Why Cruise Line and Hotel Stocks Plunged Again on Wednesday
Another day, another big drop in stock price for the biggest hotel and cruise line operators. This is becoming a theme and if the COVID-19 pandemic gets worse, we may see stocks fall even further. Hotel company Marriott International Inc (NASDAQ: MAR) fell as much as 35.6% in trading Wednesday, Hyatt Hotels Corporation (NYSE: H) dropped 46.8% at the max, and Hilton Worldwide (NYSE: HLT) plunged up to 31.7%.
The cruise business was also having another rough day, with Carnival Corp (NYSE: CCL) falling as much as 37.8% and Royal Caribbean Cruises Ltd (NYSE: RCL) dropping 30.4%.
The stocks closed the day with decreases of 15.2% for MAR, 12.6% for HLT, 19% for H, 26.8% for CCL, and 19.3% for RCL.
Source Fool.com
