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Carnival’s stock rallies to reverse almost all of its ‘perplexing’ post-earnings selloff

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Carnival's stock rallied Tuesday to take back nearly everything it lost in the previous session's "perplexing" post-earnings selloff.

Shares of Carnival Corp. leapt Tuesday, taking back nearly everything they had lost in the previous session’s “perplexing” post-earnings sell-off.

On Monday, the cruise operator CCL reported a narrower-than-expected fiscal second-quarter loss and revenue that more than doubled to a second-quarter record. It also raised its full-year outlook. Stifel Nicolaus analyst Steven Wieczynski responded to Monday’s sell-off by asking in a tongue-in-cheek way whether investors had actually listened to what Carnival was saying.

On cue, the stock jumped 7.5% in afternoon trading Tuesday to recover nearly everything it lost on Monday.The new target made Wieczynski the most bullish on Carnival of the 23 analysts surveyed by FactSet who cover the cruise operator. The target implied about 22% upside from current prices.

 

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