Carnival's stock has jumped almost 150% in the last 2 months, but one money manager says it's set for a fresh crash
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And one money manager said Carnival is set for a fresh crash given the uncertainties facing the US economy, including the second spike of virus cases that appears to beginning in numerous states. Connell added:"As of the end of December 2019, Wall Street analysts were estimating that revenue growth for [Carnival] CCL in the first, second and third quarters of 2020 would all be negative as compared to the previous year's quarters. Therefore, revenue estimates for CCL's entire 2020 were estimated to be negative approximately 2-4%. And these estimates for 2020 were made before the pandemic hit.
"I am not willing to pay for a stock that is going to have no cash flow and it is just bleeding cash flow especially when there is so much uncertainty and we have a '100 year pandemic'," she said. Even though stock prices of rival cruise operators have fallen along with Carnival, Connell thinks Norwegian Cruise is a better buy.
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