Constellation Brands just dropped $4 billion on pot. Here’s why that could be a bum deal. [CNBC]
Constellation Brands, Inc. (STZ)
Last constellation brands, inc. earnings: 4/3 07:30 am
Check Earnings Report
US:NYSE Investor Relations:
cbrands.com/investors
Company Research
Source: CNBC
Constellation Brands just spent billions on pot. The wine and spirits company increased its investment in cannabis company Canopy Growth by $4 billion. Markets weren't buying it. Constellation's stock plummeted 6 percent on Wednesday in its worst daily performance since January 2017. Here's why the market hates it. They paid $4 billion for a company that was worth $5 billion and got about 38 percent of it, so the market thinks they just sort of paid too much, Boris Schlossberg , managing director of FX strategy at BK Asset Management, told CNBC's Trading Nation on Wednesday. Constellation, which owns the Corona and Modelo beer brands, increased its stake to 38 percent from the 9.9 percent holding it had in October. The deal also includes new warrants that it can use to build a 50 percent stake. Constellation's increased investment priced Canopy's shares at a 51 percent premium to their Tuesday close. The opportunity for a larger footprint in the fast-growing
Show less
Read more
Impact Snapshot
Event Time:
STZ
Last Price
Price Change
Price Change%
Volume Shares
Max Up
Max Down
%
Volume Ratio
Performance Comparison
Updated
Event Day
Stock performance from the time of news release until the following 4pm ET market close
|
Last price at news event
|
Since Event
Multi-day stock performance from the time of the news release
|
---|---|---|
EVENT DAY
Stock performance from the time of news release until the following 4pm ET market close
|
LAST
PRICE AT NEWS EVENT |
SINCE EVENT
Multi-day stock performance from the time of the news release
|
Last Price | ||
VWAP | ||
High:
|
Max Up |
High:
|
Low:
|
Max Down |
Low:
|
%
|
Post news range |
%
|
|
Price change |
|
|
Price Change Percentage |
|
|
S&P 500 (SPX) |
|
%
|
Volume ratio |
%
|
Volume | ||
Ticks | ||
|
Avg transaction size |
|
Don't Miss Out On The Next BIG Stock Move
Event day
Event Day Chart will not be displayed beyond 90-day period of the event
Performance since event
Time And Velocity Analysis
Be the first to know
Opt in for alerts from News Quantifed
Sign Up Today
Opt-in for
STZ alerts
Learn More With NQ
Reading the Impact Report
Help Me Understand This Data
Help Me Understand This Data
How NQ Works
What is news-based trading?
And why is it so successful?
And why is it so successful?
Movers & Shakers
The biggest gainers and losers and WHY it moved
STZ alerts
High impacting Constellation Brands, Inc. news events
Weekly update
A roundup of the hottest topics
STZ
News
- With the market oversold, we're buying a geopolitical hedge and an unfairly punished beer stock [MSNBC.com]MSNBC.com
- Constellation Brands, Inc. (NYSE:STZ) Q4 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- Constellation Brands' Continued Beer Strength Offsets Its Wine And Spirits Weakness [Yahoo! Finance]Yahoo! Finance
- Constellation Brands, Inc. (NYSE: STZ) had its price target raised by analysts at Barclays PLC from $294.00 to $295.00. They now have an "overweight" rating on the stock.MarketBeat
- Constellation Brands, Inc. (NYSE: STZ) was upgraded by analysts at Argus from a "hold" rating to a "buy" rating. They now have a $306.00 price target on the stock.MarketBeat
STZ
Earnings
- 4/11/24 - Beat
STZ
Sec Filings
- 4/16/24 - Form 4
- 4/12/24 - Form 144
- 4/12/24 - Form 144
- STZ's page on the SEC website