In this file:
· McDonald's Quietly Ended Its Meatless Burger Trial With Beyond Meat
· Beyond Meat founder: We feel very good about our relationship with McDonald's
McDonald's Quietly Ended Its Meatless Burger Trial With Beyond Meat
Olivia Rosane, EcoWatch
Jun. 26, 2020
McDonald's' ended a highly-publicized six-month trial of a meatless Beyond Meat burger April 6 without announcing any plans to continue or expand the partnership, CBC News reported Thursday. Instead, it simply removed the burger's information from its website.
Beyond Meat's shares plunged as much as 10 percent following the CBC story, as investors had hoped for a permanent arrangement between the alternative meat company and the fast-food giant, according to Business Insider. McDonald's stock was also trading down one percent, CNBC News reported. And some customers also expressed disappointment.
"I was really upset because it's the only thing on the menu that I could eat," London, Ontario-based vegan customer Jenna Walker-Cronk told CBC News. "I don't know how long it takes to get a product out, but I feel like, at this point, I'm not keeping my hopes up."
Both McDonald's and Beyond Meat insisted nothing about their relationship had changed.
"We're evaluating learnings from our recent test to inform future menu options," a McDonald's spokesperson told CBC News by email Thursday. "As we look ahead, we will plan to bring plant-based options to the menu at the right time for customers in individual markets."
Beyond Meat, meanwhile, said the trial had gone well.
"We can only comment generally and share that we were pleased with the test," Beyond Meat spokesperson Shira Zackai told CBC News by email Monday.
McDonald's ran two trials of the burger in dozens of restaurants in southwestern Ontario between September 30 of 2019 and April 6. It sold the burger as the PLT, for plant, lettuce and tomato, and said it was trialling the burger in Canada for a potential global rollout.
In a May earnings call, JPMorgan analyst Ken Goldman expressed doubt to Beyond Meat management about what the trial's end had meant, as Business Insider reported.
"[T]ypically if a test did well, the retailer wouldn't end it, they would expand it," Goldman said.
But Beyond Meat CEO Ethan Brown said that the lack of expansion did not necessarily reflect on the trial...
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Beyond Meat founder: We feel very good about our relationship with McDonald's
Brian Sozzi, Yahoo Finance
June 25, 2020
Talk about a nothing burger.
Beyond Meat (BYND) shares fell as much 7% on Thursday following a report from CBC that McDonald’s (MCD) ended a test of a Beyond based sandwich in Canada in April. The zany thing is that there is no fresh news here so a rebound in Beyond’s stock could be in the making.
“We feel very good about our relationship with McDonald's. The test had a start and an end as planned, and discussed during our most recent earnings call. This is not new information,” Beyond Meat founder Ethan Brown exclusively told Yahoo Finance via email. Beyond Meat shares began to recover following Brown’s comments.
Indeed Brown’s statement mirrors comments he said on the company’s early May earnings call.
“I mean that is — the test was for that period and it did conclude — for no negative reason at all,” Brown told analysts when asked about the test with McDonald’s.
In September, McDonald’s debuted the P.L.T. burger in southwestern Ontario. The sandwich was clearly labeled for a 12-week test — in other words it had a defined end date around April.
A source familiar with the matter tells Yahoo Finance, McDonald’s continues to evaluate the learnings from the test of the P.L.T.
McDonald’s was also quick to refute any beef with Beyond...