U.S. stocks closed mixed on Wednesday as the Dow and S&P 500 pushed into uncharted territory ahead of a government jobs report.» Read More
Wine and spirits producer and marketer Constellation Brands said Thursday its fourth-quarter net income grew 21%, as strong wine sales helped offset a drop in sales of imported beer and competition in the British market.
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Shares of Constellation Brands fell to a two-year low after the company provided a weak fiscal-year 2008 forecast, citing ongoing challenges in the U.K. retail environment and an oversupply of Australian wine.
It’s been a hard time out there for hard liquor. The Dow Jones Distillers & Vintners Index is down 10% YTD. On “Squawk on the Street,” CNBC's Mark Haines asked Brent Wilsey, president of Wilsey Asset Management why the winemakers and distilleries seem to be suffering from somewhat of a hangover.
Constellation Brands, the world's largest wine maker by volume, said its quarterly profit fell 1.1% and lowered its fiscal 2007 outlook citing tough competition in the U.K.
Investors are not toasting Constellation Brands today. The spirits giant missed 3Q estimates and lowered its profit outlook for 2007. On CNBC’s “Morning Call” Constellation Brands Chairman and CEO Richard Sands explained what went wrong
"There's fresh money that comes in at this time of year," said Muriel Siebert, the founder and president of Muriel Siebert, a discount brokerage based in New York. "There's just so much money sloshing around. The hedge funds and the private equity people have put so much money into this market."