Legendary automaker tanks immediately after launching "ugly" EV
Fans were unimpressed taking to X to express their disappointment
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Today’s Markets + Assets
🔴 DOW: 50,487.15 (🔽 0.18%)
✅ S&P: 7,516.02 (🔼 0.57%)
✅ NASDAQ: 26,611.30 (🔼 1.02%)
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Ferrari shares fall 6% on “Luce” EV launch
Ferrari shares dropped over 6 percent Tuesday after the luxury automaker unveiled its first fully electric vehicle, the Luce, in Rome.
CEO Benedetto Vigna called it a new chapter while stressing respect for technology and customers amid a design departure by Jony Ive’s agency.
Ferrari Shares Fall Sharply: The Milan-listed stock declined 6.3 percent as analysts cited design disappointment, high R&D costs and fears the EV dilutes the brand’s combustion-engine heritage. Fans were unimpressed taking to X to express their disappointment.
Luce Performance Specs Detailed: The five-seater model accelerates to 60 mph in around 2.5 seconds, reaches 192 mph top speed and carries a roughly $640,000 price tag with Q4 deliveries.
Design Handed to Experts: LoveFrom agency founded by former Apple chief Jony Ive handled exterior and interior while all components were manufactured in-house at Maranello.
CEO Stresses Customer Respect: Vigna noted the new technology requires different design and will attract both existing clientele and new buyers seeking an electric Ferrari.
Read our in depth assessment of Ferrari’s EV strategy from back in March here:
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Brent Crude rises 2% on Iran strikes
Brent crude oil futures climbed 2 percent to $98.26 a barrel Tuesday as U.S. self-defense military strikes in southern Iran and President Trump’s mixed signals on peace talks with Tehran kept traders on edge.
US Military Conducts Strikes: Forces targeted vessels deploying mines and missile locations in southern Iran to protect troops from Iranian threats.
Trump Comments Mixed Signals: The president encouraged several nations to join the Abraham Accords while noting Iran negotiations proceed nicely but warned of resumed action if talks fail.
Global Inventories Decline Sharply: UBS reported oil market remains strongly undersupplied with sharp inventory drops and potential production losses exceeding 1 billion barrels by May end.
WTI Futures Trade Lower: July West Texas Intermediate contracts fell 5.1 percent at $91.73 compared to Friday’s close amid the Memorial Day holiday.
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BP ousts Chairman over conduct issues
BP’s board unanimously removed Chairman Albert Manifold with immediate effect over serious governance, oversight and conduct concerns, sending London-listed shares down as much as 9 percent.
Board Takes Decisive Action: Directors cited unacceptable issues and expressed surprise and disappointment at the governance problems discovered shortly after Manifold took the post in October.
Shares Plunge On News: The energy major’s stock fell sharply before partially recovering following the surprise leadership announcement.
Interim Chair Appointed Quickly: Ian Tyler steps in immediately while a succession process for a permanent chairman begins.
Recent Shareholder Support Lower: Manifold who took on the role in October notably received lower backing at the annual general meeting amid a prior investor rebellion.
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Wells Fargo backs 3D printed homes
Wells Fargo will now write mortgages on Icon 3D-printed homes and provide buyers a 50 basis point lender credit incentive as the bank partners with the leading 3D construction firm to boost housing affordability.
Lender Credit Offered Buyers: Wells Fargo gives 50 basis point discount to purchasers of Icon 3D-printed homes financed through its mortgage products.
Preferred Lender Partnership Formed: Icon names Wells Fargo its preferred lender after years of foundation work on 3D printed communities for people without housing.
Past Financing Hurdles Eased: Traditional lenders previously hesitated to get into the 3D printed housing space due to concerns over technological viability, value appreciation and ability to sell or insure the loans.
Titan Printers Now Available: Icon sells new multistory-capable 3D printers priced at $899,000 with Wells Fargo financing options for builders and developers.
Krispy Kreme pays $1.6M data breach settlement
Krispy Kreme will pay $1.6 million to settle a class-action lawsuit over a November 2024 data breach that exposed sensitive customer details including names, birth dates, Social Security numbers and financial account information.
Affected US Residents Qualify: Individuals in the United States who received notice of the data incident form the eligible settlement class.
Maximum Payout Requires Evidence: Claimants who document fraud or identity theft losses tied to the breach can receive as much as $3,500 while others get $75.
Filing Deadline Approaches Soon: All forms must be submitted online or postmarked no later than June 22, 2026 to meet the cutoff.
Company Denies Any Wrongdoing: Krispy Kreme settled the case without admitting liability and joins other recent corporate payouts for data incidents.
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I would never have an EV even if they gave me one free. I don't trust them.
Ferrari is and never will be a gas powered engine —- even Honda has given up on EV cars!!!