Beer, booze makers fizzle amid COVID-19 spikes, dashed reopening hopes

Shares of beer and booze makers took a hit as the sad reality of delayed bar openings shook the confidence of investors on Wednesday after reports that COVID-19 cases are climbing quickly among the more socially aspirant young adults in a number of states where bars, stores and restaurants have reopened. According to national reports, four states — California, Florida, South Carolina, and Oklahoma — reported new single-day case highs. New York state Governor Andrew Cuomo announced two executive orders. The first would allow for liquor licenses to be immediately revoked from businesses in the event of violating reopening guidelines. The second would make these businesses responsible for the sidewalk or outdoor areas immediately outside their establishments. “As we go through these phases of reopening, the compliance and enforcement function of local government gets more difficult. We’re going to take an added step by issuing executive orders to increase the State’s enforcement capacity,” said Cuomo. PRICE ACTION: Shares of all the major spirit makers were down, including Constellation Brands (STZ), Diageo (DEO), Molson (TAP), Anheuser-Busch InBev (BUD), Boston Beer (SAM), and Brown Forman (BF.A, BF.B).

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