shipments: The stock fell as much as 9.8 percent in Milan, according to Euro News. Ferrari, spun off from Fiat Chrysler Automobiles at the start of the year, said on Tuesday it expects shipments to rise 3 percent this year to around 7,900 vehicles. Ferrari New York-listed shares fell more than 14 percent to their lowest since the maker of red cars with the prancing horse logo was listed on Wall Street last October. Overall deliveries of cars, which include the 1-million-euro LaFerrari hybrid, rose 6 percent last year, despite a 22 percent slump in shipments in China, where the company makes less than 5 percent of its sales. Ferrari said it expects 2016 adjusted earnings before interest, tax, depreciation and amortisation of more than 770 million euros , up from 748 million last year. On a conference call with analysts, the company said it expects this year growth to come primarily from the United States and Europe, its two main markets, while China was forecast to be flat year-on-year.
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