CNBC’s Jim Cramer advised investors Tuesday to hold off on buying shares of cruise line operators, citing the continued uncertainty during the coronavirus pandemic.
“It’s still too soon to speculate in the cruise stocks. Their domestic ships won’t start sailing again until December at the earliest, and I think there’s a good chance that gets postponed again,” the “Mad Money” host said.
“If you really want cruise exposure, I say be patient, because days like today make me think you’ll get better buying opportunities,” added Cramer, following a Tuesday trading session in which the three major operators all saw their stocks get hammered.
Driving the sell-off was news that Royal Caribbean was raising fresh capital, Cramer said. The company announced it was issuing $500 million worth of stock in a secondary offering and $500 million in senior convertible notes.
Royal Caribbean’s stock in turn fell 13.2% during Tuesday’s session, closing