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20.06.2019 22:42:36

Why Carnival, Steelcase, and Scholar Rock Holding Slumped Today

The stock market moved higher on Thursday, with major indexes climbing about 1%. Investors were able to dismiss much of the uncertainty raised by an Iranian attack against a U.S. drone in the Strait of Hormuz, instead focusing on the prospect that monetary policy moves will support a greater likelihood of economic growth. Yet some stocks weren't able to participate in the rally. Carnival (NYSE: CCL), Steelcase (NYSE: SCS), and Scholar Rock Holding (NASDAQ: SRRK) were among the worst performers. Here's why they did so poorly.Shares of Carnival fell nearly 8% after the cruise ship operator released its fiscal second-quarter financial results. The company faced some difficult situations during the quarter, including higher fuel costs, a reduction in maximum speed for its Carnival Vista vessel, and a shift in U.S. policy regarding travel to Cuba. As a result, Carnival cut its full-year earnings guidance by roughly 2% to 4%. Investors didn't like the sound of that, even though the cruise line tried to keep shareholders focused on the long run by highlighting the company's prospects for future growth. Until certain key overhangs get resolved, such as the U.K.'s exit from the European Union, it might be tough for investors to regain their faith in Carnival.Image source: Carnival.Continue reading
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