Cruise Stock Crumbles After Share Offering

NCLH is seeing an increase in options volume today

Deputy Editor
Jul 16, 2020 at 11:41 AM
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The shares of Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) are down 10.6% at $16.53 at last check, after the cruise line commenced its public offering of $250 million ordinary shares. Marred deeply by coronavirus this year along with the rest of the travel sector, Norwegian Cruise Line plans to use the proceeds for general corporate purposes and to pay off its $675 million credit line.

During yesterday's 20.7% pop, the 10-day moving average at the $16 region emerged as support, going on to catch today's pullback. Still up for the week, the equity is down 72.1% year-to-date. 

NCLH July 16

In the options pits, the equity's 50-day call/put volume ratio of 2.07 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) stands higher than 74% of other readings from the past year. This reveals a penchant for long calls of late. 

However, today put options volume is taking off, with 29,000 puts across the tape so far,  double the expected rate. Most popular is the July 15 put, which is set to expire tomorrow, and where new positions are being opened. 


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