Reversal of Fortunes

Dear Client:  On March 31, 2023, Molson Coors' stock price closed at 51.68. On July 28 it reached a high of 70.90 as it became clear to the Street that Coors Light and Miller Lite were to be the main beneficiaries of the Bud Light Spring fallout. The stock hovered the rest of the year at around 67 a share as it was thought that with shelf gains and changes in consumer habits, the market share gains would stick. But