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.
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Why the Market Is Taking a Bite Out of Beyond Meat Shares Today