Constellation Brands issues downside earnings guidance
The S&P 500 is up 0.2% and is trading off early highs. In earnings news, shares of Constellation Brands (STZ 223.02, -11.98, -5.1%) are down 5% after the company guided FY22 EPS below consensus, overshadowing its better-than-expected quarterly results. Canagra (CAG 37.17, -0.07, -0.2%) trades slightly lower despite beating top and bottom-line estimates. Separately, U.S. Bancorp (USB 56.49, -0.32, -0.6%) was upgraded to Overweight from Neutral at JP Morgan, but USB shares are getting swept up with the broader weakness in the financials sector (-0.8%).