Why Beyond Meat Stock Fell Today
Shares of Beyond Meat (NASDAQ: BYND) fell by 4% Monday after chief rival Impossible Foods said that it was expanding its retail distribution at Canadian grocery stores. The news came a little more than a year after Beyond Meat entered the Canadian market for plant-based meat substitutes. Meanwhile, the broader market sold off Monday, with the S&P 500 down by about 1.9% as investors grew more concerned over the past month's surge in the COVID-19 pandemic. The number of daily new coronavirus cases diagnosed in the U.S. set a new record high Friday, stoking fears of greater macroeconomic impacts to come.
Impossible Foods will sell its flagship Impossible Burger at nearly 600 Sobeys locations; it's the second-largest grocery chain operator in Canada. The product will also be available through Sobeys' online home delivery service. Sobeys will be the exclusive retailer of Impossible Burgers until February 2021, after which distribution will expand to the other supermarket brands Sobeys runs in Canada.
Image source: Beyond Meat.
Source Fool.com