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After an initial dip following its 2015 initial public offering, fabled luxury sports car maker FERRARI (RACE) zoomed higher, gaining as much as 941% through July of this year. Now Ferrari

stock has pulled out of recent skids and is steering toward a new buy point, even outpacing TESLA (TSLA) along the way in a key IBD stock rating. ↑ X NOW PLAYING Stellantis Shines Despite

Strikes, EV Shift Along with LI AUTO (LI), RACE stock enters the winner's circle with the highest-possible 99 Composite Rating. Ferrari edges past STELLANTIS (STLA) with a 98 and Tesla

stock, which sports a still-impressive 97 rating. Ferrari is historically linked with Stellantis by the vines of the family tree. Ferrari was spun off in 2016 by Fiat Chrysler, which is now

part of Stellantis. Along with Tesla, Li Auto, Stellantis and TOYOTA MOTOR (TM), Ferrari stock leads the automaker group. The group ranks a strong No. 26 out of the 197 industries IBD

tracks. While Tesla stock earns a spot on the IBD 50 and IBD Big Cap 20, Ferrari stock makes the latest IBD Breakout Stocks Index. Stellantis joins Tesla on the IBD Big Cap 20 list of

top-rated large caps. ------------------------- See Who Joins Ferrari Stock On The IBD Breakout Stocks Index ------------------------- FERRARI REVS UP GROWTH AND BRAND EXTENSIONS Founded in

1939 by the legendary Enzo Ferrari, his namesake race car has expanded into lifestyle brands for apparel, eyewear and more. The Italian company has even opened theme parks, with Ferrari

World Abu Dhabi and Ferrari Land Barcelona. Helping to rev up Ferrari stock, the company has posted multiple quarters of accelerating growth. In the last four quarters, Ferrari's sales

growth has jumped from $1.2 billion in the third quarter of last year to more than $1.6 billion in the second quarter of 2023. That marks a 19% gain compared with 2022's second quarter.

Earnings-per-share growth has also been on the rise. After posting a 6% slowdown during the third quarter of 2022, Ferrari generated earnings growth of $2 a share, a 40% jump year over

year. Analysts forecast growth of 29% for the current year and 16% in 2024. Ferrari is on tap to report third-quarter earnings on Nov. 2. FERRARI STOCK STEERS OUT OF A SKID TOWARD A BREAKOUT

In choppy markets like the current one, the double-bottom chart pattern is common. Not surprisingly, Ferrari stock has formed such a base. The buy point is 322.68. As the base formed,

Ferrari stock dipped above and below its 10-week moving average. As the market indexes drop Wednesday, the stock is now testing that benchmark line. The relative strength line remains within

striking distance of a 52-week high as a potential breakout nears. Meanwhile, Tesla stock continues to work through a bumpy base of its own, with earnings due after the close. The stock has

formed a cup with handle showing a 278.98 entry. On Tuesday, STLA stock poked its head into buy range  just past a buy point of 20. But early Wednesday, the stock edged back below the

entry. Stelantis reports earnings on Oct. 31 that investors hope won't be too spooky. IBD BREAKOUT OPPORTUNITIES ETF The IBD Breakout Opportunities ETF (BOUT) from Innovator Capital

Management tracks the IBD Breakout Stocks Index. As with other index ETFs, this fund allows you to invest in the entire index in addition to, or rather than, buying individual stocks. Learn

more here about the ETF and Innovator. _Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani._ YOU MAY ALSO LIKE: Top Funds Don't Think The AI Boom Is Over. This List Proves

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