Cruise Firms, Pence Set to Talk at 2 PM Eastern; Shares Rise - TheStreet

Cruise Firms, Pence Set to Talk at 2 PM Eastern; Shares Rise

Carnival Cruise, Royal Caribbean and Norwegian, hammered by the pandemic, are set to speak on Friday with Vice President Pence.
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Cruise-ship stocks rose Friday, after news reports said Vice President Mike Pence will conduct a conference call with industry leaders at 2 p.m. Eastern.

Cruise companies have been hammered by the coronavirus pandemic, which has grounded their ships. Cruises are on hold until the end of the month, but the Trump administration has indicated it may allow them to resume quickly afterward.

At the end of September the Centers for Disease Control and Prevention extended the grounding of cruise ships by one month, “paving the way for a November restart to cruising in North America,” according to ThePointsGuy.com.

The limited extension of the order came just a day after a White House meeting where top Trump administration officials overruled CDC Director Robert Redfield on a longer extension of the order that would last through Feb. 15, 2021, according to Axios.

Cruise industry executives and their lobbyists have pushed hard in recent weeks to get back on the seas.

“Enough is enough,” Norwegian Cruise Chief Executive Frank Del Rio said at a hearing in Miami this month, ThePointsGuy.com reported.

Among the major cruise lines:

- Carnival  (CCL) - Get Report shares recently traded at $15.72, up 0.7%. They have dropped 69% year to date. 

- Royal Caribbean  (RCL) - Get Report traded at $71.06, up 2.6%. It has slid 47% year to date. 

- Norwegian  (NCLH) - Get Report traded at $18.62, up 2.3%. The stock has fallen 69% year to date.

Morningstar analyst Jaime Katz puts fair value for Carnival at $20, Royal Caribbean at $51 and Norwegian at $25.

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