Timothy A. Clary / AFP courtesy of Getty Images
Stocks of Constellation are up. No, it’s down! Wait, who’s right?
It turns out that they are. A strange bit of symmetry has been observed between the shares of two different companies. “Constellation” are among both the S&P 500’s top gainers and losers Friday.
Constellation Energy’s (CEG) shares have recently risen by 26%. It was also the second highest performance on the benchmark index behind Walgreens Boots Alliance.
The news that Calpine, a privately-owned company in the United States, had agreed to purchase the firm for more than 26 billion dollars was said to be the driving force behind the decision.
Constellation Brands, the company that makes liquor, is a company owned by Constellation. While this may make investors feel good, it could also cause them to want a drink.
The worst performing index shares were those of Modelo, which makes beer, and High West Whiskey. Shares fell by about 16 percent. The company’s shares were affected by the lower than expected sales and profit estimates for this year.
This news has also impacted the performance of shares of Molson Coors and Brown-Forman.
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