Why Royal Caribbean Stock Popped This Morning -- and Carnival and Norwegian Cruise Followed
Shares of cruise ship operator Royal Caribbean (NYSE: RCL) jumped out of the gate Thursday morning after reporting better-than-expected earnings (read "better-than-expected losses") for fiscal Q1 2021. Instead of analysts' expected $4.62-per-share loss, Royal Caribbean lost $4.44 per share (pro forma -- actual GAAP losses were $4.66 per share). The company also eked out a small "revenue beat," reporting sales of $42 million where Street analysts had predicted only $39.5 million.
Royal Caribbean shares jumped nearly 6% in response in early trading, although they quickly retreated to just a 1.3% gain. Curiously, as of 10:20 a.m. EDT, two of Royal Caribbean's rivals that did not report earnings today are both doing even better. Carnival Corporation (NYSE: CCL) (NYSE: CUK) stock is up 2%, and Norwegian Cruise Line Holdings (NYSE: NCLH) is hanging on to a 4% gain. Earlier in the day, Carnival was up close to 5%, and Norwegian actually hit as high as a 7% gain.
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Source Fool.com
