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Why Carnival Stock Just Fell

Rich Smith, The Motley Fool
·2 min read
Why Carnival Stock Just Fell

About two weeks ago, Carnival stock (NYSE: CCL) (NYSE: CUK) hit an iceberg, when the cruise company announced it would spend $2 billion to buy back some of its debt. In Thursday trading, Carnival stock is going down again -- falling 2.4% through 10:30 a.m. EDT -- and the reason this time is because of how Carnival plans to pay for buying back its debt. On July 6, Carnival said it would spend $1,142.50 for each $1,000 paid off on its "11.5% senior secured notes due 2023."

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