Cruise stocks down after Truist highlights report of Greek island restrictions

Truist noted that cruise stocks were under pressure following a Bloomberg News report on possible cruise visitation restrictions to Greek Islands. While “somewhat vague,” the news from Greece is “clearly not a positive,” though the analyst adds it is “much too early to precisely financially quantify as of yet.” The firm’s initial take is that the stocks being down an average of 5%-10% “seems to be excessive,” though it also notes that the sector “often sees significant trading volatility on any bit of bad news” given the nature of its hedge fund and retail base of investors. Shares of Carnival (CCL) and Norwegian Cruise Line (NCLH) are down 7% each in Friday afternoon trading, while Royal Caribbean (RCL) and Viking (VIK) are down 5% apiece.