Beyond Meat shares plunge 24% after missing top and bottom line in Q3 Description video: Aditi Roy joins ‘Closing Bell’ to report Beyond Meat’s quarterly results. The company has been adversely impacted by the coronavirus pandemic. This also comes after […]
Beyond Meat shares plunge 24% after missing top and bottom line in Q3
Aditi Roy joins ‘Closing Bell’ to report Beyond Meat’s quarterly results. The company has been adversely impacted by the coronavirus pandemic. This also comes after McDonald’s announced it will be creating its own plant-based burgers. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi \n\n» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision\n» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC\n» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic\n\nTurn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.\n\nThe News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast \n \nConnect with CNBC News Online\nGet the latest news: http://www.cnbc.com/\nFollow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC\nFollow CNBC News on Facebook: https://cnb.cx/LikeCNBC\nFollow CNBC News on Twitter: https://cnb.cx/FollowCNBC\nFollow CNBC News on Instagram: https://cnb.cx/InstagramCNBC\n\nhttps://www.cnbc.com/select/best-credit-cards/ \n\n#CNBC\n#CNBCTV
Beyond Meat Shares Up 12% on McDonald’s Announcement
McDonald’s announced plans to test a plant-based burger with Beyond Meat cutlets in Canada on Thursday.
12-week test begins September 30 at 28 restaurants in Southwest Ontario.
This item will appear in the menu as P.L.T, which means “plant, lettuce and tomato”. Burger will cost CAD 6.49 ($ 4.90) plus tax surcharge.
«This test will allow us to learn more about the real potential of P.L.T., including customer demand for this product and its impact on workflow in restaurants.», – said Ann Walgren, Vice President of McDonald&# 39; s on global menu strategy.
Beyond Meat shares rose 12% in morning trading, while McDonald’s&# 39; s went up 1%. Since its initial public offering in May, Beyond is up 517%. However, the stock has dropped 34% in the past two months after a secondary share offering, increased competition from Big Food’s competitors and concerns about pricing..
Beyond Meat and Impossible Foods surged in popularity this year as more U.S. restaurant chains such as Dunkin &# 39; and Red Robin add them to their menus. Burger King, owned by Restaurant Brands International, recently released a version of its Whopper, created in collaboration with the Impossible burger, and is available throughout the United States..
Restaurants are choosing plant-based hamburgers as a way to attract consumers looking to cut back on meat. The NPD group found that 95% of people who buy these vegan burgers also bought beef burgers during the past year.
McDonald&# 39; s stayed on the sidelines for now, trying to better understand this trend before actively entering the market as a player. The company already sells plant-based burgers in Germany and Israel in partnership with Nestle, which began selling its Awesome Burger in US stores this week..
Beyond Meat has expressed confidence that it can supply any restaurant chain. In June, CEO Ethan Brown told analysts that the company could supply all major fast food chains if needed..