Constellation shares up on earnings, outlook Tue January 7, 2003 01:55 PM ET CHICAGO, Jan 7 (Reuters) - Shares of Constellation Brands Inc. STZ.N rose more than 7 percent on Tuesday as the company, which distributes alcoholic beverage brands, reported profit that was slightly above analysts estimates, rather than missing them as some had expected.
The stock was up $1.64 to $24.51 on the New York stock Exchange, a day after the company, whose brands include Corona beer and Cook's champagne, earned 69 cents a share in the third quarter ended Nov. 30.
The stock sold off in the two days prior to the earnings report amid concern that price cuts by smaller winemakers were cutting into its wine business and following a downgrade of the stock on Friday to "buy" from "strong buy," by UBS Warburg.
Beer sales rose 12 percent in the quarter, even on price increases.
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