There appears to be more to it than short covering. There's an article on Marketwatch about Carnival tonight. Carnival's stock has tumbled 80% year to date, and closed last Thursday at the lowest price since April 1993. It only surged today because the Saudi Arabia-based sovereign wealth fund The Public Investment Fund disclosed that it had acquired a 43.5 million shares, or an 8.2% stake, in the cruise operator on the 26th March. Royal Caribbean is down 79% year to date.
Equity raise process, page-39
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