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Expand chart
Data: FactSet, Chart: Axios Visuals

Boston Beer is bearing the brunt of a peaking fad: hard seltzer. Wall Street took notice.

Driving the news: Demand for its Truly Hard Seltzer fell flat. Customers didn't buy nearly as much as the spirits giant anticipated. Now its inventory is piled high with it.

  • It hurt profits and forced executives to scale back estimates for how much money it will make this year.

The bottom line: Seltzer is everywhere. The customers who are buying have more options than ever to choose from.

  • "New hard seltzer brands at retail [stores] ... have resulted in a proliferation of choices and consumer confusion," founder Jim Koch told analysts.

Go deeper

DOJ sues American Airlines, JetBlue to block "unprecedented" alliance

Photo: Andrew Harrer/Bloomberg via Getty Images

The Justice Department on Tuesday sued American Airlines and JetBlue to block an "unprecedented series of agreements" that will consolidate the two airlines' operations in Boston and New York City.

Why it matters: The civil antitrust complaint alleges that the planned Northeast Alliance (NEA) "will cause hundreds of millions of dollars in harm to air passengers across the country through higher fares and reduced choice," the DOJ said in a release.

FBI: Body identified as Gabby Petito, death ruled a homicide

A memorial dedicated to Gabby Petito near City Hall in North Port, Fla. Photo: Octavio Jones/Getty Images

A body found in Teton County, Wyoming, on Sunday was confirmed to be the remains of missing 22-year-old blogger Gabby Petito, the FBI announced Tuesday.

Driving the news: The death was ruled a homicide by the Teton County coroner's office, the FBI said. The cause of death has not been determined.

Ben Geman, author of Generate
3 hours ago - Energy & Environment

China vows end to building coal-fired power plants abroad

Chinese President Xi Jinping. Photo: Mary Altaffer - Pool/Getty Images

Chinese President Xi Jinping told the United Nations General Assembly Tuesday that his country "will not build new coal-fired power projects abroad" and plans to boost support for clean energy in developing nations.

Why it matters: The pledge, if maintained, would mark a breakthrough in efforts to transition global power away from the most carbon-emitting fuel.

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