Ferrari (NYSE:RACE): The 1000 Mile Race at Sebring Has Been Canceled

$RACE

Following the announcement made by President Trump from the Oval Office Wednesday night of a wide suspension of travel by non US citizens from Europe to the USA, the leadership of the WEC has reviewed the viability of staging the Sebring 1000 Miles race planned to be held at Sebring on 20 March. After a careful review of the situation, it has been determined that the WEC race is cancelled.

Gerard Neveu CEO of WEC said: “This decision was not made lightly. Our teams and officials place great value on racing at Sebring in front of its enthusiastic and knowledgeable fans. While this cancelation has been forced upon us because of the travel restrictions from Europe to USA, WEC remains committed at all times to the health and welfare of its teams, officials and race fans. Further, the quality of every aspect of a WEC race event is at the heart of everything that we do and will never be compromised.”

In addition to the cancelation of the race, WEC’s Sebring test scheduled for 14 and 15 March will not take place.

With all racecars and equipment already located in the Sebring paddock, WEC will now focus on managing an orderly return to Europe.

Ferrari’s (NYSE:RACE) participation in this month’s Sebring FIA World Endurance Championship round will not be affected by the quarantine laws imposed in Italy as a result of the coronavirus outbreak.

The iconic Italian manufacturer is not expecting any major issues ahead of the Sebring 1000 Miles on 20 March, which the AF Corse team will contest with 2 factory 488 GTEs in GTE Pro and 4 private customer cars in GTE Am.

It comes after the Italian government imposed a mandatory quarantine on several of its northern regions where the COVID-19 virus had had the biggest impact last weekend, which was then extended to cover the entire country Monday.

A spokesperson for Ferrari told the press that “Many of the people involved in the WEC programme are from outside Italy or areas that are not in the Red zone, plus some are already in the USA.

We have anticipated the problems and we are ready — we will be there in Sebring.”

Ferrari’s spokesperson explained that the only issue could be the possible cancellation of flights to and from Italy resulting from lack of demand, but he stressed that Ferrari and AF are working to mitigate such a possibility.

The Ferrari factory in Maranello and AF’s Piacenza workshops lie in the Emilia-Romagna province, while Michelotto, which builds the 488 GTE WEC racers, is based in Padua, Veneto province.

There is no indication that the ‘Super Sebring’ meeting that incorporates the WEC race and the IMSA WeatherTech SportsCar Championship’s 12-hour race is under threat of cancellation. 

IMSA put out a statement last week explaining that it is monitoring the virus situation and following updates from the World Health Organisation (WHO) and the Center for Disease Control (CDC) in the USA.

At this time, there are no changes to Ferrari’s regular operations and its competition schedule across all series remains unchanged.

Ferrari is the Aristocrat of the automotive sector.

Enzo Ferrari’s iconic Italian Supercar manufacturer claimed the title according to the latest Brand Finance Global 500 2019 report launched at the World Economic Forum in Davos.

HeffX-LTN overall technical outlook for RACE is Neutral to Bullish, there is Key resistance 164.16 and support is NIL, 1 of my Key indicators the RSI has turned Bullish as the stock is very oversold in here.

Ferrari finished at 146.24, or +8.61 Tuesday in NY.

Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term luxury products investment, and I have called it at it at 200+/share long term, adjusting it to 200/share short term and siding with BAML to 230 long term for now.

Stay tuned…

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