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.
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Carnival Corporation (CCL) : Free Stock Analysis Report
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