Constellation Brands Inc. (NYSE: STZ) is set to report its earnings for the second quarter, Thursday before the market opens. With as much as this stock has pulled back from its highs and with so much interest around the international beer, wine, and liquor demand trends, it seems obvious to think that this earnings report might be given more attention than in prior earnings reports.

Thomson Reuters has estimates of $1.15 in earnings per share and $1.64 billion in revenues. The readings from the same quarter in the previous year were $0.96 in earnings per share and $1.46 billion in revenues. The estimates for the following quarter are $1.09 in earnings per share and $1.49 billion in revenues.

Constellation has seen its shares fall in the weeks ahead of the report. At points the stock hit relative highs but then would recede to levels around the $85 mark.

The 50-day moving average –currently reading at $86.31– has been acting as a magnet for Constellation shares on the way up and on the way down. The 200-day moving average looks as though it could be a point of support with its $82.35 level currently. It turns out that $82 has been a key support level back in August and in June as well.

Stock options are skewed to the call options side, signaling that traders have a more bullish bias at this time. That being said, options trades appear to be braced for a move up to $3.25 to $3.50 in either direction.

Shares were trading down 2.8% at $84.74 with two hours left in regular trading. The company has a consensus price target of $97.50 and a 52-week trading range of $57.09 to $94.77. Constellation Brands has a market cap of $16 billion.

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