Calls Bought on Constellation Brands

Shares of Constellation Brands STZ are trading higher on the session by 2.97%, currently trading $16.27. The stock has been moving lower for the past few weeks, but it appears that it is holding the 200-day moving average and may bounce from here. I am detecting call buying in the name as well, with the July $17.50 call purchased over 1,100 times on the offer. Open interest on the strike is only 716 contracts, which signals new, bullish positioning. Constellation Brands, Inc. is an international producer and marketer of beverage alcohol with a portfolio of wine brands complemented by spirits, imported beers and other select beverage alcohol products.