Why Shares of Beyond Meat, DraftKings, and Allbirds Cratered This Week
A broad cross-section of stocks slumped this week, as a decision by the Federal Reserve Bank brought the macroeconomic challenges front and center.
Among the casualties, plant-based meat specialist Beyond Meat (NASDAQ: BYND) was off by as much as 20.1% this week, daily fantasy sports and online gambling leader DraftKings (NASDAQ: DKNG) was down as much as 16.7%, and sustainable footwear maker Allbirds (NASDAQ: BIRD) was down as much as 13.5%, according to data provided by S&P Global Market Intelligence. As of the close of the trading day on Thursday, the trio was still trading lower, down 16.7%, 16.2%, and 12.4%, respectively. The broader market indexes were also lower this week, with the S&P 500 down 3% since last Friday's close, while the Nasdaq Composite declined 3.3%.
There was very little in the way of company-specific news behind the sell-off, but the Fed's comments and reduced growth forecasts that came with the rate hike unnerved some investors, sending these consumer-facing stocks lower.
Source Fool.com
