Why Cruise Stocks Bounced Back on Tuesday
After cruise stocks sank in response to an analyst's downgrade Monday, investors refloated their boats on Tuesday morning, apparently based on some optimistic commentary from the CEO of Carnival (NYSE: CCL).
As of 11 a.m. ET, shares of Carnival had regained 2.6%, Norwegian Cruise Line Holdings (NYSE: NCLH) was up 3.1%, and Royal Caribbean (NYSE: RCL) was leading the pack higher with a 3.9% gain.
Citing recession risk, investment bank Stifel Nicolaus "drastically" cut its earnings estimates for Carnival on Monday. That note apparently sparked a sell-off across the cruise sector. Thus, it was particularly timely to see CruiseIndustryNews.com respond Tuesday by pointing back to some of Carnival CEO Arnold Donald's thoughts on the matter.
Source Fool.com
