Core Viewpoint - Carnival Corp. has shown significant recovery, with a 216% increase over the past three years, but remains 57% below its all-time highs from 2018 due to a substantial debt of $27 billion [1][4]. Group 1: Financial Performance - The company has been actively paying down its debt and refinancing at lower rates, including a prepayment of $350 million of high-rate notes and refinancing $7 billion year-to-date, resulting in substantial interest savings [5]. - Carnival's stock price has remained stable following recent Federal Reserve rate cuts, indicating investor anticipation for upcoming management commentary [6]. Group 2: Market Conditions - Lower interest rates have positively impacted Carnival's stock performance, alleviating some investor concerns regarding high debt levels and potential demand slowdown [4]. - Upcoming earnings release on September 29 is expected to provide insights into further debt reduction and refinancing efforts, which could influence stock movement [6].