Suit Filed Against Anheuser-Busch for Watering Down Beer: Hot Trends
NEW YORK (TheStreet) -- Popular searches on the Internet include Budweiser after U.S. beer drinkers filed a $5 million class-action lawsuit against the Anheuser-Busch InBev(BUD) unit for watering down its beer.
The lawsuit claims Anheuser-Busch products are mislabeled and don't actually contain the amount of alcohol represented on their labels. The suit reportedly is based on information from former employees at the company's breweries that the company waters down its beer in an effort to cut costs. It pertains to 10 products: Budweiser, Bud Ice, Bud Light Platinum, Michelob, Michelob Ultra, Hurricane High Gravity Lager, King Cobra, Busch Ice, Natural Ice and Bud Light Lime.
Anheuser-Busch InBev denied the claims and said its products completely adhere to labeling laws.
The lawsuit was originally filed in federal court in San Francisco, but companion suits are currently following in New Jersey, Pennsylvania and other states.
Target(TGT) is trending after reporting fourth-quarter results that beat estimates despite a drop in earnings.
The retailer reported a net income decline of 2% because of competition during the holiday season, but its adjusted results and first-quarter earnings forecast beat Wall Street expectations.
Target earned $961 million, or $1.47 a share, for the period, down from $981 million, or $1.45 a share, a year earlier. Excluding items, earnings were $1.65 a share, beating analysts' expectations of $1.47 a share.
The company forecast adjusted earnings of $1.10 to $1.20 a share, exceeding analysts' prediction for earnings of $1.05 a share.
Revenue came in line with Wall Street's expectations, rising 7% to $22.73 billion.
Target experienced disappointing sales from its collaboration with Neiman Marcus during the holiday season. The retailer discounted the designer clothing and other goods before Christmas Day.
Best Buy(BBY) is another popular search. The electronics chain plans to cut 400 jobs at its headquarters in an effort to cut costs.
The cuts are expected to save the company an estimated $150 million in selling, general and administrative costs. The move is part of a larger $725 million cost-cutting plan announced by CEO Hubert Joly in November.
The retailer said it will give more details on its cost-cutting plan when it reports its fourth-quarter earnings on Friday.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move.
-- Written by Brittany Umar.