Boston Beer Co. shares takes hard dip as rivals encroach
The Samuel Adams-maker stock value dropped 10 percent.
Shares of Boston Beer Company, the maker of Samuel Adams and Angry Orchard, dropped about 10 percent on Friday as the company reported lower profits than expected.
Boston Beer Co. shares dropped from $244.94 to $219.59 between Thursday and Friday, one of the biggest intraday declines since February 25, The Boston Globe reports.
Company officials said increased competition from smaller brewing companies and slower growth in the burgeoning cider business caused the drop, Boston Business Journal reports.
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