Bill and Garth Explain the Puts, Takes and Brakes at Barclays

Dear Client:  This time last year, after Labor Day and before Constellation execs took the stage at the annual Barclays Global Consumer Staples Conference, the company lowered its full-year guidance. A year later, the situation has repeated itself. Coming out of Labor Day weekend and ahead of its Barclays sit-down yesterday, Constellation once again issued a guidance cut. But whereas last year’s update only slightly trimmed beer expectations, this time the cuts on beer are more pronounced.  NOW FORECASTING BEER