Joseph Greff, analyst at JP Morgan told investors that performance of cruise stocks would depend on oil prices.
"The [cruise] stocks have traded more on the direction of crude than any operating or earnings fundamental performance. And we expect that to continue,” said Greff. “We’ve seen crude come down for the last month and stocks have moved accordingly.”
Stocks mentioned in interview:
- Royal CaribbeanCruises
“[Despite] a weak consumer environment, the cruise industry has been fairly resilient,” said Greff. (Watch the video, at left, for more info on Greff's cruise stock picks.)
Greff does not own any shares of the companies mentioned above. However, a JPMorgan employee sits on the board of directors of Carnival.