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Share price falls on skepticism of Chrysler-Fiat five-year plan

Following this week's Fiat Chrysler extravaganza, where the Italian-American manufacturer announced its plans for the next five years, the Autoblog staff was cautiously optimistic of the company's future. Investors? Not so much.
Fiat saw its shares tumble 12 percent in Wednesday's trading, falling from 8.67 euros ($12.06 at today's rates) to 7.44 euros ($10.35) as of this writing, with blame partly going to the Italian half of the FCA marriage, which recorded a pretty significant drop in profits during the first quarter of this year.
The plan, which will cost around $77 billion over the next several years, is facing criticism from investors thanks in part to a 1.4-percent drop in Fiat's first-quarter profits, to 622 million euros ($862 million). That figure is also short of Bloomberg analysts' projections, which predicted $1.18 billion in profits before taxes, interest and one-time items.

Mopar celebrates 50 years of the 426 Hemi

Think of Chrysler performance and the names Mopar and Hemi are bound to come to mind. Chrysler and its Mopar performance parts division first introduced the original Hemi (so named for its hemispherical combustion chambers) back in 1951, celebrating its 60th anniversary in 2011. But it was thirteen years later - 50 years ago - that the Pentastar automaker rolled out the most iconic Hemi of them all: the Gen II 426.
The massive 7.0-liter V8 engine instantly became a muscle car icon and went on to become a favorite of racecar constructors. Two competition versions of the Gen II 426 Hemi were made: one for the track and one for the drag strip, and both went on to illustrious strings of victories. The race engine first debuted at the 1964 Daytona 500 where it powered Richard Petty's Plymouth to the checkered flag and on to the NASCAR championship.
Meanwhile on the drag strip, the Gen II 426 Race Hemi propelled Don Garlits past 200 miles per hour and down the quarter-mile in 7.78 seconds. Changes in NASCAR regulations meant that Chrysler devoted the engine to NHRA drag racing, and to this day the Gen II 426 Race Hemi is still used in Funny Car and Top Fuel dragsters.

Ferrari IPO could come any day now

According to Bloomberg, Fiat Chrysler Automotive Sergio Marchionne told reporters at the Toronto Global Forum that the Ferrari IPO could come any day now. "We are days away from filing the prospectus," said Marchionne, who declined to confirm whether rumors of involvement from UBS Group AG, JPMorgan Chase & Co and Goldman Sachs Group were accurate. In addition to an expected filing in New York, Marchionne hinted that a secondary filing could take place in Milan, Italy. Although the FCA Chief Executive didn't offer any expected sum for Ferrari, he had previously suggested that an IPO for the iconic Italian brand could be worth $1 billion, ringing the registers to the tune of 10 percent of the company's $11 billion valuation. According to Bloomberg, that potential sum is significantly higher than its own internal figures indicate after taking a poll of analysts who we assume must know a heck of a lot more about such things than we do. Considering how close we apparently are to the actual filing, though, we probably won't have to wait long to find out. Another hot topic any time Sergio is the subject of reporter questioning is a potential merger with General Motors or another large, full-line automaker. It seems there aren't any new revelations to reveal on the consolidation front, though Marchionne told reporters there were no plans to mount a hostile takeover of GM or any "other, less optimal" partners. Related Video: News Source: BloombergImage Credit: STR/AFP/Getty Earnings/Financials Chrysler Ferrari Fiat Sergio Marchionne FCA