Constellation Explains Lingering Macro-Drags

Dear Client: It was another quarter of growth -- albeit, more muted growth -- for Constellation Beer's FYQ3, but the reaction and corresponding call to a positive quarter were far less typical. Shortly after releasing its earnings report Friday morning – a report that saw 3.2% depletion growth in its beer biz, a trend that its public peers would gladly take – Constellation stock began to tumble, down 17% at market close. The stock reaction was one thing, the earnings