Carnival surges 27%, extends 2-day surge to 53%, after Saudi fund announces a stake in the company

Carnival surges 27%, extends 2-day surge to 53%, after Saudi fund announces a stake in the company

Business·2020-04-07 23:12

On Monday, Saudi Arabia’s sovereign wealth fund bought an 8.2% stake in

Shares surged as much as 27% on Tuesday, following a 20% gain on Monday. That brough the stock’s two-day move to 53%.

The company has been hit hard by the coronavirus pandemic. It lost $781 million in the quarter ending in February, and expects to lose more money going forward.

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