Why Carnival Cruise's Stock Is Trading Higher Today

Carnival Corp CCL shares are trading higher on Monday, after a 13G filing from the Public Investment Fund shows a new 8.2% stake.

The Public Investment Fund is Saudi Arabia’s sovereign-wealth fund. It's now Carnival’s third-largest shareholder, according to S&P Capital IQ.

Shares of several travel, entertainment and cruise stocks are trading also higher amid market strength on optimism that coronavirus cases in several US hotspots are peaking. A sooner peak could mean a sooner return to travel operations.

Carnival Cruise shares were up 21.55% at $10.32 at time of publication. The stock has a 52-week high of $56.04 and a 52-week low of $7.80.

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