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A rising tide…

Investors in Carnival Corp.’s (CCL) zero-coupon bonds have something to cheer about, though Carnival shareholders won’t be as happy. Buried deep in the company’s 10-Q filed yesterday is the disclosure that Carnival’s zero coupon bonds are now convertible to 17.4 million shares of stock because Carnival stock hit $33.77 a share for an undisclosed defined period during the third quarter. Zero coupon investors were able to buy the stock at only $30.70 a share, which given that the stock is currently trading at just under $35 a share, makes for a pretty nice profit. They’re not the only ones cashing in on Carnival’s rising stock price. Carnival insiders have sold 1.9 million shares in the past three months.