Sumary of Cruise stocks fall amid Covid concerns, court ruling in Florida:
- The U.S. Court of Appeals for the 11th Circuit on Saturday reversed a ruling that sided with a Florida lawsuit challenging the Centers for Disease Control and Prevention’s ability to place restrictions on the industry.
- Shares of Carnival Cruises fell more than 5%, Royal Caribbean fell more than 4% and Norwegian Cruise Line more than 5% during midafternoon trading.
- Florida Attorney General Ashley Moody, a Republican, filed the lawsuit in April seeking to lift restrictions on the cruise industry that have been in place since March 2020.Shares of the three cruise operators have been falling in recent weeks, despite making gains earlier this year as cruises began to resume operations.
- Shares of Carnival Cruises have fallen more than 37% from the stock’s 52-week high of $31.52, which it reached on June 8. The stock is down more than 9% year to date, putting its market cap at more than $23 billion.
- 25. The stock is down more than 7% this year putting the cruise operator’s market cap at nearly $18 billionNorwegian Cruise Line stock has fallen nearly 37% from its 52-week high of $34.48, which it reached on March 4. The stock fell more than 14% this year putting its market cap at more than $8 billion.
- At the height of the pandemic, there were several high profile outbreaks aboard cruise ships, prompting the CDC to impose strict guidelines on the industry.