Carnival (NYSE: CCL) (NYSE: CUK) shares plummeted during the early days of the pandemic for a very obvious reason. The world's biggest cruise operator was forced to anchor its ships. But the stock started to recover early last year as Carnival prepared to begin cruising again.
Since then, Carnival has lost about 70% from the high it reached last June -- even as most of its fleet returned to the seas and future bookings have climbed. Does this equal a buying opportunity, or should you avoid this beaten-down stock? Let's take a closer look and find out.
Carnival's situation is a mixed bag of positive and negative points at the moment. We'll start with the positive.
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Carnival Is Down 70% From Its High. Time to Buy?