Port Canaveral CEO Captain John W. Murray on the impact of the coronavirus pandemic on the cruise industry.
Carnival Corp. shares were sharply lower Tuesday after the company announced plans to sell $1.5 billion of common stock.
Continue Reading Below
The “at-the-market” offering, which will be used for general purposes, allows Carnival to capitalize on the 39% surge in its share price that occurred Monday after Pfizer and BioNTech announced their experimental vaccine showed greater than 90% effectiveness in preventing COVID-19 in those without prior evidence of infection.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CCL | CARNIVAL CORP. | 16.73 | -2.52 | -13.09% |
JPMorgan Securities and Goldman Sachs & Co. will act as sales agents for the offering.
Carnival was forced to put operations on hold earlier this year as governments around the world issued stay-at-home orders in an effort to slow the spread of COVID.
TEXAS GOV. ABBOTT WELCOMES MAJOR STOCK EXCHANGES TO AUSTIN
The stoppage resulted in the cruise operator reporting a $2.9 billion loss, before adjustments, in the third quarter. The company has lost $8.01 billion
Carnival ended September with $8.2 billion in cash and said it expected to burn through an average of $530 million per month during the fourth quarter.
CLICK HERE TO READ MORE ON FOX BUSINESS
Carnival shares were down 62% this year through Monday, underperforming the S&P 500’s 9.9% gain.
