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MarketWatch MarketPulseMar 31, 2020
Papa John's says same-store sales rose 5.3% in Q1 in North America despite coronavirus-related business disruption
Papa John's International Inc. said Tuesday that same-store sales for the first quarter rose 5.3% system-wide in North America, and 2.3% at international locations. The growth came despite a disruption caused by the coronavirus pandemic. The company saw some temporary closures globally, though it says stores are fully operating in North America. "Although March sales in North America were negatively impacted by the cancellation of large gatherings, including major sporting events, our international and domestic businesses have performed well, as customers and communities rely on us and others in the food delivery industry," said Rob Lynch, chief executive of Papa John's. For the period from Feb. 24 through Mar. 29, same-store sales rose 3.6% in the Americas and slipped 0.6% internationally. Papa John's has withdrawn its guidance due to uncertainty surrounding the outbreak. Shares of the pizza chain's stock climbed 5.8% in Tuesday trading, but have fallen nearly 17% for the year to date. The S&P 500 index is down 18.5% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



Yahoo BusinessMar 31, 2020
Carnival Cruise Lines Seeks to Borrow $3 Billion, Raise $3 Billion More
(Bloomberg) -- Cruise line operator Carnival Corp. is turning to all corners of the capital markets to raise at least $6 billion of cash, the biggest test yet of investor willingness to finance industries ravaged by the coronavirus outbreak.The company is tapping bond investors on both sides of the Atlantic with the sale of at least $3 billion of notes in U.S. dollars and euros. The new bonds will be secured by a first-priority claim on the company's assets such as its vessels and intellectual property and mature in three years. The dollar-denominated portion is being marketed with a coupon of about 12.5% and the entire offering could be increased to $4 billion, according to people with knowledge of the transaction.Carnival said it also plans to raise $1.25 billion by issuing common stock and another $1.75 billion through the sale of convertible notes to improve its liquidity position. Combined with the $3 billion the company drew on its bank credit lines earlier this month, the bond and stock sales could give the company as much as $10 billion of additional liquidity. The company's shares fell early in the session before rebounding sharply, trading up almost 10% as of 11:38 a.m. New York time.The offering is a barometer for pandemic-hit capital markets, which have faced historic upheaval in recent weeks. While investors have been loading up on new debt from America's safest companies, they've largely avoided riskier firms, especially those shuttered by the virus. Even with ships a
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