Constellation Brands Offers Dim Outlook

Shares of the wine and spirits outfit dropped sharply Thursday after it issued disappointing revenue and earnings projections

Constellation Brands (STZ) is bracing for trouble selling its wines and beverages in 2008. The U.K. market has been weak. Meanwhile, U.S. companies that distribute Constellation Brands' products are consolidating and slashing inventory. After the Fairport (N.Y.) company warned Mar. 1 that its earnings will get worse next year as sales fall, investors dumped its stock.

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