Cruise stocks continue to rise
“Shares of cruise operators rallied again Wednesday, with Royal Caribbean Cruises Ltd. rcl leading the way higher in afternoon trading. Royal Caribbean’s stock ran up 10.4%, after rocketing 37.6% the over the previous two days; Carnival Corp. shares ccl surged 5.0 after soaring 41.8% over the previous three sessions; and Norwegian Cruise Line Holdings Ltd.’s stock nclh hiked up 4.6% after shooting 31.1% higher the previous three sessions. The gains comes as the S&P 500 spx rallies 3.0%. Instinet analyst Harry Curtis said based on his new cash burn and recovery forecasts for the cruise industry through 2023, he believes all three companies have enough liquidity and borrowing capacity to survive near-zero revenue through the first quarter of 2021. “Many times we’ve been asked about bankruptcy, and we believe it to be low,” Curtis wrote in a note to clients. He expects a “modest” recovery for the industry to begin in the second half of 2020, with the first quarter of 2021 the possible “turning point.” Curtis said there may be 70% to 90% upside in the stocks over the next three years.”
Cruise stocks today
Royal Caribbean Cruises Ltd. (RCL) stock: 37.15,+3.64,+10.85%
Carnival Corp.(CCL) stock: 11.90,+0.60 +5.31%
Norwegian Cruise Line Holdings Ltd. (NCLH) stock: 11.63,+0.615,+5.59%
All stock quotes are taken from Marketwatch 15-20 minutes before the close today.