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Royal Caribbean's JV Pullmantur Files for Restructuring
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Owing to the coronavirus pandemic, Royal Caribbean Cruises Ltd. (RCL - Free Report) and Cruises Investment Holding recently filed for the reorganization of their spanish Joint Venture — Pullmantur Cruceros. Following the announcement, shares of Royal Caribbean declined 6.2% during trading hours on Jun 22. Royal Caribbean holds a 49% stake in the JV.
WIth sailings cancelled through Nov 15 due to the global crisis, filings were made with the respective authorities under the terms of Spanish insolvency laws. However, Royal Caribbean stated that its assets related to the JV were included in the non-cash asset impairment charges in first-quarter 2020 results released on May 3.
Board of directors at Pullmantur stated, "Despite the great progress the Company made to achieve a turnaround in 2019 and its huge engagement and best efforts of its dedicated employees, the headwinds caused by the pandemic are too strong for Pullmantur to overcome without a reorganization."
However, for guests who have already booked cruises for future dates will be provided an option to reschedule through Royal Caribbean Cruises lines.
Notably, Royal Caribbean will be offering the option to sail on its brands, which include Royal Caribbean International and Celebrity Cruises. However, further details regarding the same are likely to be announced on a future date.
Although the virus has triggered a catastrophe in terms of lives lost and financial impact, Royal Caribbean appears resilient enough to navigate through these uncertain times.
Price Performance
Coming to price performance, shares of Royal Caribbean have declined 61.2% so far this year, compared with the industry’s fall of 47.1%. Notably, the company’s operations and global bookings have been hurt by the pandemic. Moreover, earnings estimates for 2020 have declined over the past 30 days, depicting analysts’ concern over the stock’s growth potential.
Royal Caribbean — which shares space with Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) , Carnival Corporation (CCL - Free Report) and Live Nation Entertainment, Inc. (LYV - Free Report) in the Zacks Leisure and Recreation Services industry— has a Zacks Rank #4 (Sell) at present.
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
Image: Bigstock
Royal Caribbean's JV Pullmantur Files for Restructuring
Owing to the coronavirus pandemic, Royal Caribbean Cruises Ltd. (RCL - Free Report) and Cruises Investment Holding recently filed for the reorganization of their spanish Joint Venture — Pullmantur Cruceros. Following the announcement, shares of Royal Caribbean declined 6.2% during trading hours on Jun 22. Royal Caribbean holds a 49% stake in the JV.
WIth sailings cancelled through Nov 15 due to the global crisis, filings were made with the respective authorities under the terms of Spanish insolvency laws. However, Royal Caribbean stated that its assets related to the JV were included in the non-cash asset impairment charges in first-quarter 2020 results released on May 3.
Board of directors at Pullmantur stated, "Despite the great progress the Company made to achieve a turnaround in 2019 and its huge engagement and best efforts of its dedicated employees, the headwinds caused by the pandemic are too strong for Pullmantur to overcome without a reorganization."
However, for guests who have already booked cruises for future dates will be provided an option to reschedule through Royal Caribbean Cruises lines.
Notably, Royal Caribbean will be offering the option to sail on its brands, which include Royal Caribbean International and Celebrity Cruises. However, further details regarding the same are likely to be announced on a future date.
Although the virus has triggered a catastrophe in terms of lives lost and financial impact, Royal Caribbean appears resilient enough to navigate through these uncertain times.
Price Performance
Coming to price performance, shares of Royal Caribbean have declined 61.2% so far this year, compared with the industry’s fall of 47.1%. Notably, the company’s operations and global bookings have been hurt by the pandemic. Moreover, earnings estimates for 2020 have declined over the past 30 days, depicting analysts’ concern over the stock’s growth potential.
Royal Caribbean — which shares space with Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) , Carnival Corporation (CCL - Free Report) and Live Nation Entertainment, Inc. (LYV - Free Report) in the Zacks Leisure and Recreation Services industry— has a Zacks Rank #4 (Sell) at present.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>