Carnival Corp. has had its share of bad press, but investors were willing to cut the cruise ship operator some slack Tuesday.
Shares of Carnival (CCL) rose 4% after the company reported quarterly results and announced a management shake-up.
While earnings were better than expected in the second quarter, Carnival said advance bookings for the rest of the year are currently below last year, despite discounted ticket prices.
Carnival also said it will split the roles of chairman and chief executive, currently held by Micky Arison. Arison will remain chairman, while long-time board member Arnold Donald will become CEO effective July 3.
Arison said the time was right for him to step aside after 34 years at the helm, in order to better "align our company with corporate governance best practices."
Coincidentally, the move comes days after Arison's basketball team, the Miami Heat, won another NBA championship. So don't feel too bad for him.
Despite relinquishing his CEO title, Arison will probably retain significant influence over the company founded by his father, Ted, in 1972. At least that's the chatter making the rounds on StockTwits.
The shake-up comes after Carnival got dinged by a number of high-profile incidents, including last year's Costa Concordia disaster which led to the loss of 32 lives.
More recently, the Carnival Triumph was stranded after a fire aboard the ship in February caused it to lose power in the middle of the Gulf of Mexico. It took five days to tow the ship to shore.
Some traders were surprised by the resilience of Carnival's stock given the concerns about safety and sanitation.
The Black Death would definitely be bad for business. But there may be another, equally ridiculous, explanation for the stock's performance.
Why not? Fed chairman Ben Bernanke seems like he could use a vacation after that last press conference, and he's made it pretty clear that he won't be around much longer…
Another one of Jamie Dimon's key executives is leaving JPMorgan Chase, the firm announced Sunday.
Frank Bisignano, co-chief operating officer along with Matt Zames, is leaving the bank to run First Data Corp., a payments processing company owned by private equity firm KKR. Zames, who now appears to be the clear frontrunner to lead JPMorgan (JPM) when Dimon retires, will be the sole COO of the bank.
Related: What could cause the next MOREHibah Yousuf - Apr 28, 2013 4:15 PM ET
It's that time of year again. Most of the nation's big banks have disclosed how much chief executives earned in 2012. While some had their compensation cut, others received hefty raises.
One caveat: Wells Fargo (WFC) CEO John Stumpf, who received $17.6 million in total compensation in 2011, is not on the list. Wells has not yet disclosed Stumpf's 2012 compensation.
Lloyd Blankfein: $21 million
The CEO of Goldman MOREBen Rooney - Feb 25, 2013 5:26 AM ET
"Give up the chairman role Jamie Dimon." That's what a coalition of investors in four major pension funds told JPMorgan Chase's (JPM) board Wednesday. Dimon has served as the bank's CEO and chairman since late 2006.
The coalition, which includes the Connecticut Retirement Plans and Trust Funds as well as the New York City Pension Funds, called on the bank to name an independent board chairman. Shareholders will vote on this plan MOREMaureen Farrell - Feb 20, 2013 4:51 PM ET
The New York Times Company's stock plummeted Thursday, after the company reported a surprise third-quarter loss, driven by a 9% decline in advertising revenue.
Print ad revenue sank more than 10%, while digital ad sales fell 2% "largely due to the challenging economic environment," and a "complex and fragmented digital advertising marketplace," the company said, adding that it expects the trend to continue during the fourth quarter.
The weakness in ad sales resulted MOREHibah Yousuf - Oct 25, 2012 4:45 PM ET
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