Royal Caribbean Cruises, Ltd.
|Company Name||Royal Caribbean Cruises, Ltd.|
|Class Period||February 04, 2020 to March 17, 2020|
|Lead Plaintiff Motion Deadline||December 07, 2020|
On February 25, 2020, Royal Caribbean disclosed that the COVID-19 pandemic would adversely impact its earnings by $0.90 per share.
On this news, the Company’s share price fell $12.55, or 14%, to close at $77.00 per share on February 27, 2020.
On March 10, 2020, Royal Caribbean withdrew its 2020 financial guidance, increased its revolving credit facility by $550 million, and announced that it would take cost-cutting actions due to the continued spread of COVID-19.
On this news, the Company’s share price fell $7.30, or 14%, to close at $44.37 per share on March 11, 2020.
On March 11, 2020, Royal Caribbean’s largest competitor, Carnival Corporation, announced a 60-day suspension of all operations, which prompted concerns that Royal Carribean’s safety procedures were not as “aggressive” as claimed. At the same time, Royal Caribbean also cancelled two cruises.
On this news, the Company’s share price fell $14.10, or 32%, to close at $30.27 per share on March 12, 2020.
On March 18, 2020, Stifel cut its one-year price target on Royal Caribbean from $161 to $40.
On this news, the Company’s share price fell $5.33, or 19% to close at $22.33 per share on March 18, 2020.
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