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.
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