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March 2003
Wine Business Stock News
During January, Constellation announced it would acquire BRL Hardy. Legg Mason upgraded Constellation as a result while S&P downgraded Constellation on the news. Citing low prices and an oversupply of grapes, Mondavi cut its earnings forecast on January 23. Merrill lowered its stake in Allied Domecq on January 16. During January, the Dow lost 3.45% of value by month's end. Likewise, the Nasdaq fell 1.09% over November's closing valuation. Meanwhile, the S&P 500 lost a comparable 2.74% du...
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