Get these guys some CBD gummies... Constellation Brands already owns top-shelf labels locked up in your parents' liquor cabinet. But with beer sales slowing, it just announced a new spiked seltzer to catch the summer spritz wave. Alcohol-infused seltzer sales tripled from last year, led by White Claw and Truly, so Constellation's now got "Corona Hard Seltzer" in 4 Spring Break-worthy flavors. Constellation stock still dropped because its $4B cannabis investment in Canopy Growth fell by $1.3B the last 3 months.
Zero is the new black... Discount broker Charles Schwab will stop charging $4.95 on stock, options, and ETF trades starting today, offering them commission-free instead. Within 48 hours of that announcement, rivals E-Trade and TD Ameritrade matched that ("me three"). The trio's stocks fell since those trading fees will be sadly missed by shareholders (but not by customers). It's the end of a 40+ year decline in commissions from $49/trade then to $0 today. Competition from zero-commission apps like Robinhood accelerated that mega-trend.
Full disclosure: Robinhood Snacks... is owned by Robinhood.