Morgan Stanley Deboards From Cruise Lines, Bearish On Carnival, Norwegian And Royal Caribbean

Morgan Stanley Deboards From Cruise Lines, Bearish On Carnival, Norwegian And Royal Caribbean

The shares of a number of cruise liners have been hit due to the coronavirus pandemic that's continuing to harm the travel industry. Morgan Stanley downgraded cruise liners Wednesday and said it expects cruises to resume in the fourth quarter.The Cruise Lines Analyst Jamie Rollo reinstated coverage of Carnival Corp (NYSE: CCL) and Royal Caribbean Cruises (NYSE: RCL) with an Underweight rating and price targets of $11 and $33, respectively. The analyst downgraded Norwegian Cruise Line (NASDAQ: NCLH) from Equal-weight to Underweight with a price target cut from $14 to $13. The Cruise Lines Thesis The cruise industry will take longer than almost any other form of travel to return to normal, Rollo said in a note. (See his track record here.)"Cruising needs not just international travel to return, but ports to reopen, authorities to permit cruising, and the return of customer confidence," the analyst said. A number of things need...

Hedge Funds Can’t Buy Enough Of Sonos, Inc. (SONO)

The financial regulations require hedge funds and wealthy investors that exceeded the $100 million equity holdings threshold to file a report that shows their positions at the end of every quarter. Even though it isn't the intention, these filings to a certain extent level the playing field for ordinary investors. The latest round of 13F […]...

OPEC+ keen to keep U.S. shale in check as oil prices rally

When OPEC, Russia and their allies agreed in April to slash oil production, little did they expect that their initiative to prop up collapsing prices would be helped by a swift drop in U.S. output. Now that crude has rallied on the back of those cuts from below $20 a barrel to $40 or more, the group known as OPEC+ faces a fresh challenge: stopping U.S. shale production delivering another surprise by recovering equally quickly. "The plan is to stick to prices of $40-$50 per barrel because as soon as they rise any further to say $70 per barrel it encourages too much oil production, including U.S. shale," said a Russian source familiar with OPEC+ talks on the issue....