Time to Set Sail with Carnival?

Television screens and newspapers have been inundated by pictures of Costa Cordia listing off the shore of the island of Giglio. While this is a PR nightmare for Carnival Corporation & plc (NYSE: CCL), could it be an opportunity for intrepid investors? On Tuesday, the first day the US shares traded after the ship ran aground, the shares tumbled 13.7%. With 780 million shares outstanding, the drop equaled $3.7 billion in market capitalization. On that day, I tweeted that the sell-off was overdone. The shares have since recovered 6.6%. Did you miss the boat? To find out, read on. Continue reading