Treasury Wine Estates Takes $450M Write-down on US Biz

Dear Client: Yesterday evening Treasury Wine Estates announced it expects to "recognize a non-cash impairment," writing down about $450 million from the value of its US assets.  TWE cited further slowing of US wine trends as a contributing factor to the write down, noting that the company "has applied more conservative long-term market growth assumptions" as a result, per release. Meanwhile, the company adds that brands like Daou, Frank Family Vineyards and Matua continue to grow ahead of the market.