Why Lucid (LCID) and Carnival (CCL) are on the rise today

Why Lucid (LCID) and Carnival (CCL) are on the rise today

Electric vehicle maker Lucid (LCID) and cruise ship operator Carnival (CCL) are up 12% and 6%, respectively, today. Lucid is making headway after Cox Automotive reported yesterday that U.S. sales of new electric vehicles rose 13.6% in November compared to the same period last year. Meanwhile, Carnival reported stronger-than-expected fiscal fourth-quarter financial results this morning.

Lucid is making headway after Cox Automotive reported that the number of electric vehicles sold in America rose 13.6% year-over-year to more than 116,000 units in November. In addition, the latter figure represented a 10% increase compared to the previous month. It is also noteworthy that the share of electric vehicles in the total US automobile market reached 8.5%. Tesla’s (TSLA) Model Y and Model 3 were the two best-selling electric vehicles last month. Meanwhile, Lucid began accepting orders for its new Gravity SUV on November 7th.

Where Does Xpeng Inc. (NYSE:XPEV) Stand in the Global Electric Vehicle Industry?
Where Does Xpeng Inc. (NYSE:XPEV) Stand in the Global Electric Vehicle Industry?

An engineer examines the design of an electric vehicle in a laboratory, showing off the company’s innovative battery systems.

As for Carnival, the cruise operator reported that its fourth-quarter revenue rose 10% to $5.94 billion compared to the same period last year, setting a record for the fourth quarter. The latter total was $10 million above analysts’ average estimate. Additionally, the company’s adjusted EBITDA increased 29% year-over-year to a record $1.2 billion. Adjusted earnings per share of 14 cents were 7 cents above analysts’ average estimate.

“(The company’s) progress has been broad-based as we achieved strong pricing across our major cruise lines and shipping territories in 2024 compared to 2023,” CEO Josh Weinstein said in a statement.

While we recognize the potential of LCID and CCL, we believe some AI stocks are more promising to deliver higher returns, and within a shorter time frame. If you’re looking for an AI stock that has more promise than LCID and CCL but trades at less than 5 times earnings, check out our report on it cheapest AI stock.

READ ALSO The 8 Best Wide Moat Stocks to Buy Now And The 30 most important AI stocks according to BlackRock

Disclosure: None. This article was originally published on Insider Monkey.

Leave a Reply

Your email address will not be published. Required fields are marked *