Why Lucid (LCID) and Carnival (CCL) Are Rallying Today

Electric vehicle maker Lucid (LCID) and cruise-ship operator Carnival (CCL) are climbing 12% and 6%, respectively, today. Lucid is advancing after Cox Automotive reported yesterday that U.S. new EV unit sales had jumped 13.6% in November versus the same period a year earlier. Meanwhile, Carnival delivered stronger-than-expected fiscal fourth-quarter financial results this morning.

Lucid is advancing after Cox Automotive reported that the number of EVs sold in America had surged 13.6% year-over-year in November to over 116,000 units. Moreover, the latter figure represented a 10% gain compared with the previous month. Also noteworthy is that EVs ‘ share of the overall U.S. auto market reached 8.5%. Tesla’s (TSLA) Model Y and Model 3 were the two best-selling EVs last month. Meanwhile, Lucid began taking orders for its new Gravity SUV on Nov. 7.

An engineer examining an electric vehicle design in a lab, showing the company’s innovative battery systems.

Turning to Carnival, the cruise operator reported that its fiscal Q4 revenue had climbed 10% versus the same period a year earlier to  $5.94 billion, representing a record for Q4. The latter total was $10 million above analysts’ average estimate. Moreover, the firm’s adjusted EBITDA soared 29% year-over-year to a record $1.2 billion. Its adjusted earnings per share of 14 cents came in 7 cents above analysts’ average estimate.

“The (company’s) progress was broad based as we drove strong pricing in 2024 as compared to 2023 across our major cruise lines and trades,” CEO Josh Weinstein said in a statement.

While we acknowledge the potential of LCID and CCL, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than LCID and CCL but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.