STZ Jul 2024 267.500 put
| Previous Close | 12.50 |
| Open | 12.55 |
| Bid | 16.30 |
| Ask | 19.30 |
| Strike | 267.50 |
| Expire Date | 2024-07-05 |
| Day's Range | 12.50 - 12.55 |
| Contract Range | N/A |
| Volume | |
| Open Interest | 5 |
- Yahoo Finance Video
ADP jobs data, Constellation Brands, summer gas prices: Morning Brief
Just one day shy of the July 4th festivities, the market (^DJI, ^IXIC, ^GSPC) will be on vacation tomorrow but not before clocking out one more trading session. Brad Smith and Madison Mills walk investors through the opening bell in today's shortened trading day. Get your flip-flops ready and grab a beer this holiday because Corona maker Constellation Brands (STZ) reported its first-quarter earnings, topping profit estimates but coming just short on the revenue front. Citi US beverages analyst Filippo Falorni explains how beer sales — particularly through Constellation's Corona and Modelo brands — are still a key driver in the alcohol company's profit growth. Paramount Global (PARA, PARAA) may be back on the menu for prospective buyer Skydance Media, as reports surface that it is in talks to buy Paramount's holding company National Amusements. Bloomberg Intelligence senior media analyst Geetha Ranganathan comes onto The Morning Brief to talk about the latest development in Paramount's M&A saga. Other top trending stocks on the Yahoo Finance platform this morning include Southwest Airlines (LUV), Marriott International (MAR), and gasoline prices (RB=F). This post was written by Luke Carberry Mogan.
- Yahoo Finance Video
Beer demand still a key driver to Constellation Brands' profits
Constellation Brands (STZ) — the maker of festive summer beers Corona and Modelo — saw a stock bump in pre-market trading, but its gains have since deflated in Wednesday's regular session. The alcohol company reported fiscal first-quarter earnings figures that beat profit estimates. Revenue fell just short of expectations — reported $2.66 billion ($2.67 billion expected) — while adjusted earnings outpaced estimates — $3.57 per share ($3.47 per share expected). Citi US beverages and household products & personal care research analyst Filippo Falorni joins The Morning Brief to explain Constellation Brands' growth driven by overall beer demand and other consumer innovations, such as its spirits segment, low-calorie drinks ahead of the summer holidays, and sporting event promotions. "They reported 8% year over year sales growth in the beer business, and 6.4% depletions growth, which is a measure of volume. And those were very strong results and better than expected, expectations were more in the 5.5% range," Falorni tells Yahoo Finance. "So again, continue very strong trends for the beer business driven by the Modelo Especial brand, which was up 11% in the quarter." For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Luke Carberry Mogan.
Barrons.comConstellation Brands Stock Tumbled Despite Earnings Beat. Softer Corona Sales Might Be Why.
Consumers continue to love imported beer, and Constellation Brands, the seller of Modelo Especial and Corona, is riding high. The company beat quarterly earnings estimates on Wednesday, but sales fell a bit short. While Constellation beer sales increased 8% from a year ago, wine and spirits sales declined 7% as the business continues to face challenging market conditions.
