Cruise line stocks were being sold off again by investors as the group continues to underperform the travel and leisure sector as a whole.
Royal Caribbean Cruises Ltd. ( NYSE: RCL ) slumped 6.73% in early trading and carved out a new 52-week low of $32.64.
Carnival ( CCL ) fell 6.86% and traded just pennies above its 52-week low.
Norwegian Cruise Line Holdings Ltd. ( NCLH ) bled off another 6.44% and is down 52.21% for the year.
Lindblad Expeditions Holdings Inc. ( LIND ) also peeled off 4.05% in early action.
Reports last week indicated that booking trends in the industry are still strong despite the recession fears throwing a shadow over the consumer discretionary sector, but investors appear to be focused on the leveraged balance sheets for RCL, CCL, and NCLH, as well as the impact of higher fuel costs.
Compare key valuation, growth, and profitability metrics across the cruise line sector.
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Carnival leads big down day in cruise line sector as jittery trading continues