Constellation Brands Remains Firmly Positive After Initial Jump

(RTTNews) - Shares of Constellation Brands, Inc. (STZ) continue to see significant strength in late-day trading on Thursday after gapping open sharply higher. After reaching a three-month intraday high, Constellation Brands has given back some ground but remains up by 5.5 percent.

The initial jump by Constellation Brands came after the alcoholic beverage company reported fiscal second quarter adjusted earnings of $2.87 per share compared to analyst estimates of $2.60 per share.

Constellation Brands also raised its full-year earnings guidance to $9.60 to $9.75 per share from its previous forecast of $9.40 to $9.70 per share.