Why Norwegian Cruise, Carnival, and Royal Caribbean Stocks Dropped Today
It's Thursday, and it looks like cruise ship stocks are cruising for another bruising. An ill-timed insider stock sale at Norwegian Cruise Line Holdings (NYSE: NCLH), combined with a negative analyst note, torpedoed shares of the U.S.-based cruiser -- and took shares of Carnival (NYSE: CCL) and Royal Caribbean (NYSE: RCL) down with it.
As of 11:05 a.m. EST today, shares of Carnival are sinking 3%, and Royal Caribbean is diving 4.3%. Norwegian investors, however, are taking the brunt of the damage this morning, as shares of the smallest of the three major publicly traded cruise companies dropped 7.8%.
The story begins at Norwegian Cruise, where CEO Frank Del Rio was just reported to have sold off 4% of his company stock -- 58,072 shares -- in a million-dollar-plus transaction on Tuesday.
Source Fool.com
