Why Carnival Cruise Lines Stock Is Dropping Again Thursday
Carnival (NYSE: CCL) (NYSE: CUK) stock fell more than 3% by midday Thursday, the fourth day this week the company's stock had fallen. It closed at $22.58 on Wednesday, opened at $22.30 on Thursday and fell as low as $21.64 in mid-morning trading. It was part of an industrywide trend as Royal Caribbean and Norwegian Cruise Line Holdings were also down on Thursday.
A number of factors are behind Carnival's reversals this week. The company followed Royal Caribbean in requiring that unvaccinated passengers 12 years old or older would have to purchase travel insurance and also added that they pay a $150 fee for COVID-19 testing and other precautions.
Cruise companies are under pressure internationally to prevent the spread of COVID-19, but Florida recently passed a law forbidding that cruise lines require passengers to show a proof of vaccination. That's a problem because Florida is the No. 1 spot for cruise embarkations in the United States, responsible for $9 billion in tourism revenue for the state and 159,000 jobs, according to Carnival.
Source Fool.com
