Why Carnival, Royal Caribbean, and Norwegian Cruise Line Stocks Sank Today
Cruise ship stocks fell on Wednesday as the number of COVID-19 cases rose in multiple U.S. states and international markets. As of 2:55 p.m. EDT, shares of Norwegian Cruise Line Holdings (NYSE: NCLH), Carnival (NYSE: CCL), and Royal Caribbean (NYSE: RCL) were down 12%, 8%, and 8%, respectively.
With most states moving to reopen their economies, it was a near certainty that more people would get sick from the novel coronavirus. However, reports of spiking COVID-19 case counts in states such as California, Arizona, and Texas could drive authorities to slow reopening plans, such as by extending no-sail orders for the major cruise ship operators.
Cruise ship investors might want to brace for rough seas. Image source: Getty Images.
Source Fool.com
