubles on one-off tax break

MILAN — Ferrari says its net earnings doubled in the third quarter thanks mostly to one-off tax benefit. The sports car maker said Monday that net earnings were 287 million euros ($327 million) compared with 141 million euros a year earlier. The company said earnings grew 5 percent when excluding the so-called patent box tax break, agreed on with Italian authorities, covering use of copyrights, patents, trademarks, design and know-how. Deliveries were up 11 percent to 2,262 vehicles driven by sales of the 812 Superfast and the Ferrari Portofino, with revenues flat at 838 million euros. Europe and Middle East sales were up by double digits to 1,005. The Americas grew by 5 percent and greater China by 7 percent. Ferrari forecast full-year sales at over 9,000 cars with profits of 1.1 billion euros.Related Video: