Here's Why Carnival's Stock Price Is Still in Purgatory

When Carnival (CCL 0.29%) reported third-quarter 2023 earnings it was happy to note that it had record-level performance in some key metrics. So, in many ways, its business isn't just back to pre-pandemic levels, but exceeding them. Yet, unlike peer Royal Caribbean (RCL 1.37%), Carnival's stock hasn't recovered anywhere near pre-pandemic levels. Here's one important factor that helps explain the situation and something that investors should monitor.Carnival's big advance isn't big enoughCarnival's stock pri ...