What happened Carnival (NYSE: CCL) (NYSE: CUK) shareholders trounced a surging market in November as their stock rose 46% compared to the 11% increase in the S&P 500, according to data provided by S&P Global Market Intelligence. The rally didn't put much of dent in wider losses, though, and the cruise ship giant remains lower by over 50% so far in 2020. Image source: Getty Images. So what November's rally reflected growing optimism that a COVID-19 vaccine will soon be widely available, which would allow for Carnival and its peers to resume normal operations perhaps as early as mid-2021. News that multiple effective vaccine candidates are now in production had Carnival shares jumping in concert with Royal Caribbean Cruises and Norwegian Cruise Line Holdings last month, and the broad rally has continued into early December. Now what There's still an almost complete global pause on sailings, and so it remains an open question when Carnival can resume packing guests onto it ships. In the meantime, the cruise leader must fund its substantial fixed costs through debt, including the additional $1.5 billion it took on last month. Those difficult conditions warrant plenty of caution for investors hoping to buy into a rebound story for this business, which could struggle under lingering COVID-19 pressures for years even if the economy avoids slipping into a recession in 2021. 10 stocks we like better than CarnivalWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Carnival wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Demitri Kalogeropoulos owns shares of Carnival. The Motley Fool recommends Carnival. The Motley Fool has a disclosure policy.Source