Bull notes have been swarming the cruise line sector
Two big market movers this afternoon could be making enough noise to be an enticing snag for your portfolio, while also remaining on the affordable side of things. The pair of noise makers this afternoon are Carnival Corp (NYSE:CCL) and Piedmont Lithium Inc (NASDAQ:PLL). The equities are sporting intraday marks of up 7.4% to trade at $20.29, and up 17% to trade at $14.95, respectively.
CCL is enjoying a halo lift on the back of its peers Norwegian Cruise Line’s (NCLH) and Royal Caribbean Cruises’ (RCL) bull notes out of Citi. The brokerage upgraded NCLH to “buy” and added RCL to its “90 day positive catalyst” group. This bullish sentiment is pushing the sector higher, Carnival stock now sporting a 57% year-over-year gain.
Meanwhile, PLL is surging after receiving approval for a mining permit for its Ewoyaa Lithium Project in Ghana. Rio Tinto’s (RIO) big purchase of Arcadium Lithium (ALTM) has the sector buzzing as well. Piedmont shares recently broke above the 120-day moving average, but remain swallowed in a steep year-to-date deficit of 46%.
Options on CCL securities are looking affordable. This is per Carnival stocks’ Schaeffer’s Volatility Index (SVI) rating of 44%, which ranks in the 6th annual percentile. Meanwhile, for both names, analyst have been heavily bullish of late. Specifically, 18 of 21 and five of 10 covering analysts sport “buy” or better recommendations on CCL and PLL, accordingly.