Carnival Execs Sell Sinking Stock

[Stocks-to-Watch]

Not surprisingly, the surging price of oil has hurt airlines and cruise ship operators, both industries that consume plenty of fuel.

For example, Carnival Corp. (CCL) closed at $45.70 on Friday, but on Tuesday (the first trading day after Monday’s Presidents Day holiday) the stock tumbled to close at $42.09. Since then, it has continued to lose ground, falling to $41.91 in today’s trading session.

However, the cruise ship company’s executives did not wait that long to sell shares. Both CFO David Bernstein and CEO of the Carnival Cruise Lines division Gerald Cahill sold roughly 18% of their direct holdings on Tuesday, according to data from InsiderScore.com

Cahill sold 25,000 shares for $1.1 million, an average of $43.76 a share. Bernstein sold 10,000 shares for $420,000, an average of $41.99 a share. (Thus, Bernstein’s sales were not as profitable as they could have been, as the average selling price was just nine cents above the stock’s intraday low, and below its closing price both Tuesday and Wednesday.)

Shares were flat after hours.



Original Article Source by Barrons.com