JBSAY - Why Beyond Meat Stock Climbed on Wednesday
Shares of Beyond Meat (NASDAQ: BYND) were up by 7.9% as of 1:21 p.m. EST Wednesday after traditional meat processing company JBS (OTC: JBSAY) had its operations disrupted by a ransomware attack. Based on Brazil, JBS is the largest meat processor in the world.
The cyberattack, which JBS disclosed earlier this week, impacted the company's servers and IT infrastructure in North America and Australia. The company immediately suspended the use of all affected systems and has been working diligently to restore them. In an update provided on Tuesday, JBS said that its operations in Mexico and the U.K. were not affected. Nine of JBS's plants in the U.S. were shut down on Tuesday, but the company said that it expected the "vast majority" of its food plants to be fully operational Wednesday.
Image source: Beyond Meat.
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Why Beyond Meat Stock Climbed on Wednesday