Beyond Meat Shares Down Following McDonald's Deal Expiration
Stocks of plant-based meat maker Beyond Meat (NASDAQ: BYND) declined in morning trading Thursday after the news media belatedly learned that McDonald's (NYSE: MCD) had ended its Beyond Burger trial run in Canada. While the trial actually ended on April 6, little fanfare accompanied the event, leaving investors uncertain about the plans between the fast-food giant and its would-be supplier. After falling by nearly 9% earlier, at 1:30 p.m. EDT, shares were down by about 4.4%, while the broader markets were close to flat.
McDonald's launched a half-year Ontario trial of the PLT, or "Plant, Lettuce, and Tomato," a Beyond Burger based vegetarian burger first offered on Sept. 30. It was McDonald's first North American foray into vegetarian burgers since a failed soy-based offering almost 20 years ago. "We've been taking our time to get it right," said the fast-food chain's consumer insights lead, Michaela Charette, last year when describing how McDonald's had worked out the precise recipe for the PLT.
Image source: Beyond Meat
Source Fool.com