On Wednesday, 1/8/2020 Marijuana Stock & beer and wine distributor Constellation Brands (STZ) reported their earnings for the third quarter of 2019, which beat expectations while raising its full-year guidance as a decline in fear of losing marijuana stock investments was relieved. Constellation Brands (STZ) stock began to run, up.
Constellation Brands Releases Earnings
Estimates: Wall Street anticipated Constellation Brands earnings per share to drop slightly by over 20% to $1.85. Revenue for the parent of Corona is seen declining by 0.9% to $1.955 billion.
Results: EPS of $2.14 or $2.39 after eliminating equity losses from Canopy Growth on its income of $2 billion.
In Q3, Constellation Brands (STZ) realized a $534 million reduction in the average value of Canadian marijuana farmer Canopy Growth (CGC), (WEED) whose stock has dipped back from April 2019, that’s a drop from an $839 million decrease in Q2.
Outlook: The company raised its full-year EPS to $9.45-$9.55 from a prior of $9-$9.20.
Marijuana Stocks | Constellation Brands (STZ) | Canopy Growth (CGC), (WEED)
Constellation Brands stock went up 3% to $189.00 in premarket trading on Tuesday, 1/7/2020. However, (STZ) broke support at its 50-day line on the same day. That critical level of market support crossed below Constellation’s 200-day line in December 2019, which can be a bearish sign. All this took place while Canopy Growth (CGC), (WEED) stock increased by 1% early.
Constellation Brands (STZ) shares seesawed through 2019, amid challenges in the wine industry and a $4 billion investment in Canopy Growth (CGC), (WEED). Marijuana stock (STZ) has a sub-par 43 Composite Rating. Its EPS Rating is 75, which is more beneficial.
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