NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Why Carnival stock is trading sharply lower today

Published 16/11/2022, 15:16
© Reuters
CCL
-

By Senad Karaahmetovic

Shares of Carnival Corp. (NYSE:CCL) are trading more than 13% lower in pre-market Wednesday trading with the stock set to wipe off gains from recent days.

Carnival stock is under pressure today after the British-American cruise operator announced plans to raise more debt. The company launched a private offering of $1 billion in convertible senior notes due in 2027.

The offering is a part of Carnival’s 2024 refinancing plan.

“The Company expects to use the net proceeds of the offering to make principal payments on debt and for general corporate purposes,” Carnival said in a press release.

Based on yesterday’s closing price, Carnival stock price was down about 45% year-to-end (YTD) after shares staged a 70%+ rally in the last 4 weeks on improving risk sentiment.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.