Ferrari (RACE) is rallying as investors react to an acceleration in capital returns: the company completed its first €250 million share buyback tranche and initiated a second tranche of up to €250 million that begins April 13, 2026. A new tranche can act as an immediate technical tailwind by creating steady, price-insensitive demand in the market and by signaling management confidence in cash generation and long-term value.

Ferrari said it finished the first tranche by repurchasing shares on both Euronext Milan and the NYSE, and it plans to continue repurchases via the newly launched second tranche. The repurchase activity ties into the broader multi-year capital return framework Ferrari has outlined, and investors often treat these programs as a support mechanism during periods of volatility because the company becomes a recurring buyer.

With the new tranche underway, traders will watch for ongoing repurchase disclosures and for any incremental commentary around 2026 profitability and demand trends that could reset expectations. The next major stock-moving catalyst is likely to be the next earnings update and any confirmation (or revision) of full-year guidance as the year progresses.