Norwegian Cruise Line's stock plummeted 5% during intraday trading, extending losses from the pre-market session.

The sharp decline follows the company's fourth-quarter earnings report, which revealed revenue that missed analyst estimates and a cut to its full-year 2026 adjusted profit outlook. The cruise operator guided to adjusted EPS of $2.38 for 2026, down from prior guidance of $2.45, disappointing investors.

Adding to the pressure, a Barron's report highlighted a "perfect storm" of negative factors including surging oil prices, which raise fuel costs, and renewed pressure from activist investor Elliott Investment Management. Elliott criticized the company's management and "disappointing outlook," reiterating calls for a board refresh. Sector-wide concerns about Middle East conflict disrupting travel and pushing fuel prices higher have also weighed on travel stocks.