Why is Carnival (CCL) Stock Skyrocketing Today?
Shares of cruise giant Carnival Corp. CCL are soaring on Tuesday, up 18.5% in midday trading. The company is extending Monday’s double-digit gain after Saudi Arabia’s sovereign wealth fund disclosed a 43.5 million-share, or 8.2%, stake.
The coronavirus pandemic has deeply impacted the global travel industry, especially cruise lines; Carnival, Royal Caribbean Cruises RCL, and Norwegian Cruise Line NCLH have all suspended their operations because of the outbreak.
Carnival has been on the hunt for liquidity as a result. It fully drew down its $3 billion revolving credit facility on March 13, and recently announced it raised $6 billion in a mix of debt and equity.
CCL has plummeted over 76% year-to-date, while the S&P 500 is down about 20% in comparison.
Looking for Stocks with Skyrocketing Upside
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Carnival Corporation (CCL) : Free Stock Analysis Report
Royal Caribbean Cruises Ltd. (RCL) : Free Stock Analysis Report
Norwegian Cruise Line Holdings Ltd. (NCLH) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
