On this episode of Stock Movers:
- Alcoholic beverage stocks are tumbling on Monday after President Donald Trump declared a 30% tariff rate for Mexico and the European Union, key markets for drinksmakers. Constellation Brands (STZ), maker of Modelo and Corona, drops as much as 5.1%, the most intraday since early February. Citi analyst Filippo Falorni notes 100% of STZ’s beer portfolio is brewed in Mexico, while Jack Daniel’s maker BF/B exports its American whiskey products overseas, which could be at risk from retaliatory tariffs from the EU.
- Coinbase (COIN) rallied after Bitcoin reached an all-time high of 120,000. The Crypto exchange joined the S&P 500 a few months ago. The stock is benefitting from the US House of Representatives' "Crypto Week," with the prospect of a clear US regulatory framework bolstering confidence in the asset class among institutional investors.
- Rocket Lab (RKLB) reached a record high after Citi raised its price target on the stock. The increased price target comes as Citi shifts its valuation methodology to the company’s revenue potential in 2029 from 2027. Rocket Lab recently awarded a contract to Bollinger Shipyards to support the buildout of the ocean landing platform for its Neutron reusable rocket. Movement has also been seen in the stock over the past few weeks as Trump threatened to pull SpaceX contracts.
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