Shares of Carnival Corp. dropped Tuesday, helping drag down its peers’ stocks, after the cruise operator disclosed plans for a $1 billion stock offering and for accelerated capacity reductions, as it deals with the negative effects of the COVID-19 pandemic on its operations.

The company also said it swung to a net loss of nearly $3 billion in the third quarter, including more than $900 million in losses on ship sales and impairments.

The stock
CCL,
-10.75%

 tumbled 9.3% in afternoon trading, enough to be the biggest percentage decliner on the New York Stock Exchange. Trading volume was 64.2 million shares, enough to make the stock the NYSE’s fourth-most actively traded, and well above the full-day average of about 36.9 million shares.

Carnival earlier filed a prospectus with the Securities and Exchange Commission under which it could sell up to $1 billion worth of its common stock. Based on current

Read More