Consumer staples stocks carried the bulk of Wall Street again on Thursday, Oct. 5, extending a trend that has characterized trading so far this week.
Constellation Brands Inc. (STZ) was the top performer both in that sector and the S&P 500 as a whole. The stock jumped after the alcohol company topped second-quarter earnings estimates.
Net income rose to $2.48 a share from $1.75 a year earlier. Adjusted earnings of $2.47 a share came in higher than an estimated $2.17 a share. Net sales increased 3% to $2.08 billion and edged past consensus by $20 million.
Strong beer sales offset weaker wine and spirits sales. Beer shipment volume climbed by 11.7%, while wine and spirits volume declined 19.2%.
Shares gained more than 4%, putting the stock on track for its best performance since June 29. The stock has climbed just over 37% so far this year.
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