Alcohol stocks face major drop after cancer warnings, will Congress change consumption guidelines?
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Market Shake-Up: Alcohol Stocks Decline
Shares of major alcohol companies fell sharply on Friday after Murthy urged Congress to reassess health warnings on alcoholic products.
Constellation Brands, the maker of popular beverages like Modelo and Corona, saw its market capitalization shrink by approximately $450 million, as its stock dipped over 1% to trade below $220, as mentioned in a report by Forbes.
Other prominent alcohol manufacturers followed suit, with Anheuser-Busch InBev (owner of Bud Light) witnessing a 1.2% drop, Brown-Forman (maker of Jack Daniel’s) falling 1.1%, Molson Coors Beverage sliding 0.8%, and Boston Beer Company (known for Sam Adams) slipping 0.9%.
Call for Cancer Warnings
The market downturn was triggered by Murthy’s advisory, which highlighted the cancer risks associated with alcohol consumption.
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