The company saw demand for its Corona and Modelo Especial beers stabilize
Constellation Brands Inc (NYSE:STZ) shares are up 4.2% to trade at $146.41 at last check, after beating profit and revenue estimates for the fiscal third quarter. The upbeat results come amid stable demand for both its Corona and Modelo Especial beer labels.
The spirits stock has added 15% since gapping to a Nov. 10, five-year-low of $126.45, and earlier hit its highest level since December amid support from the 40-day moving average. Though shares are now track for its fourth consecutive positive trading session, they still carry a 33.7% year-over-year deficit.
Though calls still outpace puts, options traders have been more bearish than usual. This is per the equity's 50-day put/call volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 74% of annual readings.
That pessimism seems to be unwinding today. So far, 15,000 calls and 9,909 puts have already traded hands -- volume that's four times the average intraday amount. The most active contract by far is the weekly 1/9 160-strike call, with new positions opening there.