Why Heineken Rallied on a Bad Day for the Markets
Shares of beermaker Heineken (OTC: HEINY) had rallied 5.1% on Wednesday as of 3:20 p.m. ET, which was all the more notable since the S&P 500 index was down 3.1% at the same time. Heineken posted first-quarter results Wednesday morning that came in better than expected, and also reiterated its prior full-year profit guidance. In Q1, Heineken actually saw revenue decline 4.9% to 7.78 billion euros, but on an organic basis -- stripping out currency movements, excise taxes, and divestitures -- revenue was up 0.9%.