10 Companies Mirror Wall Street Downturn

1. Constellation Brands Inc. (NYSE:STZ)

Shares of Constellation Brands (STZ) nosedived by 17.13 percent on Friday to finish at $181.81 each after missing net sales estimates, booking only $2.46 billion versus the projected $2.53 billion.

Investor sentiment was further weighed by the company’s slashing of its annual sales and profit forecasts.

Constellation Brands (STZ) now expects annual net sales to settle between 2-5 percent from the 4-6 percent projected earlier.

“Given near-term uncertainty on when consumers will revert to more normalized spending, we have prudently lowered our growth outlook,” said Constellation Brands CEO Bill Newlands in a statement.

Commenting on the performance, Truist Securities analyst Bill Chappell said that without any catalysts on the horizon, investors “should remain on the sidelines until the story becomes interesting again.”

While we acknowledge the potential of STZ as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than STZ but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.