Royal Caribbean (NYSE: RCL) and Carnival (NYSE: CCL) stock prices have diverged sharply in the past few months as demand in the cruise industry rebounds. RCL shares are down by just 22 basis points this year while Carnival has slumped by 24%.
As the state of Maryland works to recover from the Baltimore bridge disaster, potential long-term financial consequences are becoming present. With each passing day, the gargantuan task of recovering and removing debris from the seafloor slows Baltimore's local economy.
In February, JPMorgan Chase (NYSE: JPM ) CEO Jamie Dimon unloaded $150 million of his company's stock – his first-ever sale. Shares of the bank had risen 70% since 2022, and valuations were beginning to look rich.
It should be smooth sailing ahead for cruise stocks. So far, “Travel demand is off to a strong start, which means availability will continue to shrink in the next couple of months,” said Debbie Haas, vice president of travel for AAA.
Carnival is in its best booked position ever, and it exceeded guidance in its fiscal 2024 first quarter on the top and bottom lines. The rebound that investors were betting on has already happened, and the continued high demand will eventually moderate.
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