Shares of Italian luxury sports car maker, Ferrari, whose famous cars cost between $200,000 and $300,000, have proved remarkably resilient during the coronavirus downturn, as the company looks well-positioned to weather the wider slowdown in auto manufacturing.
Auto manufacturers have been hard-hit by shutdowns and a lack of demand due to the ongoing coronavirus pandemic: In the U.S., big companies like Ford and General Motors have seen their shares plunge 43% and 36%, respectively, so far this year. By comparison, Ferrari has weathered the downturn far better, dropping less than 7% so far in 2020.
Ferrari looks to have been well-positioned before the coronavirus downturn thanks to significant earnings growth over several years thanks to higher profits from increased sports car sales and a consistent base of wealthy clients.
skleb1234 It makes no sense. Their stock will Probably go down soon.
skleb1234 Junk bond owners car. Or Private Equity bailout recipient.
skleb1234 I got one of those :)
skleb1234 Stock market crash benefited the wealthiest. They knew when to sell.
skleb1234 Is that because no one is driving which allows it to holds its values
skleb1234 cjsvlog good to see 💪💪
skleb1234 It is because the 1 per cent are doing WELL, regardless of what happens to the rest of the world.
skleb1234 Really rich people are still really rich. Why is that surprising?
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