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Why Carnival Cruise Lines Rallied, Then Plunged Today

TheMotleyFool

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Why Carnival Cruise Lines Rallied, Then Plunged Today: https://g.foolcdn.com/editorial/images/835558/gettyimages-1461467664-1.jpg

Shares of Carnival Cruise Lines (NYSE: CCL) (NYSE: CUK) were on a roller-coaster ride today, at first rising as much as 6.1% this morning, before falling into the red, declining 4.3% on the day as of 3:30 p.m. ET.

Carnival delivered its third-quarter earnings report this morning, which continued a streak of impressive revenue and profit beats.

So, what caused the subsequent sell-off? Likely, the reason had to do with Carnival's plans to potentially dilute shareholders to pay off its outstanding convertible debt.

Source Fool.com