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Molson Coors Brewing Company stock price
Molson Coors Brewing Company latest news:
Molson Coors' stock slips after profit misses expectations
Molson Coors Brewing Co. reported a second-quarter net profit of $323.3 million, or $1.49 a share, up from $172.3 million, or 80 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.66, below the FactSet consensus of $2.12. Revenue rose to $3.09 billion from $986.2 million, just shy of the FactSet consensus of $3.10 billion. Pro forma 2016 net EPS was $1.44 and revenue was $3.11 billion. The beer brewer said worldwide brand volume rose 2.3% to 26.4 million hectoliters, while net sales per HL fell 0.2% to $109.08. In the U.S., sales-to-retailers volume fell 1.9%, as lower volume in Premium Light and Below Premium offset growth in Above Premium. The stock slumped 1.3% in light premarket trade. It has dropped 8.3% year to date through Tuesday, while the S&P 500 has gained 10.6%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Constellation Brands, Boston Beer shares slide after Goldman Sachs downgrades
Shares of Constellation Brands Inc. slid 1.2% Monday, after Goldman Sachs downgraded the stock to neutral, while shares of Boston Beer Co. Inc. fell 5% after Goldman downgraded that stock tosell, citing concerns about slowing U.S. beer volumes. Nielsen data is signaling a 0.6% decline for the first half, analyst Judy Hong said in a note. "We acknowledge that some of the softness is likely due to higher volatility in the measured channel data, as well as less favorable weather patterns," Hong wrote. "However, we increasingly see broader secular challenges of 4-P's (Population, Penetration, Pricing, and Placement) putting pressure on beer volume for the foreseeable future." . Hong lowered her overall U.S. beer volume forecast for 2017 to 2018 to down 0.7% to down 0.3% versus a previous forecast of flat to up 0.1%. The analyst left shares of Molson Coors Brewing Co. at buy, because "while we see lingering volume risk, undemanding valuation and potential for healthy free cash flow growth warrant a Buy rating with 19% upside, in our view," said the note. Constellation Brands shares have gained 13% in 2017, while Boston Beer has fallen 24% and Molson Coors has lost 9%. The S&P 500 has gained about 10% in the same period. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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