Constellation Brands (STZ) stock fell 7% on Tuesday after the Modelo and Corona owner cut its fiscal year outlook and said in a statement that high-end beer sales to Hispanic consumers “were more pronounced than general market declines.”

This is now the second warning from the company suggesting that President Trump’s immigration crackdown is having an impact on demand. Constellation Brands’ core Hispanic consumer base makes up about half of its business, CEO Bill Newlands said on a call with investors in July.

Modelo Especial has been the bestselling beer in the US since it overtook Bud Light (BUD) for the top spot in 2023.

The company now expects fiscal year 2026 net beer sales to decline 2% to 4%, below its previous forecast of flat to 3% sales growth, due to “incremental macroeconomic headwinds affecting consumer demand.”

“We continue to navigate a challenging macroeconomic environment that has dampened consumer demand and led to more volatile consumer purchasing behavior since our first quarter of fiscal 2026,” Newlands wrote in the release, adding that consumers are making fewer trips to buy beer and are spending less when they do.

The company also cut its expectations for comparable earnings per share. For the full year, earnings are expected to be in the range of $11.30 to $11.60, down from the previous range of $12.60 to $12.90.

Newlands previously told investors that “occasions on which beer is consumed have decreased [by Hispanic consumers]. … [They’re] not going out to eat as much as they had, [and] they’re having less social occasions at home.”

“A lot of Hispanic consumers are apprehensive to leave their house or … deviate from their routine or go out,” Dave Williams of Bump Williams Consulting told Yahoo Finance earlier this year. “That results in fewer opportunities and occasions where beer would slot into the mix.”

Williams added, “The abruptness of this slowdown … makes me feel like there’s a lot more of it tied to the cyclical aspect of these consumer behaviors due to the recent ICE raids or deportation scares … on top of the other structural aspects that beer brands [face] in general.”

The beer industry overall is facing significant pressure as Americans drink less alcohol.

Only 54% of drinking-age Americans consume alcohol today, according to a recent poll from Gallup, the lowest proportion since the survey began in 1939. Even those who do drink are partaking less by a factor of nearly half.

“The industry has never faced as much pressure as it does today,” Bottle Raiders vice president of marketing Amanda Paul-Garnier said.

STAAR Surgical’s largest shareholder has said it plans to vote against Alcon’s proposed $1.5bn takeover of the ailing eye specialist.

Broadwood Partners, which owns 27.3% of STAAR’s common shares, said the transaction, announced last month, suffered from “multiple process and valuation deficiencies”.

The investment firm expressed disappointment over the actions of STAAR’s board, claiming it had failed to pursue an “adequate” sale process. According to Broadwood, STAAR’s board also displayed “intransigence” in relation to Broadwood’s books and record demand, stating it had received no documents since making the request more than three weeks ago.

STAAR’s Q1 2025 financials revealed a 45% decline in sales to $42.6m, down from $77.4m in Q1 2024, with the US-based company chiefly attributing the sharp decline to weakened demand in China and additional headwinds due to government initiatives in the country affecting device procurement.

Broadwood’s primary point of contention relates to the proposed financial terms of Alcon’s acquisition. The shareholder pointed out that Alcon previously offered $55 per share for STAAR when it moved to acquire the company in October 2024 – a price “far above” the current offer of $28 per share.

Alcon subsequently pulled back from its initial offer after learning that STAAR was facing inventory management challenges, with the revelation giving the Swiss company pause over STAAR’s short-term performance and stability.

However, Broadwood highlighted that these previous challenges had now been addressed, and that STAAR had improved its cost discipline, a resolution Broadwood now expects will lead to a “sharp rebound” in STAAR’s revenue and profits in the coming quarters.

Bolstering these claims, Broadwood also highlighted that the results of a clinical trial [NCT06700460] comparing Alcon’s LASIK platform to STAAR’s EVO Implantable Collamer Lens (ICL) for treating astigmatism are soon due for publication. The shareholder said the trial results may have “significant implications” for the competitive positioning of the EVO ICL relative to LASIK, and in turn to STAAR’s “growth prospects and strategic value” to potential acquirers within the ophthalmic products industry.

The company said in a statement: “Broadwood is concerned that stockholders are now being asked to accept inferior terms, despite the fact that the challenges that followed Alcon’s initial bid have been substantially resolved.”

In closing, Broadwood reiterated that it held “serious concerns” about the overall fairness and integrity of the sales process, stating: “In addition to the insufficient merger consideration, [the factors at hand] lead us to believe that the acquisition is not in the best interest of STAAR’s shareholders. Accordingly, Broadwood intends to vote against the acquisition and asks the board to immediately reconsider its recommendation thereof.”

By Manya Saini and Pritam Biswas

(Reuters) -A slew of companies across sectors, ranging from crypto to consumer, launched IPO roadshows on Tuesday, kicking off the post-Labor Day fall window as investor anxiety over U.S. President Donald Trump‘s tariffs started to ease.

Analysts say the window through mid-October will be crucial, with several high-profile names lining up to gauge whether confidence in equities can withstand political and economic uncertainty.

Swedish fintech Klarna, Winklevoss twins-backed crypto exchange Gemini, cafe chain Black Rock Coffee Bar, blockchain lender Figure Technology and engineering and maintenance services provider Legence made public the terms of their respective offerings.

“I believe that the strong sentiment for U.S. IPOs overall will continue for the remainder of 2025 and into 2026, in particular for growth-focused deals in technology and linked to the U.S. consumer,” IPOX CEO Josef Schuster told Reuters.

The fall stretch is traditionally one of the busiest for new deals, as markets shake off the summer lull and dealmakers rush to bring offerings when investors return after Labor Day.

Strong first-day performances this year from high-growth tech and crypto firms including stablecoin issuer Circle, space startup Firefly Aerospace and crypto exchange Bullish have reinforced optimism that the IPO market is stabilizing.

Meanwhile, U.S. stock markets hover near record highs, supporting new issuance and defying political and economic headwinds.

“As long as the (stock) market stays strong, we expect more IPOs to come,” said Bo Pei, analyst at US Tiger Securities.

TRUMP TARIFF WORRIES RECEDE

The IPO market ground to a halt in April after the Trump administration unveiled sweeping tariffs on major economies, roiling global markets and dashing hopes that a fragile rebound in U.S. listings after years of dormancy could take hold.

Firms that pulled back from going public earlier are expected to seize the fall window to test whether investor demand has truly returned, even as political uncertainty, volatile rates and the prospect of renewed trade tensions continue to cast a shadow.

“Trump tariffs represent an underlying risk factor for the IPO market in terms of… (a) potentially negative impact on overall market sentiment through higher volatility in equities and rates,” Schuster said.

Nasdaq CEO Adena Friedman said earlier this year the IPO pipeline was looking more robust for the second half of 2024, as more large private companies start to brave the volatility to tap equity capital markets.