Here's Why Beyond Meat Stock Shot Higher This Morning
Shares of Beyond Meat (NASDAQ: BYND) shot upward early Tuesday morning. As of 11:17 a.m. EST, the stock was trading 19.1% higher, but it had been up by more than 40% before the market opened. The catalyst for the move was a joint press release it issued with PepsiCo (NASDAQ: PEP) regarding plant-based snacks. But the fuel for it had already been supplied by retail investors. The stock was just waiting for a little spark to explode.
Beyond Meat and PepsiCo are together starting a limited liability corporation called The PLANeT Partnership. The purpose of the new venture is to create and sell plant-based snacks and beverages, leaning on the strengths of each company. While this sounds like an interesting business, investors apparently weren't as enthused about what it could do for PepsiCo -- the beverage giant's stock was up by less than 1%.
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Source Fool.com
