Shares of Jack Daniel’s parent Brown-Forman Corp.

fell 3.1% in morning trading Friday, following a sales warning from rival Diageo PLC

which owns the Johnnie Walker whisky and Guinness beer brands. The U.S.-listed stock of Diageo tumbled 14.4% toward a three-year low, after the U.K.-based company said the lowered sales outlook was due to a big drop in demand in Latin America and the Caribbean. In Brown-Forman’s quarterly filing, the company said sales from emerging markets, in which the top markets include Mexico and Brazil, represented about 18% of total volume. For the three months ended July 31, sales in Mexico had increased 44% from a year ago while Brazil sales rose 22%. The company will report on the quarter through October in early December. Brown-Forman’s stock has dropped 19.7% over the past three months, while Diageo shares have slumped 21.1% and the S&P 500

has given up 2.4%.

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