Why Carnival's Stock Is Trading Lower Today

Carnival Corporation & plc CCL shares are trading lower on Monday after the company announced a $500 million common stock shelf offering.

'Carnival Corporation intends to use the net proceeds from the Offering to purchase ordinary shares of Carnival plc on at least an equivalent basis,' said in the company's filing.

Carnival operates as a leisure travel company and provides port destinations and other services, as well as owns and operates hotels, lodges, glass-domed railcars, and motor coaches.

Carnival's stock was trading about 4.4% lower at $26.89 per share at the time of publication. The stock has a 52-week high of $31.52 and a 52-week low of $12.11.