Constellation Brands Stock Dips on Reaffirmed Forecast

Options traders have been much more bullish than usual

Digital Content Manager
Jun 30, 2023 at 10:56 AM
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Constellation Brands, Inc. (NYSE:STZ) stock is down 1.5% $243.56 at last check, despite the company announcing better-than-expected fiscal first-quarter earnings and revenue. Steady demand and higher prices for its alcoholic beverages contributed to the results, with its Modelo and Corona brands seeing strong growth. However, the company maintained its full-year profit forecast due to higher costs as inflationary pressures.

Shares earlier slipped to their lowest level since late May, though the 40-day moving average looks like it could contain today's pullback. The $250 level turned down the security's latest advances, but year-over-year STZ still sports a modest 5.3% lead. 

Options volume is today running at five times the intraday average, with 3,725 calls and 2,760 puts exchanged so far. The most popular contract is the weekly 7/7 245-strike call, with new positions opening there.

This penchant for bullish bets is in line with current sentiment. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 50-day call/put volume ratio of 1.65 stands higher than 96% of readings from the past 12 months. This means calls have been more popular than usual over the last 10 weeks.


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