Afternoon Brief: As the Wine Industry Retracts, Some Are Still Betting Big on Napa

It often seems that only bad news is coming out of the wine industry, even in California, where headlines scream about wineries unable to sell their grapes, several notable Chapter 11 filings in recent weeks, and farmers switching over to crops such as olives, pistachios, and even agave. Meanwhile, in the past few months, a few extremely high-profile transactions tell a different story...