Why Beyond Meat Stock Went Down in Flames on Friday
Shares of Beyond Meat (NASDAQ: BYND) went down in flames on Friday, plunging as much as 9.2% while simultaneously hitting a new 52-week low. As of 2:52 p.m. ET, the stock was still down 8.4%.
The catalyst that sent the maker of plant-based meat substitutes down was a report that privately held rival Impossible Foods had just inked a potentially lucrative deal.
During an investor event, leading grocery store chain Kroger (NYSE: KR) announced a strategic partnership with Impossible Foods to develop and sell a line of plant-based appetizers and entrees under Kroger's Home Chef label. The brand provides customers with "ready-to-eat meals, rotating seasonal programs, new appetizers as well as our first plant-based protein, in partnership with ... Impossible (Foods)."
Source Fool.com
