Constellation stock is up! No, it’s down! Wait, who’s right?
Turns out, they both are. In an unusual bit of symmetry, shares of two companies named “Constellation” are among both the S&P 500’s top gainers and losers Friday.
On the green side of the ledger is Constellation Energy (CEG), shares of which were recently up some 26%. That was good for the second-best performance in the benchmark index after Walgreens Boots Alliance (WBA).
Driving the move was the news that the company agreed to buy privately owned Calpine in a more-than-$26 billion deal said to create the largest U.S. clean-energy provider.
While the rise in shares of Constellation, the energy company, might have investors feeling upbeat, shareholders of Constellation Brands (STZ), the liquor company, may feel like they need a drink.
Shares of the maker of Modelo beer and High West whiskey were recently down about 16%, the worst performers on the index. Scaled-back year-ahead sales and profit forecasts weighed heavily on the company’s stock.
The news also took some of the fizz out of other liquor companies’ shares, with Brown-Forman (BF.B) and Molson Coors (TAP) also trading well in the red.
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