Stocks Drift Lower, Paring January Gains
â¿¿ Constellation Brands slid $6.81, or 17.4 percent, to $32.36 after the Justice Department sued to stop Anheuser-Busch InBev's proposed $20.1 billion purchase of Mexican brewer Grupo Modelo, which would unite the ownership of popular beers like Budweiser and Corona. Constellation, a liquor and wine producer, was set to expand as part of a side deal in the merger.
â¿¿ Qualcomm Inc., a maker of chips for mobile devices, rose 3.9 percent to $66.02 after it said late on Wednesday that its earnings surged. Its revenue was boosted by growing global demand for smartphones.
AP Business Writer Mark Jewell contributed from Boston.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV