Why the Market Is Taking a Bite Out of Beyond Meat Shares Today
Shares of Beyond Meat (NASDAQ: BYND) were falling 5.5% heading into noontime on Thursday after an analyst at J.P. Morgan said McDonald's (NYSE: MCD) was discontinuing its test in U.S. markets of plant-based burgers because they weren't selling.
In a research note to investors, analyst Ken Goldman titled his report McPlant Seems McDone in the US for Now, according to Thefly.com.
The McPlant was launched with great fanfare last November, an initially troubling development in that the fast food giant had opted to brand the burger with a name that hid the Beyond Meat sourcing. Still, its introduction into the largest restaurant chain in the world held significant potential for growth.
Source Fool.com
