With its shares down 49% over the past 12 months,  (NYSE: CCL) will probably catch the attention of deal-hungry investors looking to bet on the next bull market. But it pays to look before you leap. While Carnival's business outlook is improving rapidly, the embattled cruise operator isn't in calm waters yet. 

While the stock price is still down substantially from previous highs, Carnival has enjoyed a 22% rally year to date because of improving operational metrics. The company exceeded guidance in the first quarter, with revenue almost tripling to $4.4 billion from a year ago. 

Granted, Carnival benefited from easy comps against the prior-year period, when it was still dealing with pandemic-related restrictions. But it looks like the company is finally getting over the crisis.

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Source Fool.com