Why Carnival Stock Dropped on Friday
After three straight days of steadily rising stock prices, shares of cruise stock leader Carnival (NYSE: CCL) headed lower again on Friday, losing 3.6% through 10:50 a.m. EST. No Carnival-specific news dragged the stock down today; actually, it's been the opposite. But in the context of some disconcerting macroeconomic news, the stock is taking it on the chin regardless.
This week actually started out on a positive note for Carnival, which on Tuesday reported that its Cyber Monday sales set a new record: 50% higher volume than in the last Cyber Monday preceding the pandemic, in 2019.
Monday's good news echoed Carnival's declaration earlier this year that the March 28 to April 3 period was the busiest booking week in the company's history. That reinforced management's conviction that there's still plenty of pent-up demand to keep driving the stock higher.
Source Fool.com
