Ferrari Sharply Lower After Morgan Stanley Downgrade

Ferrari NV RACE shares are trading lower by $8.35, or 7 percent, at $108.50 in Thursday's session.

The catalyst for the decline is a downgrade at Morgan Stanley from Overweight to Underweight.

One day removed from making an all-time high ($118.10) and all-time closing high ($116.85), the stock is deep in the red. After a much lower open, it had only a 39-cent bounce to $111.60 before continuing its move lower.

So far, the ensuing decline has taken Ferrari to $108.09 as 1:55 p.m. EST and is attempting to rebound. That marks the lowest level for the stock since it bottomed on August 3 at $107.59.