Carnival Corp takes advantage of vaccine stock rally

Carnival Corp yesterday filed to sell as much as $1.5bn in stock taking advantage of the Monday November 9th rally on hopes for a Covid-19 vaccine.

In a supplemental filing yesterday Carnival said that it would use the at-the-market equity offering programme to raise money for general corporate purposes. Only recently Carnival sold a block of shares under a similar programme. Carnival shares fell more than 9% to $17.46 in New York trading in the face of existing equity shares being diluted. The stock is down 65% this year.