I think the thing with CCL is that it has had two and possibly...

I think the thing with CCL is that it has had two and possibly three downgrades which has undermined their share price recovery. There is a possibility that the company will look to downgrade again to deal with trading/SPC writedowns. That is where the possibility of the share price dropping further comes in.

I agree that CCL has already had a big fall but its very high 20 PE ratio makes it a risky buy. It may still be priced for perfection even after the falls.

So there may be a clear risk to be holding CCL next Tuesday when they drop their earnings announcement.