CCL, RCCL Stocks Hit Month-Long Highs after Brief Tumble

Shares of Carnival Corp. and Royal Caribbean Cruises rebounded this week after falling sharply last Friday in response to an ominous report from Goldman Sachs about rising fuel costs and price pressure.

The world’s two largest cruise companies saw its shares tumble on September 28; Carnival’s stock dropped to $48.75 last week, while Royal Caribbean hit $39.29. This week, however, those prices hit month-long highs, with Carnival reaching $49.44 and RCCL $39.72.

Goldman Sachs analyst Steven Kent said in a note to investors last week that the investment bank’s energy team had estimated that oil prices would jump about 19 percent in the next year, and 13 percent in 2009, pushing Kent to lower his estimates for Carnival and RCCL.