Why Carnival Stock Plunged 7% This Morning
Cruise line giant Carnival Corporation (NYSE: CCL) reported an honest-to-goodness earnings report this morning, finally giving investors news to trade on that doesn't boil down to vague impressions about whether the coronavirus situation is getting better or worse.
Unfortunately for Carnival, the actual news it had to report was a lot worse than what Wall Street had told investors to expect: Heading into Q2 earnings this morning, Street analysts had forecast a $1.56-per-share loss on revenue of $1.1 billion. What Carnival reported, though, was a $3.30-per-share loss on revenue of just $0.7 billion.
Carnival stock promptly plunged 7% in early trading, and remains down 2% as of 11:25 a.m. EDT.
Source Fool.com
