Stocks Stumble, Carnival Crushed, Hertz Abandons $500 million Stock Sale

David Faber and Jim Cramer discuss the drop in stocks, airlines and retailers sliding. Investors are weighing the rising number of coronavirus cases in the U.S. and around the world, as states continue pushing for reopening. Shares of Carnival getting crushed after reporting a miss on the top & bottom line. The cruise line saying it expects a net loss for the 2nd half of this year, but is seeing growing demand for new 2021 bookings. Hertz abandoning its plan to sell $500 million of stock after an SEC review. David Faber asking Chairman Clayton yesterday on “Squawk on the Street” if the SEC is in a position to stop a potential sale of stock by the company if he takes issue with it. Clayton responding, “there are a number of powers that we have, but we do have to follow due process here. And in a new issue situation like we have where there is new stock, one of the processes is to review the disclosure for the issuance, and we’ve let the company know we have comments on the disclosure”

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