Why Carnival and Other Cruise Line Stocks Crashed Today
Yesterday I posed the question, "If Carnival misses on earnings tomorrow, what will that mean for Royal Caribbean and Norwegian Cruise Line Holdings?" Well, guess what? It's tomorrow -- and now we know the answer.
Turns out, Carnival Corporation (NYSE: CCL) (NYSE: CUK) did miss on earnings -- badly -- and as a result, not just Carnival stock but fellow cruise line stocks Royal Caribbean (NYSE: RCL) and Norwegian Cruise Line Holdings (NYSE: NCLH), too, are falling hard. As of 10:10 a.m. ET, shares of Royal Caribbean have crashed 8.2% and Norwegian Cruise is off 11%. Carnival itself is undergoing a staggering 18% decline.
Reporting earnings for its fiscal Q3 2022, Carnival lost $0.65 per share on sales of only $4.3 billion -- numbers much worse than analysts' predicted $0.13-per-share loss on $5.1 billion in revenue.
Source Fool.com
