Shares of (NYSE: CCL)(NYSE: CUK) stock fell 16% in August according to data provided by S&P Global Market Intelligence. The price had already doubled this year, and as the market dipped in the wake of another interest-rate increase, many stock prices that had already skyrocketed this year dipped along with it.

Carnival is the largest cruise operator in the world, and before the pandemic, it was reliable for sales growth, increasing profits, and beating the market.

That's why is was a compelling story to watch unfold as it shut down operations under lockdown. It borrowed money heavily to stay in business, and it's now at the tail end of an incredible recovery. Sales of $4.9 billion in the 2023 second quarter, ended May 31, were a second-quarter record, and it had record deposits of $7.2 billion. People are coming back in droves, and price increases aren't stopping them.

Continue reading

Source Fool.com