Royal Caribbean Group RCL shares are trading lower by 7.26% to $36.13 Thursday morning. Shares of cruise line stocks at large are trading lower in sympathy with Carnival after the company announced a $1 billion common stock offering.
What Happened?
Carnival announced a common stock offering of approximately 102 million shares at $9.95 per share during Wednesday's after-hours session.
Carnival expects to use the net proceeds from the offering for general corporate purposes, which could include addressing 2023 debt maturities.
Why it Matters
Shares of travel and cruise companies have seen marked weakness in 2022 and are trading sharply lower for the year amid broader economic uncertainty, which has weighed on discretionary sectors. An economic slowdown could lead to decreased consumer spending on travel.
See Also: If You Invested $100 In Bitcoin, Ethereum And Dogecoin 5 Years Ago, Here's How Much You'd Have Now
According to data from Benzinga Pro, Royal Caribbean Group has a 52-week high of $98.27 and a 52-week low of $31.09.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
