Wall St sees bargains and lure of Europe buoying cruise, hotel earnings

📆 24/07/2023 15:35:00
📰 Reuters

⏱ Reading Time:
30 sec. here
2 min. at publisher
📊 Quality Score:
News: 15%
Publisher: 97%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

The post-pandemic rebound of international travel, particularly to Europe, is expected to be a bright spot for hotels and cruise operators this quarter on Wall Street, even as consumers grow more price-conscious amid higher costs.

shares have gained 72%. In comparison, the broader S&P 500 index is up just about 19% in 2023, according to Refinitiv data.

"The relative value of a cruise is close to 50% cheaper than a comparable land-based vacation," said Patrick Scholes, hotel and cruise analyst at Truist Securities. For Carnival, booking volumes in the second quarter were 17% higher than in 2019, Carnival CEO Josh WeinsteinMeanwhile, investors will be watching if record nightly rates for on-shore accommodations can offset revenue in the second quarter. Lodging companies face softer U.S. demand in part as more consumers take advantage of a stronger dollar in Europe even as inflation cools in the United States.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Top Wall Street analysts see solid potential in these five stocksTipRanks analyst ranking service pinpoints Wall Street's best-performing stocks, including Rivian and Alphabet.
Source: CNBC - 🏆 12. / 72 Read more »

What's ahead this week for Wall Street and the economy | CNN BusinessWhat's ahead this week for Wall Street and the economy | Analysis by Krystal Hur
Source: CNN - 🏆 4. / 95 Read more »