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Constellation Brands (STZ),  the maker of Corona and Modelo beers, posted mixed second-quarter results as wine and spirits sales sank.

The company reported second-quarter fiscal 2025 diluted earnings per share of $4.32, above estimates from analysts surveyed by Visible Alpha. However, revenue was short of forecasts, rising 2.9% to $2.92 billion.

Constellation Brands shares were down 3.9% in mid-afternoon trading, leading S&P 500 decliners on Thursday.

Beer sales mainly increased. Second-quarter sales of Modelo Especial, the top selling beer in the U.S., rose 5% and those of Pacifico surged around 23%, while those of Corona Extra dropped 3%.

Wine and spirits sales fell 12% to $388.7 million, however, dragged down by a 9.8% slide in shipment volumes. 

CEO Bill Newlands said “the current macroeconomic backdrop has weighed on demand for beverage alcohol,” as well as overall consumer packaged goods.

The company said it sees full-year net sales growth in the range of 4% to 6%, with beer sales up 6%-8% and wine and spirits sales down 4% to 6%.

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U.S. equities were mixed at midday as a report on initial jobless claims came in higher than expected one day ahead of the release of the September employment report. The Dow Jones Industrial Average was lower, the Nasdaq was higher, and the S&P 500 little changed.

Constellation Brands (STZ) shares dropped as the alcoholic beverage maker reported a drop in wine and spirits sales and cut its guidance on lower demand for those drinks.

Shares of Tesla (TSLA) declined following news the electric vehicle (EV) maker had recalled more than 27,000 of its Cybertrucks because of a problem with the rearview camera.

Stellantis (STLA) shares sank as the carmaker's U.S. unit saw a big decline in sales, and the stock was downgraded by Barclays.

Shares of Valero (VLO), Diamondback Energy (FANG), and others in the oil industry gained as crude prices continued to rise on concerns about a possible escalation of fighting in the Middle East.

EVgo (EVGO) shares soared as the EV charging station provider received a $1 billion government loan guarantee.

Southwest Airlines (LUV) shares advanced when billionaire board member Rakesh Gangwal bought more than $100 million worth of the carrier's stock.

Gold prices were little changed. The yield on the 10-year Treasury was up. The U.S. dollar gained on the euro, pound, and yen. Most major cryptocurrencies traded down.

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Starbucks (SBUX) added to its efforts to protect its supply chain from the effects of climate change Thursday, announcing the acquisition of two new Central American "innovation farms."

The coffee giant, which said it buys 3% of the world's coffee, noted the farms in Costa Rica and Guatemala will focus on growing hybrid varieties of coffee beans at different elevations and soil types, which Starbucks says "is a critical step in the research of new genetic material."

Starbucks, which EVP of Global Coffee and Sustainability Michelle Burns said works with more than 450,000 farms that grow Arabica coffee, plans to share the information it learns about developing disease-resistant coffee with other producers.

"Our promise to those farmers and their communities is that we will always work to ensure a sustainable future of coffee for all," Burns said. "Our solution is to develop on-farm interventions, share seeds, research and practices across the industry to help farmers mitigate the impacts of climate change."

Climate change has made coffee more difficult to grow by shifting temperatures and rain patterns, which can reduce supply and increase prices for consumers. Starbucks said it has plans to invest in more farms across Africa and Asia as it works to grow its "coffee innovation network."

New Starbucks Chief Executive Officer (CEO) Brian Niccol, who took over the top job last month, faces issues including recent struggles in the U.S. and China, and pressure from activist investors to improve sales and its stock price. Starbucks shares, which fell about 1% to $95.62 Thursday morning, are little changed on the year.

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Shares of Levi Strauss (LEVI) plunged in early trading Thursday after the jeans maker announced it may sell its Dockers brand as it delivered mixed third-quarter results.

While Levi's adjusted earnings per share (EPS) of 33 cents beat consensus estimates of analysts polled by Visible Alpha, its revenue of $1.52 billion came up short. Sales of Dockers were down 15% year-over-year, prompting executives to "evaluate strategic alternatives" for the unit.

Net income in the third quarter of $21 million was well below the over $100 million analysts had forecast.

For the full fiscal year, Levi's said it expects total revenue to grow 1% compared to fiscal 2023, a more modest projection than the 1% to 3% growth it forecast when it reported its second quarter results.

Levi's also said it has "initiated a formal review of strategic alternatives for the Dockers brand," which could lead to the famous khaki brand being sold, though the review wasn't given a specific timeline.

The company's shares were down 8% in recent trading. The stock has gained 18% since the start of the year.

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CVS Health (CVS) shares have been in the spotlight following reports that the healthcare services giant is considering separating its retail pharmacy and insurance units as it looks to improve profitability and appease investors.

The company also said this week it will lay off about 2,900 employees, representing about 1% of its workforce, as part of a previously announced cost-cutting plan. These latest developments come after CVS executives reportedly met hedge fund investor Glenview Capital Management on Monday to discuss a shakeup of the the firm’s operations.

Shares in the healthcare conglomerate rose 1.1% Wednesday to close at $62.24 but have fallen 21% since the start of the year, weighed down by higher expenses, lower reimbursements and shifting consumer habits, all of which have contributed to the company lowering its outlook in recent quarters.

Below, we take a closer closer look at CVS Health’s weekly chart and turn to technical analysis to identify important longer-term price levels to watch out for.

CVS Health shares have traded within a descending channel since late 2021, with the price tagging the pattern’s upper and lower trendlines several times to establish easily identifiable support and resistance areas on the chart.

More recently, buyers stepped up to defend the channel’s lower trendline after a steep sell-off throughout April, though the stock has chopped in a sideways drift since.

The relative strength index (RSI) gives a reading of around 50, indicating neutral conditions, while declining volumes since the stock bottomed in late April points to waning interest from larger market participants, such as institutional investors and pension funds.

Let’s take a look at several longer-term price levels that investors will likely be watching.

The first level to watch sits around $56, a region where the stock may find buying interest near the lower portion of the recent rangebound period. This area also aligns with similar trading levels on the chart between March 2019 and November 2020.

Selling below this level could see the shares decline to the $52 area, where they would likely encounter support around the April and May 2019 troughs.

An initial move higher could bring the $68 level into play, an area on the chart where the stock may face a wall of resistance from the descending channel’s upper trendline and multiple peaks and troughs on the chart stretching from October 2017 to December last year.

A breakout above this level could accelerate a move up to $76, an area where investors may look to lock in profits near a multi-year trendline connecting a range of similar price levels from early 2017 through to March this year.

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Demand for Nvidia's (NVDA) AI chips is "insane," CEO Jensen Huang said in a televised interview Wednesday afternoon.

Huang spoke during an interview on in connection with news of an expanded partnership with IT consulting firm Accenture (ACN) to help companies use artificial intelligence (AI) technology, the companies announced Wednesday.

Shares of Nvidia, which closed 1.6% higher Wednesday, have more than doubled in value since the start of the year as companies have raced to buy the company's tech and build out AI infrastructure. Accenture shares moved 1.2% higher Wednesday and have gained about 1.5% in 2024 so far. 

As part of the deal, Accenture will form a new business group with consultants trained to help clients build custom AI solutions and capabilities with Nvidia’s tech, as well as Meta’s (META) Llama collection of open-source AI models.

“This partnership allows us to span a large part of the world’s AI demand," Huang said, adding “this is the beginning of a new wave called enterprise AI.”

Wedbush analyst Dan Ives likened Nvidia’s moves to build an ecosystem of partners to those of tech stalwarts Microsoft (MSFT) and Oracle (ORCL), suggesting it could help cement Nvidia’s position in the marketplace. 

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