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New York CNN —Beer maker Anheuser-Busch said Wednesday that it will lay off positions across its US corporate staff. The company’s website says that it employs “more than 19,000 employees nationwide.” Two percent of that figure would number about 380 positions. “Today we took the very difficult but necessary decision to eliminate a number of positions across our corporate organization,” said Anheuser-Busch CEO Brendan Whitworth. “While we never take these decisions lightly, we want to ensure that our organization continues to be set for future long-term success.”In May, Mexican lager Modelo Especial dethroned Bud Light as America’s top-selling beer, a title that Bud had largely held for more than two decades. The beer’s brand had been struggling due to the Dylan Mulvaney controversy, when the transgender influencer posted an Instagram photo of a custom can that Bud Light had sent her.
Persons: New York CNN — Beer, Busch, , Brendan Whitworth, Bud Light, Bud, Dylan, influencer Organizations: New, New York CNN, Anheuser, Busch, Bush US, Modelo Especial Locations: New York
More beers in America are being paired with lime than ever before. The story of how Modelo Especial, a Mexican lager, surpassed Bud Light as the top-selling beer in America predates the conservative backlash that Bud Light faced in April over a collaboration with a transgender influencer. Rather, the factors that, for the better part of a decade, put Modelo on its triumphant track include an increasing preference among American consumers for imported, more expensive beer; a decade-old antitrust deal; and effective marketing campaigns aimed at attracting young, non-Hispanic consumers to the Mexican beer. “Most people in the beer industry have assumed Modelo was going to overtake Bud Light at some point,” said Bart Watson, chief economist for the Brewers Association, a trade group representing over 6,000 American breweries. “It was a question of when, not if.”The switch occurred at the start of June, after Bud Light had held the No.
Persons: Bud Light, , Bart Watson, Modelo, Bud Light’s, Bump Williams Organizations: Modelo Especial, Modelo, Brewers Association, Nielsen Locations: America, Mexican, United States
Activist Commentary: Elliott is a very successful and astute activist investor, particularly in the technology sector. Constellation Brands produces and markets beer, wine and spirits, but it's essentially a beer company with 85% of its revenue coming from beer sales. Moreover, it is not just a niche beer business anymore. First, the company has traded at a discount because of the dual-class share structure that allowed the Sands family to control Constellation. This leaves a core beer business that can now be operated without unnecessary distractions.
Persons: Elliott, William T, Giles, , Luca Zaramella, Sands, Bill Newlands, Rob Sands, missteps, Ken Squire Organizations: Constellation, Mondelez, Constellation Brands, Modelo Especial, Anheuser, Busch, Modelo, Coors, Budweiser, Eastern Seaboard, 13D Locations: COOs, U.S, Mexicali, Mexico
Ron DeSantis has told his government to investigate whether Bud Light's parent company breached its duties to shareholders as a conservative backlash continues to rage over the beer brand's deal with transgender social media influencer Dylan Mulvaney. Shares of AB InBev are down about 2% this year, while the broader market is up. Sales of Bud Light have plummeted in the wake of conservative uproar and a boycott over the Mulvaney partnership. The firm also found Bud Light sales are down by about 25% from last year. Mulvaney has criticized Bud Light for not standing by her during the boycott.
Persons: Ron DeSantis, Bud Light's, influencer Dylan Mulvaney, DeSantis, Lamar Taylor, Bud Light, Bump, Bud, there's, Florida's, Disney, Donald Trump's, Taylor, Mulvaney, I've Organizations: Florida, United, Israel Summit, Crystal Gateway Marriott, Florida Gov, Republican, State Board of Administration, SBA's, InBev, Constellation Brands, Especial, Anheuser, Busch InBev, CNBC, Fox, Disney, Trump, GOP, NBC Locations: Arlington , Virginia, U.S, Florida
Partnering with a young, popular trans woman could help a brand like Bud Light reach a more youthful demographic. But because Bud Light managed to alienate everyone, it hasn’t gotten the benefit of a buycott. In the week ending on July 8, Bud Light sales, by dollar, fell nearly 24% year-over-year, according to data provided by Williams. Others are more breezy, showing people enjoying Bud Light despite the inconveniences of summer (sunburn, thunderstorm). Bud Light is “coming back,” said Marcel Marcondes, AB InBev’s chief marketing officer, during the Cannes Lions International Festival of Creativity in June.
Persons: Ron DeSantis, Bud Light, influencer Dylan Mulvaney, Bud, BUD, , Mulvaney, Lamar Taylor, “ prudently, DeSantis, Taylor, Scott Olson, Bud Light’s, Dylan Mulvaney, Anheuser Bush, — Anheuser, Brendan Whitworth, , LIV, Rob Carr, buycotts, hasn’t, Bump Williams, Williams, Busch, Whitworth, ” Whitworth, Marcel Marcondes, ” Daniel Korschun, ” Korschun, Erin Reed, Elon Musk, he’s Organizations: New, New York CNN, Florida Gov, Republican, Bud Light, Anheuser, Busch InBev, State Board of Administration, AB InBev, CNN, Busch, “ Anheuser, Gallup, — Anheuser Busch’s, America, Trump National Golf Club, Modelo Especial, InBev’s, Cannes Lions International, Creativity, Drexel University, InBev, Republicans, Target, Twitter, Tesla, Disney Locations: New York, Florida, Sterling , Virginia, Central Florida
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. I want them to be ready" for a downturn in stocks, Jim said. Stick with Estee Lauder Barclays on Thursday downgraded Estee Lauder (EL) to neutral weight, or hold, from overweight, citing concerns over a recent cyberattack that disrupted some operations at the cosmetics company. The next two quarters may remain challenging for Estee Lauder, Jim acknowledged, but "I'm not writing off China by any means." As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Jim Cramer, Estee Lauder, Dow, Johnson, Jim, Fabrizio Freda, Elliott Management, he's, Jim Cramer's Organizations: CNBC, Dow, Estee Lauder Watch Constellation Brands, Dow Jones, Johnson, Nasdaq, Estee Lauder Barclays, Constellation Brands Locations: overbought, China, Corona, Modelo
But, as Jim Cramer said Wednesday stocks in other parts of the market have started to come "back from the dead." Here's a look at where we stand on these eight Club stocks, starting with the biggest gainer, Halliburton, and concluding with the eighth-best performer, TJX Companies. HAL 3M mountain Halliburton's stock performance over the past three months. CAT 3M mountain Caterpillar's stock performance over the past three months. TJX 3M mountain TJX Companies' stock performance over the past three months.
Persons: It's, Jim Cramer, Wells, Morgan Stanley, Wells Fargo, Elliott Management, Jim, STZ, Emerson, bode, Morgan Stanley's, Morgan, TJ Maxx, we're, TJX, Jim Cramer's, Jamie Schwaberow Organizations: Halliburton, HAL, Caterpillar, Nvidia, Constellation Brands, Emerson Electric, Coterra Energy, TJX Companies, CAT, Wells, Apple, Corona, Modelo, Constellation, Emerson, Morgan, Goods, CNBC, Workers, Halliburton Co, Anadarko Petroleum Corp, Bloomberg, Getty Locations: Wells Fargo, Wells, Dacono , Colorado, U.S
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Be cautious as stocks surge Look out for green shoots in bank stocks Watch Constellation Brands 1. Jim Cramer says it's clear that "the bulls are in charge and the bears are folding," but it's important that investors "don't fall prey to the notion that we are impermeable." As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .
Persons: Jim Cramer, Dow, It's, Green, Goldman Sachs, Morgan Stanley, Elliott, Jeff Marks, Marks, Jim Cramer's, Jim Organizations: CNBC, Constellation Brands, Federal Reserve, Club, Constellation Brands Constellation Brands, Elliott Management, Corona, Modelo
Constellation Brands (STZ) shares are popping more than 3% in after-hours trading after the Corona and Modelo beer company made a slew of announcements to enhance its corporate governance. The selection of these two board members was made as part of a collaboration with an activist investor that's known to shake things up to create value for shareholders: Elliott Management. Elliott was also recently involved in a multi-activist situation at Club name Salesforce (CRM), which resulted in more value for shareholders. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .
Persons: Luca Zaramella, Bill Giles, it's, Elliott, Bud Light, Bud, Jim Cramer's, Jim Cramer, Jim Organizations: Constellation Brands, Corona, Mondelez, AutoZone, Elliott Management, Club, Constellation, Modelo Especial, Molson Coors Beverage . Molson, Anheuser, Busch Inbev, Budweiser, CNBC, Getty Locations: Modelo, United States, Corona
Modelo passed Bud Light, which has been the subject of a boycott by conservatives. It recently took the crown from Bud Light, which saw its market share drop to 7%. "Modelo and Michelob Ultra (another Anheuser-Busch brand) both were on track to eventually overtake Bud Light," Maloney wrote, citing long-term market share data. "Everybody kinda figured Bud Light was getting hit by that boycott, so it fell out of No. But Neil Reid, a professor at the University of Toledo who studies the beer industry, told Reuters that the Bud Light boycott is lingering longer than expected.
Persons: Bud Light, El Rey, Bump Williams, influencer Dylan Mulvaney, Jennifer Maloney, Bud Light's, Maloney, Jack Hough, Light, Hough, Corona, Neil Reid Organizations: Modelo, Service, Anheuser, Street Journal, Busch, Fox, Northwestern University, University of Toledo, Reuters, Bud Light Locations: Wall, Silicon, El, Modelo
We are selling 100 shares of Constellation Brands (STZ) at roughly $255.21. Following the trade, Jim Cramer's Charitable Trust will own 330 shares of STZ, decreasing its weighting in the portfolio to 2.96% from 3.83%. In what has been a rough year for consumer staple stocks, Constellation Brands has been one of the few bright spots with a gain of nearly 10% versus a roughly flat return for the sector. Constellation Brands has been a solid trade, rallying about 9% since we added to our position in late May. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Jim Cramer's, Bud, Bud Light, Jim Cramer, Jim, Luke Sharrett Organizations: Constellation Brands, Modelo, Constellation's Modelo, Bud, CNBC, Workers, LLC, Bloomberg, Getty Locations: California, Corona, Pacifico, United States, Louisville , Kentucky
July 10 (Reuters) - Constellation Brands' (STZ.N) Modelo Especial was the top-selling beer brand in the United States for a second consecutive month in June, after first dethroning Anheuser-Busch InBev's (ABI.BR) Bud Light in May. Modelo Especial was the top-selling beer brand for the four weeks ended July 1, with an 8.7% share of overall beer sales through retail stores for the period, while Bud Light came in second with a 7% share, according to consulting company Bump Williams, which sources data from NielsenIQ. Sales of Bud Light and Budweiser dropped 28% and 11.7%, respectively, from a year earlier, while Modelo Especial sales rose 8.5%. Azer added that consumers had quickly figured out AB InBev's other beer brands like Michelob Ultra and Natural Light, which are also seeing a fall in sales. Before the backlash, Natural Light was gaining due to cost-conscious consumers opting for cheaper six-packs.
Persons: Busch, Bud Light, influencer Dylan Mulvaney, Bump Williams, Michel Doukeris, Neil Reid, Cowen, Vivien Azer, Azer, Letitia James, Ananya Mariam Rajesh, Pooja Desai Organizations: Constellation Brands, Modelo Especial, Anheuser, U.S, University of Toledo, Budweiser, Target, New York, Starbucks, Thomson Locations: United States, NielsenIQ, U.S, Bengaluru
New York CNN —Mexican-made Modelo Especial is the top-selling beer in the United States for the second straight month, once again snatching the crown from Bud Light. Dollar sales for the pre-July 4 period continued to be grim for Bud Light, with sales falling 28.5%, while Modelo’s grew 8.5% during the same time period. Bud Light initially lost the title last month, which it has largely held for two decades. In June, Bud Light rolled out a new marketing campaign to help turn around sales, centering around country music and NFL players. However, Bud Light continues to be the country’s top-selling beer year to date, holding 8.7% share of the beer market.
Persons: Bud Light, Bud Light’s, Bump Williams, Dylan, Williams, Greg Gallagher, Organizations: New, New York CNN, Especial, Modelo Especial, Anheuser, NFL, Modelo, Constellation Brands, Corona, Constellation, CNN Locations: New York, United States
Bud Light released a new ad with Kansas City Chiefs star Travis Kelce, titled "Backyard Grunts." Bud Light aims to win back conservatives with a new ad featuring Kansas City Chiefs star Travis Kelce and several decidedly less athletic men gingerly easing themselves into various seats — and grunting. Bud Light faced backlash over partnering with transgender influencer Dylan Mulvaney in April. The new 15-second spot depicted various backyard gatherings and has no dialogue apart from grunts, sighs, and Kelce saying "yeah." He also said about the summer advertising strategy: "you can look forward to Bud Light reinforcing what you've always loved about our brand – that it's easy to drink and easy to enjoy."
Persons: Bud Light, Travis Kelce, influencer Dylan Mulvaney, Brendan Whitworth, Mulvaney, Whitworth, Bud, Busch, you've Organizations: Kansas City Chiefs, Anheuser, Busch US, Morning, Busch, CBS, Bud Light, Modelo Especial Locations: America
Wall Street praised Constellation Brands (STZ) in a series of price target hikes to start the new week and quarter. We boosted our Club price target on Constellation on Friday to $270 per share from $260. BMO Capital increased price target to $290 from $263 Wells Fargo increased price target to $280 from $275 Bernstein increased price target to $287 from $280 JPMorgan raised price target to $276 from $273 Goldman Sachs raised price target to $275 from $264 Wedbush increased price target to $275 to $270 TD Cowen increased price target to $240 from $220 Truist raised price target to $240 from $220 The common theme, as we also pointed out, is the company's unrelenting beer momentum as the main factor that should drive the company's future growth. Constellation delivered resilient beer depletions, also known as the number of cases that are sold to retailers by a distributor. We were glad to see Wall Street analysts follow our price target increase.
Persons: That's, Bernstein, Goldman Sachs, Cowen, Bud Light, Bud, Jim Cramer's, Jim Cramer, Jim Organizations: Constellation Brands, Corona, Modelo, Constellation, BMO Capital, Wells, JPMorgan, Modelo Especial, Pacifico, Management, Wall, CNBC, Getty Locations: Pacifico, Corona, America, California, U.S
The U.S. stock market closes early at 1 p.m. As we set the table for the second of this year's hated bull market, Jim Cramer looked back at the incredible first six months of 2023. The Dow rose 3.4% in the second quarter and 3.8% for the year. The S & P 500 gained 8.3% in the second quarter and nearly 16% in 2023. But it was the Nasdaq that outshined them all — soaring nearly 13% in the second quarter and almost 32% year to date.
Persons: Jim Cramer, Estee Lauder, Scott Kirby, Wells Fargo, Indiana Jones, Harrison, Jim Cramer's, Jim Organizations: Nasdaq, Independence, Tesla, ADP, Fed, Dow, Apple, Financial, Nvidia, Club, Ford, United Airlines, Constellation Brands, JPMorgan, BMO Capital, Corona, Modelo, Disney, Variety, Harrison Ford, Jim Cramer's Charitable, CNBC Locations: U.S, New Jersey, Wells
Club stock Apple finished the second quarter with a 17.6% gain and the first half of the year with a 49% advance. Meta jumped 35% in the second quarter and 138% year to date. Estee Lauder lost 20% in the second quarter and nearly 21% year to date. The Dow Jones Industrial Average rose 3.4% in the second quarter and 3.8% for the year. But, it was the Nasdaq that outshined them all — soaring nearly 13% in the second quarter and almost 32% in the first six months of the year.
Persons: Meta, Estee Lauder, Locker, Wells, Morgan Stanley, , Wells Fargo, Levi Strauss, LEVI, That's, Friday's, Gold, Jim Cramer's, Jim Cramer, Jim, Tim Cook, Josh Edelson Organizations: Federal Reserve, Nasdaq, Investors, Apple, Nvidia, Dow Jones, Federal, PMI, Independence, Modelo, Constellation Brands, U.S, Treasury, Jim Cramer's Charitable, CNBC, Apple's Worldwide, AFP, Getty Locations: U.S, Wells Fargo, Corona, Cupertino , California
June 30 (Reuters) - Constellation Brands (STZ.N) first-quarter results topped Wall Street expectations on Friday, as the Corona beer maker benefited from higher pricing and steady demand for its alcoholic beverages. Constellation’s beer business posted an 11% increase in sales in the quarter ended May 31, mainly on strong growth across Modelo Especial, the Modelo Chelada brands as well as Corona Extra. Modelo Especial dethroned Anheuser-Busch InBev's (ABI.BR) Bud Light as the top selling beer in the U.S. in June after the latter faced backlash over a social media promotion with transgender influencer Dylan Mulvaney. Constellation net sales rose more than 6% to $2.52 billion, beating analysts' average estimate of $2.47 billion, according to Refinitiv IBES data. The company's first-quarter profit of $2.91 per share beat analysts' average estimate of $2.83 as per IBES data from Refinitiv.
Persons: Busch, Bud Light, influencer Dylan Mulvaney, Kim Crawford, Juveria, Vinay Dwivedi Organizations: Constellation Brands, Modelo Especial, Modelo, Anheuser, Constellation, Refinitiv, Thomson Locations: U.S
Citi initiates coverage with a buy rating and a $240-per-share price target, which puts the stock at 30 times fiscal year 2025 earnings-per-share (EPS) estimates. Jefferies upgrades Carnival (CCL) to a buy rating and increases its price target to $25 per share from $9. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Dow, it's, Bausch, Brent Saunders, Morgan Stanley, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Dow, Apple, Citi, Nike, JPMorgan, Nice, Modelo, Constellation Brands, Jefferies, Novartis, Troubled, Bausch Health, Mastercard, Jim Cramer's Charitable, CNBC Locations: Corona
Constellation Brands (STZ) delivered an earnings beat Friday, along with a compelling outlook that prompted us to raise our price target on shares of the Corona brewer. Excluding equity losses from Constellation's stake in cannabis company Canopy , adjusted earnings came in at $3.04 per share. Bottom line Management's full-year guidance — like the headline sales and earnings numbers — was better than the estimates from Wall Street. Company results Beer sales of $2.1 billion, up 11% year over year, were better than analysts' expectations of $2.07 billion. Taking out capital expenditures of $1.2 billion to $1.3 billion (unchanged), the free cash flow forecast comes in between $1.2 billion and $1.3 billion (unchanged).
Persons: , we're, That's, depletions, Jim Cramer's, Jim Cramer, Jim, Daniel Acker Organizations: Constellation Brands, Corona, Refinitiv, Wall, Modelo Especial, Wall Street, Management, CNBC, Constellation Brands Inc, Bloomberg, Getty Locations: U.S, Ottawa , Illinois
How America’s New Favorite Beer Hammered the Competition
  + stars: | 2023-06-29 | by ( Ben Cohen | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/modelo-especial-bud-light-beer-4f9f5750
Persons: Dow Jones
Distributors are also facing financial difficulty because of a sharp decrease in Bud Light sales. Two marketing executives, Alissa Heinerscheid of Bud Light and Daniel Blake of A-B, have taken leaves of absences. In May, Mexican lager Modelo Especial dethroned Bud Light as America’s top-selling beer, a title that Bud had largely held for more than two decades. Bud Light sales plunged 24% during the four weeks ending June 3, according to NIQ data provided to consulting firm Bump Williams. Bud Light, however, remains the country’s top-selling beer so far this year.
Persons: Bud Light, , influencer Dylan Mulvaney, Mulvaney, Brendan Whitworth, Alissa, Daniel Blake of, , Whitworth, Marcel Marcondes, ” Marcondes, Bud, Bump Williams Organizations: New, New York CNN, Anheuser, Distributors, Bud Light, Beer Business, Busch, Bud, NFL, Human, Cannes Lions International, Modelo Especial Locations: New York, Houston, Jonesboro , Arkansas
Anheuser-Busch InBev's Bud Light nightmare won't last forever, according to Deutsche Bank. Anheuser-Busch's U.S.-listed shares are down nearly 15% in the second quarter, driven largely by consumers fleeing the Bud Light brand over a collaboration with transgender influencer Dylan Mulvaney. BUD 3M mountain Bud Light stock has dropped nearly 15% in the second quarter. "Our proprietary dbDIG survey data suggests that 24% of Bud Light consumers no longer buy the brand with another 18% buying less. The company is slated to report second-quarter earnings in early August, and Collett expects the Bud Light parent to reduce or remove its full-year guidance.
Persons: Busch, Bud, influencer Dylan Mulvaney, Mitch Collett, Bud Light, Collett, — CNBC's Michael Bloom Organizations: Anheuser, Deutsche Bank, , Busch's, Bud Light, Bud, Busch InBev Locations: Busch's U.S, U.S, Mexico, Brazil, China
CNBC's Jim Cramer gave investors his game plan for the week ahead, with big names such as Nike and Walgreens set to report. However, with its 6% dividend yield, Cramer is wondering whether its stock could shoot up if its report lines up with consensus estimates. Cramer thinks this stock will be undervalued now compared with next year because generative artificial intelligence uses a lot of memory. Thursday will bring results from Nike , which Cramer said is the most important company to report this week. "Please, if you're a trader, wait until you hear the forecast on the conference call before you pull the trigger because Nike's a forecast stock, not a results stock."
Persons: CNBC's Jim Cramer, Cramer, , Mills, he's Organizations: Nike, Walgreens, Apple, Meta, Nvidia, Tesla, Microsoft, Amazon, Walgreens Boots Alliance, Micron, Hoka, Brands, Constellation Brands, Constellation, CNBC, Club Charitable Trust Locations: China, U.S, Modelo
Mike Moore | Getty Images Entertainment | Getty ImagesBud Light's ill-fated Dylan Mulvaney collaboration dominated conversations among marketers gathered in southern France for the Cannes Lions advertising festival this week. But according to Sarah Kate Ellis, president and CEO of LGBTQ+ rights organization GLAAD, Bud Light's lack of engagement did exactly that. "What Bud Light did was they had a trigger response and they ended up alienating everyone," Ellis told CNBC's Tania Bryer Wednesday. In May, Bud Light lost its top spot in the U.S. beer market, falling behind Constellation Brands' Modelo after sales slumped 24.6% year over year. A 'wake-up call'AB InBev's chief global marketing officer, Marcel Marcondes, said Monday that the months-long Bud Light boycott had been a wake-up call for the company.
Persons: influencer Dylan Mulvaney, Mike Moore, Bud Light's, Dylan, influencer Mulvaney, Brendan Whitworth, Sarah Kate Ellis, Bud Light, Ellis, CNBC's Tania Bryer, we're, David Droga, Droga, Andrew Clarke, Mars Wrigley, Clarke, Marcel Marcondes Organizations: Getty, Cannes Lions, Anheuser, Busch InBev, InBev's North, U.S, Constellation Brands, Modelo, Accenture, Brands, InBev's, Light, Deutsche Bank Locations: France, Cannes, U.S
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