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Here's a Reason Why Royal Caribbean (RCL) Stock Is Slumping Today

NEW YORK (TheStreet) -- Shares of Royal Caribbean Cruises (RCL) were down 5.83% to $69.67 on heavy trading volume Tuesday afternoon as its competitor Norwegian Cruise Line (NCLH) reported weak revenue for the 2016 second quarter, gave a downbeat profit forecast and cautioned of soft demand.

Miami-based Norwegian Cruise no longer expects to achieve its previously stated 2017 earnings per share target of $5.

The company cited continued weak demand from North American customers for its European cruises and a lower British pound following the Brexit decision.