Constellation Brands, U.S. maker of Modelo and Corona, withdrew its previously issued fiscal 2028 outlook on Wednesday and reported slightly weaker demand as consumers navigate a rapidly evolving macroenvironment.

The company said it was encouraged by the momentum in the fourth quarter across its beer and wine and spirits businesses, but the larger environment indicates lingering uncertainty. Constellation Brands also previously appointed Nicholas Fink as its new CEO, effective April 13.

“We expect the operating environment to remain dynamic given the evolving socioeconomic backdrop and limited near-term visibility,” the company said in a statement.

Still, the company beat Wall Street expectations for its fourth quarter and full fiscal-year results.

Here’s how the company performed in the fourth quarter, compared with what Wall Street was expecting based on a survey of analysts by LSEG:

• Earnings per share: $1.90 per share adjusted vs. $1.72 per share expected
• Revenue: $1.92 billion vs. $1.88 billion expected

For the fourth quarter, the company reported net income of $224.7 million, up from a loss of $370.6 million a year prior.

The company said its beer business continues to be one of its biggest sources of growth, though its overall net sales for fiscal 2026 decreased by 3%.

“We do expect that we will return to growth and that the headwinds that we’re facing today are more cyclical in nature than they are structural,” CFO Garth Hankinson said on a call with analysts on Thursday.

For fiscal 2027, the company said it expects adjusted EPS of between $11.20 and $11.90 compared with estimates of $12.36 per share. Constellation Brands said that spending behavior across alcohol categories became more “deliberate” because of broader economic uncertainty, with overall demand across its categories remaining “subdued” for most of the year.

“Things have been very volatile in terms of what the consumer reaction has been and our continuing research suggests that the consumer is still cautious,” CEO Bill Newlands said on the Thursday call.

– CNBC’s Brandon Gomez contributed to this report.

Former U.S. Federal Reserve Governor Larry Lindsey has withdrawn his name from consideration for the position of Fed chair, CNBC’s Eamon Javers reported on Thursday.

“I have a very full varied and enjoyable life right now that I don’t want to give up to go through the mill of public life,” Lindsey told Javers via text message on Thursday.

Lindsey was one of the candidates being interviewed by Treasury Secretary Scott Bessent. President Donald Trump has been considering a list of candidates to replace Federal Reserve Chairman Jerome Powell for when his term expires in May.

Artificial intelligence chipmaker Cerebras Systems said on Friday that it’s withdrawing plans for an IPO, days after announcing that it raised over $1 billion in a fundraising round.

In a filing with the SEC, Cerebras said it does not intend to conduct a proposed offering “at this time,” but didn’t provide a reason. A spokesperson told CNBC on Friday that the company still hopes to go public as soon as possible.

Cerebras filed for an IPO just over a year ago, as it was ramping up to take on Nvidia in an effort to create processors for running generative AI models. The filing revealed a heavy reliance on a single customer in the United Arab Emirates, Microsoft-backed G42, which is also a Cerebras investor.

In its prospectus, Cerebras said it had given voluntary notice to the Committee on Foreign Investment in the United States about selling shares to G42. In March, the company announced that the committee had provided clearance.

Since its initial filing to go public on the Nasdaq, Cerebras has shifted its focus away from selling systems and more toward providing a cloud service for accepting incoming queries to models that use its chips underneath.

The announced withdrawal comes three days into a U.S. government shutdown that’s left agencies like the SEC operating with a small staff. In a plan for a shutdown published in August, the SEC said its electronic system EDGAR “is operated pursuant to a contract and thus will remain fully functional as long as funding for the contractor remains available through permitted means.”

On Tuesday, Cerebras said it had raised $1.1 billion at a valuation of $8.1 billion in a private funding round. At the time, CEO Andrew Feldman said that the company still wanted to go public, rather than continue to raise venture capital.

“I don’t think this is an indication of a preference for one or the other,” he told CNBC in an interview. “I think we have tremendous opportunities in front of us, and I think it’s good practice, when you have enormous opportunities, not to let them fall by the wayside for lack of capital.”

Feldman thought the original prospectus from last year was out of date, especially considering developments in AI, the spokesperson said on Friday.

Well heeled technology companies have been quickly signing up for additional infrastructure to handle demand. On Tuesday CoreWeave, which rents out Nvidia chips through a cloud service, said it had signed a $14.2 billion agreement with Meta. ChatGPT operator OpenAI said last week that it had committed to spending $300 billion on cloud services from Oracle.

The government shutdown did not factor into Cerebras’ decision, the spokesperson said.

WATCH: Interview with Cerebras CEO Andrew Feldman

American Eagle on Tuesday said it is writing off $75 million in spring and summer merchandise and withdrawing its full-year guidance as it contends with slow sales, steep discounting and an uncertain economy.

The apparel retailer said it expects revenue in the first quarter, which ended in early May, to be around $1.1 billion, a decline of about 5% compared to the prior-year period. American Eagle anticipates comparable sales will drop 3%, led by an expected 4% decline at intimates brand Aerie. American Eagle previously expected first-quarter sales to be down by a mid-single-digit percentage and anticipated full-year sales would drop by a low single-digit percentage. 

Shares plunged more than 17% in extended trading. 

When it reported fiscal fourth-quarter results in March, American Eagle warned that the first quarter was off to a “slower than expected” start, due to weak demand and cold weather. Conditions evidently worsened as the quarter progressed, and the retailer turned to steep discounts to move inventory.

As a result, American Eagle is expecting to see an operating loss of around $85 million and an adjusted operating loss, which cuts out one-time charges related to its restructuring, of about $68 million for the quarter. That loss reflects “higher than planned” discounting and a $75 million inventory charge related to a write-down of spring and summer merchandise, the company said. 

“We are clearly disappointed with our execution in the first quarter. Merchandising strategies did not drive the results we anticipated, leading to higher promotions and excess inventory. As a result, we have taken an inventory write down on spring and summer goods,” said CEO Jay Schottenstein.

“We have entered the second quarter in a better position, with inventory more aligned to sales trends,” he said. “Additionally, we are actively evaluating our forward plans. Our teams continue to work with urgency to strengthen product performance, while improving our buying principles.” 

The company added it is withdrawing its fiscal 2025 guidance “due to macro uncertainty and as management reviews forward plans in the context of first quarter results.” It is unclear if recent tariff policy changes had an effect on American Eagle.

Some companies bought inventory earlier than usual to plan for higher duties, but American Eagle repeatedly said in March that it was in a solid inventory position and was able to go after trends as customer preferences shifted. 

At the start of the first quarter, the company said it had some inventory outages and needed to supplement stock in a few key categories, particularly at Aerie, one of its primary growth drivers.