Why Carnival Shares Plunged another 17% Today

Shares of Carnival Corporation (NYSE: CCL) plunged another 17.5% in late trading Monday and has fallen as much as 17.1% on Tuesday as management took emergency measures to make sure the company can survive the COVID-19 crisis. At 11:10 a.m. EDT shares are still down 10.4% for the day.

Management said early Monday that it has drawn down most of its $3 billion credit facility. That could leave it with few options to raise additional cash if the cruise business is shut down for an extended period of time.

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Source Fool.com