Anheuser-Busch InBev share price skids as Bud Light and other Budweiser brand sales deteriorate
By Steve Goldstein
Bud Light sales are continuing to plummet, and now the stock price of its brewer, Anheuser-Busch InBev, is starting to slide as well.
U.S.-listed Anheuser Busch InBev shares (ABI.BT) have dropped 9% this year, including a 5% drop on Tuesday, while Molson Coors shares (TAP) have jumped 17% this year.
Also see: Anheuser-Busch InBev's U.S. profits may tumble, JPMorgan says
Bud Light sales have deteriorated following the consumer backlash to a social-media campaign featuring trans activist Dylan Mulvaney. The company is running a rebate campaign that makes Bud Light free in many instances. The Wall Street Journal reported that the brewer plans to buy back unsold Bud Light cases that are past their expiration dates from wholesalers.
Bank of America tabulated Nielsen research covering the four weeks ending May 20. Anheuser-Busch volume dropped 17%, including a 28% dive for Bud Light. Its other brands are struggling as well: Budweiser volumes are down 16%, Michelob Ultra volumes are down 10% and Busch volumes are down 12%.
But other beers have thrived, with Coors Light volume up 16%, Miller Lite up 15% and Yuengling up 32%. Molson Coors Beverage makes Coors Light and Miller Lite.
Also see:Bud Light troubles prompts call to buy stocks of Boston Beer, Constellation Brands
-Steve Goldstein
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
05-31-23 0634ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening In the Markets This Week
-
What Does Nvidia’s Stock Split Mean for Investors?
-
It’s Been a Terrible Time for Bonds. Here’s Why You Should Own Them
-
Which AI Stocks Are Turning Hype Into Revenue?
-
Best- and Worst-Performing Stocks of May 2024
-
3 Stocks to Buy and 3 Stocks to Sell in June
-
Markets Brief: Friday’s Job Report in Focus
-
These Stocks Are (Still) Powering the Bull Market
-
Nio Earnings: Revenue and Loss Largely In Line, but Vehicle Margin Missed Amid Price Competition
-
The Best Biotech Stocks to Buy
-
After Earnings, Is Marvell Stock a Buy, a Sell, or Fairly Valued?
-
Nvidia Raised Its Dividend — but There’s a Catch
-
Lululemon Earnings: On Track to Meet Expectations Despite Slowdown In Americas
-
What Is Driving Small-Cap Stock Underperformance?
-
After Earnings, Is Zscaler Stock a Buy, a Sell, or Fairly Valued?
-
ASML Fair Value Raised as Outlook Improves