Friday was a rough day for cruise industry investors, and the first day after the holiday -- Tuesday -- isn't looking much kinder, at least not in financial news. On Friday, investment bank Berenberg downgraded cruise line stocks across the sector, cutting both Carnival (NYSE: CCL) (NYSE: CUK) and Royal Caribbean (NYSE: RCL) from hold to sell, and demoting Norwegian Cruise Line Holdings (NYSE: NCLH) from buy to hold.
Today, the news got arguably even worse, with that last company -- Norwegian Cruise Line -- announcing that it will extend its own global sailing suspension through the end of May 2021. And yet...Carnival Corporation stock was up 6.6% as of 11:11 a.m. EST, while rivals Royal Caribbean and Norwegian Cruise Line were gaining 6% and 5.2%, respectively.
What's that about?
For further details see:
Why Carnival Corporation, Royal Caribbean, and Norwegian Cruise Line Stocks Are All Surging Today