Why Beyond Meat Stock Fell Today
Shares of Beyond Meat (NASDAQ: BYND) declined by 8% on Thursday. On a day when the major stock indexes suffered brutal losses, the plant-based food leader made moves to advance its beachhead in Europe.
Rising COVID-19 case counts helped to drive the U.S. stock markets sharply lower. Many restaurant stocks -- some of which are key partners for Beyond Meat -- were hit particularly hard. This likely explains much of Beyond Meat's losses on Thursday.
However, Beyond Meat also made some notable announcements on Thursday. First, it entered into a comanufacturing agreement with Zandbergen World's Finest Meat. Zandbergen will operate a new facility in the Netherlands that will make the Beyond Burger and Beyond Sausage. Beyond Meat says the facility will also strengthen its distribution capabilities throughout Europe, the Middle East, and Africa.
Source Fool.com
