Carnival Corporation Shares Rise as Bookings Surge and Li Auto Shares Tank After Debt Offering
On Tuesday, shares of Carnival Corporation rose, closing up 1.33%.
Shares of the British-American cruise operator surged after the company’s quarterly update on Wednesday.
The company reported cruise booking volumes in the first quarter of 2021 were 90% higher than in the fourth quarter of 2020. On Tuesday, the company informed passengers of cruise cancellations since the suspension of all operations from U.S. ports has been extended through June 30.
In October, the Centers for Disease Control and Prevention lifted its ban on cruising, replacing it with a phased solution to safely return to the water. No cruise line has yet received full CDC permission to resume sailing.
Shares of Carnival Corporation are up over 30% this year.
On Wednesday, shares of Li Auto plunged, closing down 12.93%.
Shares of the Chinese electric vehicle manufacturer fell after the company announced a $750 million debt offering.
The company seeks to raise $750 million by issuing convertible bonds with a maturity date of May 1, 2028. Li Auto said it would use the earnings from the offering to research and develop new car models, related technologies, and other business purposes.
After the banks underwriting the offering set the interest and exchange rates in the coming days, auto investors can expect to learn more about the offering.
Shares of Li Auto are down 30% in the past three months.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.