Specifically Norwegian and Carnival.
Thinking LEAPs expiring like 2025 slighty OTM, but bear case being an upcoming worldwide bad economy and both companies still struggling to recover from COVID debts and pandemic loss of revenue.
Bull case: Both down like 80%, lower than COVID levels (which I believe should be the benchmark for rock bottom for travel companies) and cruises tend to still be decent vacationing options because they’re cheaper
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