The Crumpling Umbrella

The red and white pricing umbrella that has protected the beer industry from large retailers may be crumpling like a cheap tent pitched in Piccadilly square. Bear Stearns analyst Carlos Laboy issued a report this week which questioned the wisdom of A-B's recent flurry of discounting in certain markets. The net net of the report: Carlos has "growing doubts that A-B will get the volume lift necessary to validate its pricing initiatives in the form of higher profits or increased