Carnival posts $2.8 billion loss in third quarter after the Delta variant hit summer cruise sales

Carnival Cruise Ship
The average Carnival ship was only 59% full in August, the company said.

  • Carnival Corp recorded a $2.8 billion loss in the third quarter of this year, AP reported.
  • The company said sales were knocked this summer due to the impact of the Delta variant of COVID-19.
  • Shares rose on Friday, however, after the company expects soaring demand for next year.
  • See more stories on Insider’s business page.

Carnival Corp, the world’s biggest cruise line, recorded a $2.8 billion loss in the third quarter of this year as concerns over the Delta variant of COVID-19 impacted sales.

Associated Press reported that shares rose 3% on Friday, however, after the cruise line operator said bookings for the second half of next year are running ahead of 2019 levels.

The average ship was only 59% full in August, Carnival told AP. That was an improvement from 39% in June.

The cruise industry has been one of the hardest-hit sectors following the huge disruption caused by the pandemic. Former and current cruise employees recently told Insider how they had to reckon with loneliness, fear, and uncertainty while being stuck in mandatory quarantines.

AP reported that the big three cruise companies in the US did not receive the same kind of federal relief that was allotted to airlines.

But the future for Carnival looks more assured, thanks to pent-up demand for cruises. In July, it said advance bookings for 2022 were already higher than in 2019, Insider’s Grace Dean reported.

“We reported a significant loss, so we haven’t recovered yet, obviously, but as we look ahead we see brighter days,” Carnival CEO Arnold Donald told AP. “If things continue to trend the way they are (with COVID-19 cases), we should see positive cash flow as we get our fleet sailing broadly again.”

People are spending a lot of money on board, too. The company told AP that while there were fewer passengers on board this summer, they spent 20% more onboard than before the pandemic.

According to Donald, the fact that people haven’t been able to cruise, or travel at all, could be behind the increased spending. “So they are in a mood to spend more because they haven’t had a chance to in a while,” he said.

Eight of Carnival’s nine cruise lines have resumed sailing with reduced schedules, AP reported. The company said it anticipated its full fleet to be operating by spring 2022.

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Donald Trump mocks Republican nemeses by sending his fans a bizarre meme of Liz Cheney and George W. Bush’s faces morphed together

Left to right: Liz Cheney, Donald Trump, George W. Bush
Left to right: Rep. Liz Cheney, Former President Donald Trump, Former President George W. Bush

  • Donald Trump sent his supporters a photoshopped image of Liz Cheney and George W. Bush’s faces.
  • The face-morphed image, originally shared by a meme account, is the former president’s latest jab at his political nemeses.
  • In a statement made on Wednesday, Trump blasted Bush for his support of Cheney in next year’s GOP primary in Wyoming.
  • See more stories on Insider’s business page.

Former President Donald Trump mocked his political nemeses by emailing a meme of Republican congresswoman Liz Cheney and former President George W. Bush’s faces morphed together to his supporters, according to the Independent.

The image, which appears to have first been shared by Twitter meme account, was used by Trump in a fundraising message, sent on Thursday, for his Save America PAC. “ICYMI: Must-See Photo,” it was captioned.

The former president shared the meme a day after releasing a statement that criticized Bush, who he previously accused of leading “a failed and uninspiring presidency,” for his “stupidity” in the Middle East.

The statement also saw Trump lambast Bush for his support of “warmongering and very low polling” Cheney – the daughter of Bush’s former vice president, Dick Cheney – after he announced that he would fundraise for her in Dallas on October 18.

Trump, who is backing Cheney’s primary opponent in Wyoming next year, has clashed with Cheney since the Capitol riot. She was one of a handful of Republicans in the House and Senate who voted to impeach him for inciting it and is one of two Republican members of the House committee investigating the January 6 attack.

In May 2021, Cheney became a Republican pariah after she was ousted as the House Republican Conference Chair, the third-highest ranking position within the GOP caucus, due to her continued public admonishment of Trump for his role in the deadly January 6 Capitol riot.

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The Queen of Stonks: How Nancy Pelosi became the biggest meme in investing

democrats win house
Nancy Pelosi has become an unlikely investing meme.

  • The investing world has a new meme: Nancy Pelosi, House Speaker and star stock-picker.
  • Pelosi’s husband’s winning tech trades have shot the couple into the investing limelight.
  • While some meme about insider trading, others actively copy, and follow, the Pelosi approach.
  • See more stories on Insider’s business page.

Move over GameStop and dogecoin, the investing world has a new meme: Nancy Pelosi, the Speaker of the United States House of Representatives, and star stock-picker.

Pelosi has become a regular feature on the biggest financial meme pages such as Litquidity and Parik Patel. And investing TikTok accounts are getting tens of thousands of views on clips about Pelosi’s moves in the market. But why?

A fateful Alphabet bet

Central to the story of how Pelosi became the biggest meme on Wall Street is US legislation that forces lawmakers to disclose their and their family’s trading activity. It means the general public can view Pelosi’s – or, more specifically, Pelosi’s husband’s – often highly successful trades.

Pelosi has reported many stock trades carried out by her husband, Paul, over the last few years. But his trading activities shot into the news in July, when he made a cool $5.3 million by exercising call options that let him buy 4,000 shares of Google parent company Alphabet.

The trade was highly controversial. That’s because it came just before the House Judiciary Committee voted on antitrust regulation, which ultimately wasn’t seen as a big threat to the tech titans.

Spokespeople for Speaker Pelosi told media outlets at the time that she had no knowledge of the purchases and that she owns no stock herself. Insider contacted Pelosi’s office but received no reply.

Although she didn’t break any rules, the trades were seen as fishy by many, and two memes based around Pelosi quickly sprung up. One is that the 81-year-old is a high-rolling, risk-taking star trader. Another is that she’s making the big bucks off of insider information.

Nancy Pelosi stocks meme
Parik Patel is one account that regularly memes about Pelosi.

Paul Pelosi is one good day-trader

For the anonymous Wall Street banker behind the Litquidity meme account, the whole situation is funny.

It’s funny to imagine Paul Pelosi as just another WallStreetBets day-trader trying to make some money on his phone, Litquidity told Insider.

And it’s funny that the family of the country’s most powerful Democrat, whose party is seen as wanting to tax the rich and slash inequality, should be regularly buying and selling millions of dollars of stocks and options.

The whole issue of politicians trading stocks is highly partisan. Democrats frequently point to the cases of Republican Sens Kelly Loeffler and Rand Paul, whose trading activity has also been criticized.

Unsurprisingly then, memes on Pelosi generate a lot of heat online, Litquidity says. One Litquidity Instagram post is a picture comparing George Soros and Nancy Pelosi as traders. A comment underneath says: “Nice. Now do Rand Paul and his wife.” Others are highly critical of the speaker.

Read more: The market is headed for its dreaded ‘late-cycle stage,’ Bank of America warns – but these 6 real-estate stocks offer strong fundamentals and inflation-protected dividends

Copying the Pelosi approach

Yet there’s also a community online who are more admiring and look to copy the Pelosi family trades.

In a recent TikTok video, an account called Quicktrades got 70,000 likes in a post focusing on trades by the “queen of investing.” Another account posted a TikTok saying “shouts out to Nancy Pelosi for the stock tips.” And trading social media app Iris allows users to track Pelosi’s disclosures.

Ed Moya, senior market analyst at trading platform Oanda, told Insider the new army of retail traders in the US are always looking for experts to mimic. “The newbie believes politicians have an insight to what will likely be a good stock pick, as government officials know what fiscal policies will impact which sectors,” he said.

“Retail traders are somewhat realizing that they have taken AMC and Gamestop as far as they can go and need to look for other trades.”

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Georgia GOP Lt. Gov. Geoff Duncan says he’s ‘still furious’ that local pro-Trump lawmakers sought ‘to invalidate their own constituents’ votes’: book

Geoff Duncan
Georgia Lt. Governor Geoff Duncan, a Republican, speaks on the floor of the State Senate.

  • GOP Lt. Gov. Duncan remains incensed by efforts to overturn the presidential election results, per a new book.
  • Duncan has been highly critical of former President Trump’s debunked election fraud claims.
  • The lieutenant governor is focusing on a “GOP 2.0” movement to make the party more inclusive.
  • See more stories on Insider’s business page.

Republican Lt. Gov. Geoff Duncan of Georgia, who backed the validity of the 2020 presidential election when many members of his party were pushing unsubstantiated claims of voter fraud, said that he was “still angry” over attempts by GOP lawmakers to “invalidate their own constituents’ votes.”

Duncan, who was seen as a rising star in state politics when he was first elected in 2018 alongside Gov. Brian Kemp and Secretary of State Brad Raffensperger, has been a staunch opponent of former President Donald Trump’s crusade against the Georgia election results, which saw the incumbent narrowly lose the state to now-President Joe Biden last fall.

In his newly-released book, “GOP 2.0,” the lieutenant governor presented a case for a more independent and inclusive party, while also stressing the consequences of Republican mistrust in voting systems, which he says included the loss of two GOP Senate seats formerly held by David Perdue and Kelly Loeffler in the January runoff elections.

Duncan, referencing former US Senator and 1996 GOP presidential nominee Bob Dole, said that the World War II veteran always kept a notecard of the 10th Amendment in his pocket.

The amendment reads: “The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.”

The lieutenant governor said that elections fall squarely under the powers granted by the amendment and chafed at the fact that Texas Republican Attorney General Ken Paxton, with the backing of Trump, 17 GOP attorneys general, and over 100 GOP members of Congress, sued Georgia, Pennsylvania, Michigan, and Wisconsin over their election laws.

Duncan was highly critical of how Perdue and Loeffler, along with seven GOP members of Congress from Georgia and 28 GOP state lawmakers, supported the lawsuits.

“They wanted to invalidate their own constituents’ votes and strip their own state of its sovereignty!” he wrote.

After the US Supreme Court declined to hear the case, Duncan said he believed that the fight against Biden’s victory and states’ rights was over, but was mistaken.

“Seven Republican senators and 138 House members continued fanning the flames of misinformation and assaulting the principle of states’ rights by objecting to the Electoral College count on January 6, 2021,” he wrote. “They overtly tried to claim principle while covertly taking sledgehammers to democracy’s pillars. Some pointed to the doubt existing among the public.”

He emphasized: “Hearing that, I almost shouted into the television: ‘You created the doubt in the first place!'”

The lieutenant governor went on to explain how some GOP lawmakers were fundraising off of their desire to overturn the election, which he said was rooted in deception.

“These elected leaders continued propagating lies and baseless doubt,” he wrote. “Several US Senators sent fundraising solicitations to Georgians, promising to fight fraud in Georgia from afar if good Georgians could just send them $10, $50, $100, or more. This band of senators and representatives essentially voted to discount more than 10 million ballots legally cast by Americans citizens in elections fairly run by sovereign states dutifully exercising their responsibilities under the Tenth Amendment.”

He added: “Outsiders, and unfortunately Georgia officials, too, tried to deceive my nearly 11 million statewide constituents, take their money, and scrap their votes. I wasn’t having it. I am still furious.”

Duncan announced earlier this year that he would not run for reelection in 2022 and would instead focus on the GOP 2.0 independent movement to broaden the Republican coalition.

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