- This Is the Food Prince William and Kate Middleton Love to Order in
- Pret a Manger Backtracks After Claims that Teens Would Be Paid in Sandwiches
- A Wyoming Chain Owns the Phrase ‘Taco Tuesday’
- Is It Bad to Eat Most of Your Meals in Bed?
- The 'Keurig' of Homebrewing Just Got a Lot Cheaper
- Krispy Kreme Just Dropped Two Ghirardelli Doughnuts
- This Distillery Just Got a Patent for a Process That Ages Whiskey in a Week
- Gordon Ramsay Pretends to Cut Off His Finger, Scares Living Daylights Out of Talk Show Guest
- These Chocolates Inside of Real Eggshells Are Perfect Easter Gifts
- This Year’s Best Food April Fool’s Day Pranks
Shares of Constellation Brands Inc. fell by eight percent the day after the big vote.
The U.S. stock market has been in flux since President-elect Donald Trump's surprising victory on Tuesday night, and one industry in particular has taken a big hit: Mexican beer.
In the aftermath of the election, the shares of Constellation Brands Inc., the company responsible for importing Corona and a number of other popular Mexican beers, fell 8 percent the day after the big vote. Prior to Tuesday, the expectation of a likely Hillary Clinton win had driven Contellation Brands' stock up, as investors were feeling hopeful about the future of Mexican-American trade relations. According to Bloomberg Markets, the brand experienced their biggest market boost in months the day after the F.B.I. cleared Clinton for the second time of any criminal charges related to her private email server.
At the time, market analyst Nik Modi reported that the market was "pricing in a higher probability of Clinton winning," due to the Democratic nominee being "not as tough on Mexico as Trump." Now, that mood has rapidly reversed as investors are unsure what a Donald Trump presidency will mean for relations between the U.S. and its neighbor to the south. Stoking investors concerns, Trump has also vowed to oppose NAFTA, which would likely drive up import tarrifs on Mexican goods signficantly.
Despite Wednesday's eight percent plummet, Constellation CEO Rob Sands says he is not worried about this "short term" drop. Sands assured shareholders that as the Trump administration's "policies develop, we will respond accordingly and engage with government accordingly."
The brand, which also imports the Pacifico and Negro Modelo brands had recently undertaken a $4.5 billion expansion to their Mexican manufacturing operation, adding further budgetary concerns for worried investors. For now, customers can support the brand by grabbing a happy hour Corona—or two, or three. Something tells us you could use it.