F1 Legend Lewis Hamilton Set To Join Ferrari, Likely To Replace Sainz In Major Team Shake-Up
Portfolio Pulse from Aaron Bry
Ferrari (NYSE:RACE) confirmed Lewis Hamilton will join their Formula 1 team after the 2024 season, replacing likely Carlos Sainz. Hamilton, a seven-time champion, leaves Mercedes after over a decade. Ferrari's stock rose 12.3% to $388.61, buoyed by strong earnings and the Hamilton announcement.
February 01, 2024 | 8:42 pm
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Ferrari's stock surged 12.3% to $388.61, following the announcement of Lewis Hamilton joining the team and strong earnings.
The announcement of a high-profile driver like Lewis Hamilton joining Ferrari can significantly boost the team's brand and market appeal, likely contributing to the stock's positive movement. Coupled with strong earnings, this news underscores Ferrari's robust financial health and growth prospects, making it an attractive asset in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100