Stock Market News: The World Changed for Cruise Companies, Too
Monday morning brought mixed messages from Wall Street, with investors in some industries remaining more optimistic about the future than investors in others. Many market participants focused on the Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) annual shareholder meeting, at which legendary investor Warren Buffett talked for several hours about the history of the U.S. and the stock market as well as offering his latest views on the economy and the coronavirus pandemic. Shortly before 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 228 points to 23,496, and the S&P 500 (SNPINDEX: ^GSPC) had lost 16 points to 2,815. However, the Nasdaq Composite (NASDAQINDEX: ^IXIC) had eked out a gain of 12 points to 8,617.
Buffett's most surprising comments centered on airline stocks, as the Berkshire CEO said that his company had liquidated all of its positions in the four biggest carriers. That sent shares of airlines falling sharply. Interestingly, cruise ship operators Carnival (NYSE: CCL), Royal Caribbean Cruises (NYSE: RCL), and Norwegian Cruise Line Holdings (NYSE: NCLH) didn't see nearly the same extent of losses, even though most of the things that Buffett said about airline stocks are just as relevant to their business models at sea.
Image source: Getty Images.
Source Fool.com
