Why Beyond Meat Stock Got Thumped on Thursday
In recent weeks, the stock of Beyond Meat (NASDAQ: BYND) has staged something of a comeback. But that was thrown into reverse on Thursday with disquieting news about an important business partner that drove its share price down by over 4% on the day.
This morning, CNBC reported that Taco Bell -- the Mexican fast-food restaurant chain owned by Yum! Brands (NYSE: YUM) -- is testing a proprietary, plant-based meat substitute. This product, derived from soy and pea protein, is being sold in Taco Bell outlets in Birmingham, Alabama.
Investors were understandably concerned about this. In early 2021, Beyond Meat and Yum! Brands signed a deal to co-develop alt-meat ingredients for exclusive menu items in the latter's restaurants. In addition to Taco Bell, the company also operates the KFC and Pizza Hut brands.
Source Fool.com
