I don't really see "bad news after bad news" here. I mean, not that you'd know from how the market reacts but the underlying business seems strong to me. There does appear to be a structural shift away from wine drinking in general and lower price wines in particular which means they need to realign their business model, which they are doing.
Things like the China bans and US tariffs have been curveballs but they've been able to mitigate most impacts - they found new markets to replace China with surprising ease and they have acquired domestic production in both China and the US which mitigates the effect of Trump tariffs and other potential trade barriers. And in the EU too.
This distribution issue in California is a storm in a teacup too. Google reveals RNDC is quitting CA due to losing too many contracts to rival distributors. So TWE will almost certainly just go with one of those rivals - who probably have a competitive advantage anyway. California is a lucrative market and I don't think TWE will struggle to find alternatives.
TWE Price at posting:
$8.15 Sentiment: None Disclosure: Held
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