Why Carnival, Royal Caribbean, and Norwegian Cruise Line Stocks Plunged on Wednesday
A day after what seemed like a big recovery, cruise line stocks continued their skid on Wednesday. Shares of Carnival (NYSE: CCL) closed down 33.1%, Royal Caribbean Cruises (NYSE: RCL) ended the day down 19.8%, and Norwegian Cruise Line Holdings (NYSE: NCLH) lost 12.8%.
Tuesday's bump in shares came as Carnival announced a $3 billion bond offering as part of an effort to raise $6 billion in total. But when details about the offering came out, the market began viewing it very differently.
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