Why Beyond Meat Sank 4% Today
Shares of Beyond Meat (NASDAQ: BYND) fell by 4% Monday after food industry giant Tyson Foods (NYSE: TSN) announced it was launching its own line of plant-based burgers.
The threat of a large, well-financed rival with a national distribution network has always been hanging over Beyond Meat, and this new offering is not the first plant-based offering from the protein producer. So the market's reaction was curious, though Tyson's new products will be a more of a direct threat to the plant-based meat maker's primary business.
On the other hand, this is also Tyson's second attempt at a plant-based burger. Its first one was eventually phased out.
Source Fool.com
