STZ - Dow Tumbles Over 100 Points; Constellation Brands Raises Profit Forecast | Benzinga
U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 100 points on Thursday.
The Dow traded down 0.45% to 32,980.31 while the NASDAQ fell 0.62% to 13,154.24. The S&P 500 also fell, dropping, 0.57% to 4,239.60.
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Leading and Lagging Sectors
Energy shares fell by just 0.2% on Thursday.
In trading on Thursday, consumer staples shares dipped by around 1.5%.
Top Headline
Constellation Brands Inc (NYSE: STZ) reported better-than-expected earnings for its second quarter.
The company reported second-quarter FY24 net sales growth of 7% year-on-year to $2.84 billion, beating the analyst consensus estimate of $2.82 billion. Comparable EPS of $3.70 beat the consensus estimate of $3.36.
Constellation raised FY24 Comparable EPS outlook from $11.70 - $12 to $12 - $12.20 versus an estimate of $11.70.
Equities Trading UP
Orchard Therapeutics plc (NASDAQ: ORTX) shares shot up 98% to $15.98 after the company agreed to be acquired by Japan's Kyowa Kirin for $16.00 per ADS in cash plus an additional contingent value right of $1.00 per ADS.
Shares of Lamb Weston Holdings, Inc. (NYSE: LW) got a boost, shooting 10% to $99.26 after the company reported better-than-expected first-quarter financial results.
SP Plus Corporation (NASDAQ: SP) shares were also up, gaining 46% to $51.54 after Metropolis Technologies announced ...