Carnival’s stock dives after cruises cancelled through June 26

Shares of Carnival Corp. CCL, -8.87% took an 10.1% dive in morning trading Monday, after the cruise operator said it has cancelled all North American cruise itineraries through June 26. The company said it also cancelled all Carnival Sunrise itineraries out of New York to the end of this year. “This is disappointing, but we are committed to being a strong partner with the government and taking steps to maintain public confidence in our business,” Carnival said in a statement released in a tweet. Late last week, the Centers for Disease Control and Prevention extended the No Sail Order for cruise ships for roughly three months in response to the COVID-19 pandemic. Among other cruise operators, shares of Royal Caribbean Cruises Ltd. RCL, -14.29% plunged 15.0% and Norwegian Cruise Line Holdings Ltd. NCLH, -13.50% slumped 14.2%. Carnival’s stock had rocketed 46.3% last week, the best-ever weekly performance. the stock has now plummeted 77.4% year to date, while the S&P 500 SPX, -1.62% has dropped 17.2%.
https://www.marketwatch.com/story/carnivals-stock-dives-after-cruises-cancelled-through-june-26-in-wake-of-cdcs-extended-no-sail-order-2020-04-13