Stocks In News: CCL, SIDU, EBIX
2:35 pm Thursday, June 16th, 2022
Carnival (NYSE:CCL) stock is falling hard on Thursday as investors react to the ongoing effects of inflation and increasing interest rates on the economy. There’s no getting around the fact that the market is going into a bear market. That has many investors fearful that a recession is on the way. This could see many investments wiped and traders fleeing some of the most vulnerable stocks. Carnival is among those in the red today and it makes sense why shares are slipping. The cruise company has already been struggling throughout the pandemic over the last two years. Now, the hope for increased business this year seems to be evaporating as higher prices weigh on consumers.
Sidus Space (NASDAQ:SIDU) stock is taking off on Thursday as the Space-as-a-Service company continues a rally that sent shares rocketing higher yesterday. The big news behind the SIDU stock rally is a deal with NASA. Specifically, the company is part of the Collins Aerospace team that was awarded a $3.5 billion contract from NASA. The contract is set to last for 10 years, with Sidus acting as a major subcontractor to Collins Aerospace.
Ebix (NASDAQ:EBIX) stock is plunging lower by over 40% today after Hindenburg Research released a short report on the company. Ebix operates as a software company engaged in payments, travel, information technology and insurance. The company is headquartered in Georgia and employs over 10,000 people. Ebix is planning a $4.5 billion IPO of its wholly owned Indian subsidiary, EbixCash. At the time of writing, Hindenburg wrote that this would imply an “imminent quadrupling of Ebix’s enterprise value.” However, the IPO has been delayed for the past three years.
