Carnival shares jump 2.80% as oil prices fall for fifth session

  • Carnival Corporation shares rose as declining oil prices supported airline and travel stocks.
  • 2.80% was Carnival’s gain to $22.93 at publication, according to Benzinga Pro data.
  • Carnival will release third-quarter earnings before the opening bell on Sept. 29.

Carnival Corporation Ltd. shares rose as falling crude prices and a broader airline and travel-sector rally supported the stock. The Nasdaq gained 0.26%, while the S&P 500 was flat and Consumer Discretionary advanced 0.60%. Brent futures traded near $99 a barrel and crude oil futures around $91 after oil prices declined for a fifth consecutive session, as traders monitored diplomatic efforts related to the conflict with Iran alongside U.S. President Donald Trump’s address to the UN General Assembly, Trading Economics reported. Carnival is scheduled to release third-quarter earnings before the opening bell on Sept. 29. Analysts expect earnings of $1.35 per share, down from $1.43 a year earlier, and revenue of $8.4 billion, compared with $8.15 billion previously. The company reported mixed second-quarter results on June 23 and issued third-quarter adjusted EPS guidance below estimates. Goldman Sachs analyst Lizzie Dove kept a Buy rating on Sept. 17 while lowering her price forecast from $35 to $30, and Stifel analyst Steven Wieczynski maintained a Buy rating on Sept. 16 while reducing his forecast from $37 to $35. Technically, the stock remained 1.5% below its 20-day SMA (simple moving average), 10.6% below its 50-day SMA and 16.7% below its 200-day SMA. A March death cross (bearish moving-average crossover) remains an overhead drag. The sector had fallen 4.58% over 30 days and 1.90% over 90 days, making the move appear more like a bounce than a confirmed trend reversal. Carnival shares were up 2.80% at $22.93 at publication, according to Benzinga Pro data.

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Carnival shares jump 2.80% as oil prices fall for fifth session - CoinPost Terminal