Assia Georgieva and Mike Singleton break down Carnival (CCL) earnings. The stock is down despite record revenue in Friday’s session. Assia was happy with the report, highlighting strength in onboard spending, but notes fuel prices continue to increase and a lot of dry docking raising costs. Carnival is “unique” because it doesn’t hedge its fuel exposure, Assia notes. Mike explains how the price of oil will impact Carnival from here and how the company is managing fuel expenses. He thinks they post a strong quarter “operationally” as well.