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<<<<<~~~~~Carnival stock drops 22% after Princess Cruises pauses operations on 18 ships for 2 months

MARKETWATCH 8:58 AM ET 3/12/2020
Symbol Last Price Change
CCL 21.75down 0 (0%)
QUOTES AS OF 06:30:00 PM ET 03/11/2020

Carnival Corp. (CCL) said Thursday that it is halting cruises on 18 Princess Cruises ships for 60 days, which will impact trips scheduled from March 2 to May 10. The news sent shares down 22.6% in premarket trading. Passengers currently on a cruise ending in the next five days will sail on to the end of their itineraries. Cruises that extend beyond March 17 will end at the most convenient location for guests. Ticket holders who are impacted can transfer all of their money to a future cruise and will receive a bonus from the company that can be applied to fare or onboard expenses. The future credit can be applied through May 1, 2022. Cash refunds are also available to those who fill out an online form. Princess Cruises plans to be back in operation on May 11, 2020. Carnival stock has lost more than half its value in the last month, and is down 60.6% over the past year. The S&P 500 index is down 1.8% for the last 12 months.

-Tonya Garcia; 415-439-6400; [e-mail]


(END) Dow Jones Newswires
03-12-200858ET