Carnival to sell $1 billion in stock, shares fall


Shares in Carnival Corp. CCL, +7.05% dropped more than 7% in after-hours trading Wednesday following an announcement that the cruise operator intends to sell at least $1 billion in fresh stock. The company announced that it intends to sell $1 billion in new shares, but underwriter Goldman Sachs [s:gs] could sell up to $150 million more. The company said it intends to use the proceeds for “general corporate purposes, which could include addressing 2023 debt maturities.” Carnival shares rose 7.1% in regular trading Wednesday after the Centers for Disease Control and Prevention indicated that cruise operators and travelers will now be responsible for COVID-19 mitigation and safety.Carnival shares have fallen 44.9% so far this year, as the S&P 500 index [s:spx] has declined 17.4%.

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