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Carnival (CCL) Gains As Market Dips: What You Should Know

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Carnival (CCL - Free Report) closed at $15.90 in the latest trading session, marking a +0.63% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.47%. Elsewhere, the Dow lost 0.72%, while the tech-heavy Nasdaq lost 5.08%.

Coming into today, shares of the cruise operator had gained 40.82% in the past month. In that same time, the Consumer Discretionary sector gained 3.36%, while the S&P 500 gained 5.36%.

Investors will be hoping for strength from Carnival as it approaches its next earnings release, which is expected to be June 26, 2023. On that day, Carnival is projected to report earnings of -$0.35 per share, which would represent year-over-year growth of 78.66%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.79 billion, up 99.54% from the year-ago period.

CCL's full-year Zacks Consensus Estimates are calling for earnings of -$0.31 per share and revenue of $20.96 billion. These results would represent year-over-year changes of +93.36% and +72.28%, respectively.

Investors should also note any recent changes to analyst estimates for Carnival. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 5.56% lower. Carnival is holding a Zacks Rank of #3 (Hold) right now.

The Leisure and Recreation Services industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 56, putting it in the top 23% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

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