Constellation Brands Inc raised its full-year adjusted profit forecast on Thursday, after beating Wall Street estimates for second quarter profit on the back of strong summer demand for Corona and Modelo beers. Shares of the company were, however, down nearly 4% in premarket trading, as it said it took a $839 million write down in the value of its investment in pot firm Canopy Growth during the quarter. Constellation has invested more than $4 billion in the loss-making Canopy, banking on the proposed legalization of recreational weed in several countries. …read more
Source:: Yahoo Finance
