Carnival Cruise Wreck
January 17, 2012 by staff
Carnival Cruise Wreck, Carnival Corp. shares fell as much as 14% at the open Tuesday as investors fled the stock following the deadly wreck on Friday of its cruise ship Costa Concordia on the Italian coast. The Costa Concordia is owned and operated by Carnival’s local subsidiary Costa Crociere SpA. Miami-based Carnival was also hit by a downgrade Tuesday fromanlysts at J.P. Morgan, who cut their share price target on the stock to $30 from $38, saying Carnival must deal with the negative publicity of the accident in a period of weak demand for cruises. Carnival shares were last trading 13.5% lower at $29.64, just over a dollar a share above their 52-week low.
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