Why Carnival and Other Cruise Stocks Sank on Thursday
Carnival (NYSE: CCL) (NYSE: CUK) shares bounced back strongly on Wednesday, only to give up all their gains -- and more -- this afternoon. As of 1 p.m. ET today, shares of the cruise tourism icon were taking on water and were down 9.4%, sinking below where they traded before the company announce an earnings beat yesterday. They closed Thursday down about 7%.
Indeed, they're sinking to lows last seen in October.
Worse, Carnival's U-turn appears to have caught its rival cruise stocks in its wake. Royal Caribbean Cruises (NYSE: RCL) shares were down about 4.5%, and Norwegian Cruise Line Holdings (NYSE: NCLH) stock was off almost 5% on the day.
Source Fool.com
