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Corona-maker focuses on premium wines

Jan 09, 2019 - CNN

NEW YORK (CNN Business) -- Americans are over cheap wine.

Constellation Brands is getting dragged down by inexpensive wine. But it's hoping more premium products will help turn things around.

The company, which makes Corona and Modelo beers, reported Wednesday that wine and spirit sales slumped in the last quarter of 2018, and said that it expects the trend to continue throughout the year. The company slashed its yearly forecast because of the poor results, spooking investors.

Shares of the company plummeted around 12% before the market opened Wednesday. They were down about 10% in the aftern...