Home » Carnival’s stock rises to rebound from a 30-year low, but underperforms because problems seem to be “industry peculiar.”

Carnival’s stock rises to rebound from a 30-year low, but underperforms because problems seem to be “industry peculiar.”

by Rachel Leal
0 comment

After Stifel Nicolaus analyst Steven Wieczynski said Carnival’s problems are “company specific,” shares of Carnival Corp. CCL, -3.15% rose 1.1% in morning trading on Monday, reversing a loss of as much as 6.4%. However, they underperformed shares of rival cruise operators and the overall stock market. The stock was the most actively traded on the New York Stock Exchange with 43.1 million shares moved (NYSE). After announcing a considerably larger-than-expected quarterly loss, the stock fell 23.3% on volume of 237.7 million shares on Friday to settle at its lowest price since Oct. 15, 1992. Analyst at Stifel Nicolaus While shares of Royal Caribbean Group rose 2.9% and those of Norwegian Cruise Line Holdings Ltd. increased 3.7%, the S&P 500 SPX, -2.80% increased by 2.0%, while Carnival’s stock dipped. Not all cruise operators are created equally, according to Stifel Nicolaus analyst Steven Wieczynski, who believes that Carnival’s pricing problems are “company specific” and related to the company’s “overexposure” to Europe, where currency fluctuations, COVID, and a weaker economy than the U.S. are hurting close-in bookings.

You may also like

Leave a Comment

© 2022 – NewYork Stock News. All Rights Reserved.