Why Carnival, Royal Caribbean, and Norwegian Cruise Line Stocks Sank Today
Cruise ship stocks gave back some of their recent gains on Thursday, as surging COVID-19 case counts threaten to delay the beleaguered industry's recovery. By the close of trading, shares of Carnival (NYSE: CCL) (NYSE: CUK), Royal Caribbean (NYSE: RCL), and Norwegian Cruise Line Holdings (NYSE: NCLH) were down 7.8%, 3.9%, and 3.4%, respectively.
Cruise ship stocks surged on Monday after Pfizer and BioNTech said their experimental coronavirus vaccine could be more than 90% effective at preventing COVID-19. A safe and highly effective vaccine would be a boon for cruise ship operators, who have suffered billions in losses with their ships stuck at port due to coronavirus-related sailing restrictions.
Cruise ship companies are burning through staggering amounts of their shareholders' capital. Image source: Getty Images.
Source Fool.com
