BUZZ-Cruise stocks slide after US commerce secretary Lutnick's comment on taxes
Updates
Shares of cruise operators fall, a day after U.S. commerce secretary Howard Lutnick's comments on taxes
"You ever see a cruise ship with an American flag on the back? ... None of them pay taxes ... every supertanker. None pay taxes ...," Lutnick said in an interview on Fox News on Wednesday
Cruise operators Norwegian Cruise Line NCLH.N, Carnival CCL.N and Royal Caribbean Group RCL.N down between 6% and 9%
If losses hold, RCL set for worst day since September 2022
Viking Holdings VIK.N down ~4%
Initial reaction in the stocks is a knee-jerk overreaction for a sector that has performed extremely well over the past two years - Patrick Scholes, analyst with Truist Securities
*Adds, should a tax be imposed, cruise companies might pass on this cost to customers, choose to relocate some of their ships to avoid U.S. port
The commerce secretary also said President Donald Trump wants to abolish the Internal Revenue Service (IRS)
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