After tumbling earlier today, Beyond Meat shares are shooting upward on news that the company did indeed collaborate with McDonald's on its new McPlant vegetarian menu.
McDonald's made waves this morning when it announced its new McPlant, and the company's statement, which said that the new plant-based patty and chicken substitute formulation was made in-house, caused Beyond Meat shares to slide.
However, McDonald's overstated its own role in the creation of its McPlant, which was actually developed in conjunction with Beyond Meat, according to a statement provided to CNBC.
Beyond Meat shares turn sharply higher after spokesperson for the company says “Beyond Meat and McDonalds co-created the plant-based patty which will be available as part of their McPlant platform."https://t.co/RqHoNhOrlt pic.twitter.com/cVkE7m5hAf
— CNBC Now (@CNBCnow) November 9, 2020
The stock has been on a roller coaster today, with shares sliding on fears that it had been rebuffed by McDonald's and then rising on the clarification that it was involved in the process.
The partnership seems like a win for the alternative protein provider, which is locked in a meaty competition with its privately held rival, Impossible Foods, for fast food burger chain dominance.
However, there's still more news from Beyond Meat that's coming later today as the company announces its latest earnings report.
The numbers could have investors asking, "Where's the beef?"
If it seems like Beyond Meat's sausages, patties and chicken offerings are cropping up everywhere, that's because they are. The company announced a deal with the Jamaican patty company Golden Krust, and expanded its partnership with KFC both in the U.S. and in China, where the chain sells a Beyond Burger.
However, the number of protein replacement competitors continues to expand with startup companies galore looking to pitch meatless alternatives to the burger. The Spanish company Heura has a new meat alternative that it boasts can replicate the fatty texture of meat with fewer ingredients than the first generation of suppliers.
Meanwhile, vegetarian spam has made its way onto McDonald's menus in Hong Kong, a meatless chicken brand, Nuggs, is going direct to consumers, and Tyson Foods and Kellogg's are both making vegetarian alternatives.