Hamilton’s move to Ferrari with an impact on New York Stock Exchange

Following the announcement of Lewis Hamilton’s move to Ferrari in Formula 1, the company’s stock price experienced a remarkable surge, reaching a new record high of over 10% on the New York Stock Exchange on Thursday.

Despite the absence of official statements from both Ferrari and Mercedes regarding Hamilton’s move, the impact on Ferrari’s company value was immediately evident as the New York Stock Exchange opened for trading. The surge in Ferrari’s share price was notably influenced by positive statements about the company’s revenue and core earnings, projecting an anticipated growth to $2.64 billion in earnings before EBITDA for the current year, supported by a robust order book.

The 7th most marketable athlete in the world Lewis #Hamilton is joining #Ferrari by the end of the year

Not only he highly contributed to #Mercedes #F1 Team growth $400M➡️$2.7Bn, but Ferrari stocks have surged by +9% since this morning 📊

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The #SportBusiness move of the year! pic.twitter.com/XIYfvDk2KZ

— Mathieu Sauvajot (@MatS_2707) February 1, 2024

Closing Wednesday’s trading at $346.78 per share, Ferrari’s stock price surged to a peak of $384.00 soon after the market opened on Thursday. Further increases are expected throughout the day, contributing to Ferrari’s estimated market capitalization of $69.12 billion. This substantial increase reflects a significant uptick from its $62.4 billion valuation at the close of trading on the previous Wednesday.