Diamonds and Dogs
As the markets move lower, investors may want a special liquid from today's diamond. Constellation Brands (STZ) is bucking the trend, up nearly 5% following better than expected earnings. The conglomerate based in Victor, NY that owns alcoholic beverage names like Corona, Svedka, and Modelo, along with a large assortment of wines reported better-than-expected quarterly net sales and profits last night, and said it plans to spend $1.5 billion to build a brewery in Mexico to meet growing demand for its Mexican beer brands. Constellation has been benefiting from strong demand for premium beer brands such as Modelo Especial and Corona. With the market volatility, boring is beautiful.
Pick any stock, market segment, fund or anything related to the market except gold to find our dog of the day. The Dow Jones Industrial Average is down 246 points (1.44%), NASDAQ is down 96 points (1.98%), and the S&P 500 is down 30 points (1.52%) midway through the day, for the fourth straight down day to start the year. The selling in the global markets started once again in the Chinese Markets overnight. The Chinese market was halted after only 28 minutes of trading, setting new recent lows for the exchange. It feels like we're getting closer to capitulation.