Diamonds and Dogs
The bad news may be priced in? Even though Apple and Samsung lowered guidance, supplier and chipmaker Micron is up 5% today and up 16% in the last four days thanks to two upgrades. Bernstein and BMO Capital Market upgraded the stock this week. BMO raised their price target to $50 or 40% above current levels indicating the bad news has been priced in.
No more happy hour at Constellation Brands (STZ). The wine and spirits producer based in Upstate New York is down 9% to a new 52 week low after cutting profit outlook for fiscal 2019 citing weakness in its wine and spirits business and higher interest expenses related to its investment in Canadian marijuana producer Canopy Growth Corp. Sales rose 9.5% to $1.97 billion topping estimates of $1.91 billion. Constellation said it expects net sales and operating income afrom its wine and spirits unit, which makes Meiomi wines and Svedka vodka, to decline in low-single digits in fiscal 2019.
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