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Cruise shares retreat on stimulus package disappointment

PHOTO: DAVID GREY/FREEIMAGES New York Stock Exchange.jpg
Cruise shares fell in Friday morning trading on the New York Stock Exchange
Cruise shares retreated Friday with investors disappointed that no direct aid for lines seems apparent in the massive US stimulus package.

Double-digit declines

Shares in Carnival Corp., Royal Caribbean and Norwegian Cruise Line Holdings were all down in the 17% range in Friday morning trading.

The $2 trillion package is still not finalized, and markets fell on a possible delayed vote in the House of Representatives today. 

As previously reported here, cruise lines had neither requested nor expected direct aid from the US, despite President Donald Trump's frequent remarks in support of the cruise industry. However, investors had been hopeful. 

Support for related businesses

Cruise companies did advocate for travel advisors, and they will receive help in the package. Lines had also hoped for loan guarantees but as foreign-registered entities, it's unlikely they would be eligible for those under the legislation as currently written.

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