Carnival Stock Climbs After Best Booking Week Ever

Options bulls are blasting CCL in response

Deputy Editor
Apr 5, 2022 at 10:46 AM
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Several cruise stocks are sailing higher this morning, including Carnival Corp (NYSE:CCL), which was last seen up 5.7% to trade at $20.87, after the company's highest booking week on record. Cruise stocks famously underperformed during the pandemic, but now customers appear to be increasingly optimistic. Plus, the Centers for Disease Control and Prevention (CDC) eliminated cruise trips from its list of Travel Health Notices last month.

On the charts, Carnival stock has been on the rise since its March 8, 15-month low of $14.94. Shorter term, today's pop has CCL breaking above its year-to-date breakeven level, as well as its 120-day moving average, which kept a tight lid on the shares last week. 

A shift in analyst sentiment could help guide Carnival stock even higher. Of the 12 analysts in coverage, 11 carry a "hold" or worse rating, with just one "strong sell." Plus, short interest represents 9% of the stock's available float. 

Options traders are certainly leaning into the optimism. So far, 162,000 calls have crossed the tape -- seven times the intraday average -- as opposed to 27,000 puts. New positions are being bought to open at the most active options -- the weekly 4/8 22- and 21.50-strike calls. 

 

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