Why Cruise Line Stocks Sank Today
Shares of Norwegian Cruise Line Holdings (NYSE: NCLH), Carnival Corporation (NYSE: CCL), and Royal Caribbean (NYSE: RCL) are slumping today, down 1.8%, 2%, and 2.5%, respectively, as of noon ET on some disappointing macroeconomic data. As the U.S. Bureau of Labor Statistics reported earlier, inflation spiked to a red-hot 9.1% in the month of June -- the highest rate seen in the United States in more than 40 years.
It's no wonder investors are spooked.
After all, while far from optimistic, market watchers were only expecting to see inflation rates rise to 8.8% last month, so today's 9.1% report wasn't just bad news. It was also worse news than anticipated.
Source Fool.com
