European Brewers May Be Active After Molson Coors Shares Drop
European brewers may be active on Thursday after shares in U.S. group Molson Coors closed 6.5% lower on Wednesday and after Bernstein analysts, led by Trevor Stirling, said the U.S. beer market is currently struggling.
- Molson Coors shares fell as much as 8%, hitting lowest level since March 2016, following analyst meeting
- Shares in Anheuser-Busch InBev and Constellation Brands also fell in U.S.
- Story link: Molson Coors Erases Gains Amid Analyst Day; Alcohol Stocks Sink
- Bernstein analysts, in note published Thursday, say the U.S. beer market has "taken a turn for the worse in 2017"
- U.S. domestic beer shipments down 5.3% in the three months to end-April, worst level in more than a decade
- Import shipments also fell 2.6%
- Heineken USA volume down ~1.5% in three months to end-May, with substantial slowdown in its Mexican portfolio, steep decline in Amstel Light
- Bernstein also notes weakening volume for AB-InBev, but better performances at MillerCoors and Constellation