Stock Movers: Societe Generale, Ferrari, Adidas
On this episode of Stock Movers: - The rally in European banking stocks shows few signs of cooling down after another stellar quarter. The Stoxx 600 Banks Index has surged 25% this year, its best three months since 2020. That's made it the top-performing sector in Europe by far as investors keep increasing their exposure, and strategists see more gains ahead. - Ferrari gets buy-equivalent ratings at Barclays and Kepler Cheuvreux after the Italian sportscarmaker confirmed its financial guidance for the year following a recent share-price slide. Both brokers cited the firm's 'unique' resilience. - European sports apparel stocks are in focus on Friday after Lululemon Athletica shares dropped after the US brand delivered a disappointing outlook for the year and voiced concerns about consumer spending. We're watching Watch Adidas and Puma in Germany, and sports retailers JD Sports and Frasers (Sports Direct) in London.
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You're Wrong About the Ferrari 296
If you've kept an eye on the exotic car market, you probably know about the conundrum facing Ferrari 296 owners right now. Unlike most of the Italian automaker's other road cars, the mid-engined, hybrid-powered supercar isn't holding its value as expected. 'Let's not sugar coat it, the secondary market on the 296 is a disaster,' one owner writes on a 122-page thread on the forum. 'This is about as far from a collectible car as one could imagine.' They're not wrong. As of this writing, there are over 50 Ferrari 296s listed for sale online below the car's starting MSRP of $346,950—including a handful of cars equipped with the pricey Assetto Fiorano track package. Many of these cars carried an original sticker price of over half a million dollars. Now, they're worth far less. Those not familiar with the Ferrari market might be confused. Cars are supposed to depreciate, right? Why's the 296 any different? Well, over the past decade, Ferraris simply... stopped depreciating. Clean examples of the 458 , the last naturally aspirated V-8-powered Ferrari, still sell for over the original MSRP. Used examples of its successors, the 488 and the F8, are worth as much or more than their sticker prices. It's not just the V-8-powered cars, either. The cheapest 812 Superfasts —Ferrari's last-gen, V-12 grand tourer—still sell for well over $300,000. And that's for cars with lots of miles on the clock. If you want a lower-mile example, be prepared to pay even more. Why the 296 Hate? Photo by: Brian Silvestro / Motor1 There are a few reasons behind the 296's inability to hold its value compared to its predecessors. The most obvious is the 296's powertrain. Unlike the last 50 years of mid-engine, entry-level Ferraris, the 296 uses a V-6 rather than a V-8. The 296 is also a hybrid, utilizing an electric motor sandwiched between the engine and transmission. Despite the 296's 819 horsepower, it's easy to understand why some customers might be miffed about the missing cylinders. There's a caveman-like mentality at play: fewer cylinders equals less value. It's also something I'd agree with, at least in principle. If given the choice, I'd always take eight cylinders over six, all other things equal. Enthusiasts also tend to think V-8s sound better than V-6s. In many cases, that's true. But it's not a universal fact. The hybrid stuff is a bit more complicated. People might not like it because it adds complexity and repair costs, while others might want to avoid it because they still believe in the stigma that hybrids are required to hit corporate efficiency targets, not because they make for better cars. Purists might simply avoid hybrids because batteries and motors add weight. There's another, more subtle reason buyers might not be flocking to the 296: The infotainment system. Starting with the SF90, Ferrari implemented controversial touch-capacitive buttons for many of the interior controls, polarizing owners. The button design isn't something you think about until you're behind the wheel, and because they take some time to understand, potential buyers with just a few minutes of seat time often have strong opinions on their functionality. Just Drive One. You'll Change Your Mind Photo by: Brian Silvestro / Motor1 On paper, those are all valid arguments. Of course, the 296 is less desirable than its predecessors; it has a smaller engine, a heavy hybrid battery, and a controversial infotainment system. Except, none of those arguments hold up after you spend some time behind the wheel. I've been lucky enough to drive two 296s, one equipped with the Assetto Fiorano package, and one without. Despite the missing cylinders, the engine is still the star of the show here. It's a 120-degree V-6 with two turbochargers that, at the time of its reveal in 2022, was the most power-dense internal combustion engine put into production. It's not just the huge thrust and magnificent top-end fervor. V-6 engines have a reputation for producing a less-than-desirable noise, but this one sounds magnificent. It earned the nickname 'piccolo V-12,' or 'little V-12,' during its development process for being able to faithfully replicate the high-pitch screams of Ferrari's 12-cylinder models. Call me crazy, but I prefer it to the brand's twin-turbo V-8. As for the hybrid motor, it's difficult to understand the disdain. Sure, it adds weight—the 296 weighs around 150 pounds more than the F8 Tributo, depending on who you ask—but the benefits far outweigh whatever penalty you pay for the system. In addition to the chunky slug of low-end torque, you also get seven miles of all-electric range—perfect for creeping out of quiet cul-de-sacs or arriving at events without making a huge stir. After using the setup for a weekend, it's tough to imagine going back to a modern supercar without it. Photo by: Brian Silvestro / Motor1 Photo by: Brian Silvestro / Motor1 Of course, the 296 is an otherwise masterful feat of sporting excellence. In its base form, the chassis is supple yet hyper-aware, with an uninterrupted connection between your hands, your feet, and your backside. The front end has a type of smoothness that only results from years of careful engineering, while the dual-clutch transmission executes shifts with seamless precision. Anyone proclaiming the 296 drives worse than its predecessors is out of touch with reality. This is a real-deal Ferrari, through and through. I'm more sympathetic to buyers who want to avoid Ferrari's modern infotainment system. When I first used it, I wasn't very impressed; it was tough to understand and, at times, frustrating to operate. Touch-capacitive buttons don't belong in cars, after all. After a few days living with the system, it became more bearable, however. Once you know how everything works, you should be just fine. It's tough to be angry at Ferrari over this, seeing as how most owners don't use their cars as commuter machines that double as mobile podcast listening rooms. And if you're coming from an older Ferrari, it's still a step up in quality. The Ferrari 296 Speciale and its new, button-rich steering wheel. Photo by: Ferrari But if you order a 296 right now, you'll never have to worry. Ferrari itself knew owners didn't very much like the first version of this system, so it's given its 2026 lineup an update that replaces the steering-wheel mounted touch pads with real, physical buttons. Problem solved. Only time will reveal the 296's true value. The 296 has been around for just three years. In that time, we've seen dozens of new hybrid-powered sports cars enter the scene with similar battery-assisted powertrains, each more hyped than the last. Perhaps it'll take a bit longer for people to understand this new norm and appreciate the V-6 Ferrari for what it is: An incredible performance car that uses tech in all the right ways, without compromising what it means to be a Ferrari. More on the 296 Only Ferrari Race Car Drivers Can Buy This 296 Speciale Ferrari 296 Speciale: Carbon Parts, More Downforce, Nuclear Speed Get the best news, reviews, columns, and more delivered straight to your inbox, daily. back Sign up For more information, read our Privacy Policy and Terms of Use . Share this Story Facebook X LinkedIn Flipboard Reddit WhatsApp E-Mail Got a tip for us? Email: tips@ Join the conversation ( )
