Here's Why Beyond Meat Stock Skyrocketed Only to Come Back Down to Earth
Shares of plant-based meat company Beyond Meat (NASDAQ: BYND) were having a ho-hum day on Wednesday until about 2 p.m. ET. Then a report surfaced saying that fast-food giant McDonald's (NYSE: MCD) had added the McPlant burger to its menu permanently, and Beyond Meat stock skyrocketed. Shares were up almost 34%. Then another report came out saying the first one was "misconstrued." Here's what's going on.
The first article comes from the website Fast Company. In the original version, the headline says that the McPlant burger (a menu item that started rolling out in the U.S. in October 2020) will stay on the menu permanently. The plant-based burger isn't co-branded with Beyond Meat, but McDonald's does use Beyond Meat as its plant-based beef supplier. This is why Beyond Meat stock skyrocketed.
Two Beyond Meat burgers. Image source: Beyond Meat.
Source Fool.com
