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Constellation Brands Disappoints; Achillion Getting Killed; Nielsen Climbing

First up is Constellation Brands (STZ) which just reported quarterly earnings at 7:30am. The company missed estimates, posting 38-cents a share when consensus was for 41-cents. Revenue was also slightly short of expectations at $673 million. The company is calling this a transitional quarter because it just completed its acquisition of Grupo Modelo's beer business from Anheuser Busch. Among other things that includes the Corona portfolio of brands. Prior to this morning's slide, shares of Constellation Brands are up 41% year-to-date. They briefly tanked back in February when the company was negotiating the right to sell Modelo brands in the U.S.

Next up is Achillion Pharmaceuticals (ACHN), which has been down 21% in early trading. The FDA has placed the company's experimental hepatitis-C drug on clinical hold because of safety concerns. Testing has shown that when the medication is taken along with a popular HIV drug it can cause an elevation in liver enzymes. Prior to the plunge which began after-hours yesterday, the stock was up 26% over the last year, largely on speculation it could be a takeover target-- something which may be less likely now.

Another big loser this morning is plastics supplier A. Schulman (SHLM), which has been down more than 13%. The company posted adjusted earnings of 50-cents a share when it reported after yesterday's closing bell. Estimates had been for 65-cents. Revenue was also below the consensus. Moreover, the numbers were down significantly from a year ago due to declining sales in Europe. Prior to the drop we're seeing now, shares of A Schulman were up more than 40% over the past year, although they were down 6% in 2013.

Finally there's Nielsen (NLSN), the ratings company, which has been trading as much as 6% higher. Nielsen is going to replace Sprint (S) in the S&P 500 next Monday. That's because now that Sprint is being bought out by Japan's Softbank it will no longer meet the criteria to be included in the index. Prior to the rise we're seeing at this hour, shares of Nielsen have been up about 7% this year.

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