Why Carnival Stock Dropped 11% in July
Carnival Corp. (NYSE: CCL) stock dropped 11% in July, according to data provided by S&P Global Market Intelligence. It was negatively affected by overall macroeconomic events and investor sentiment, but there wasn't any news specific to the cruise industry leader.
Carnival was a reliable market-beating stock before the pandemic, with steady increases in revenue and profits over many years. It also paid a growing dividend.
That all changed when it shut down for the pandemic. But did it really? Carnival's stock tanked when it paused operations, but it's made an incredible comeback. Revenue and demand are at record levels, and profitability is improving. It's likely to look like it used to, or even better, very soon.
Source Fool.com
