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Why Did Beyond Meat (BYND) Surge Today?
Shares of plant-based meat company Beyond Meat (BYND - Free Report) were up almost 12% in Tuesday morning trading after coffee giant Starbucks (SBUX - Free Report) announced that it will debut Beyond Meat products on its menu in China this week. BYND closed up 7.4%
This partnership marks Beyond’s entry into the Chinese market, and accomplishes CEO Ethan Brown’s goal to enter China in 2020.
The new menu items include a pasta dish, lasagna, and a tortilla wrap made with Beyond Beef. There will also be two food items made with a pork alternative from Hong Kong-based Omnipork; Starbucks is adding Oatly’s oat milk as a non-dairy option as well
Starbucks has reopened over 95% of its China cafes after the coronavirus pandemic temporarily closed many locations.
BYND has posted double-digit gains so far in 2020 compared to the S&P 500’s 14% decline.
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