Ferraris a tool that was one of the worst xamples ive seen of irregular sprinting, it should be a disqualification given the circumstances with a gap to his left and such a violent movement. You have to take into account damage to the other riders when handing out the penalty, the fact he appeared to not show a great deal of remorse is a disgrace, no ban though, simply taking him out of the Giro will be punishment enough.
Phinney is an awkward situation with rest and recuperation for a day it should be enough if its merily a sprain, the team will start last so he basically has 2 full days to recover, i know the normal convention is to train on a rest day to keep the legs working but they can make an exception, this will have a big impact on Pinottis GC aspirations, I would say Phinney is worth a minute at least in comparison to an 8 man BMC with out him