The rally in $BYND shares looks to be over on the news Tim Hortons is halting sales of its products in Canada. Here's the news from Bloomberg:
(Bloomberg) -- Tim Hortons restaurants have stopped selling Beyond Meat products at its coffee and donut shops across two of Canada’s biggest provinces.
The chain had been serving the Beyond Burger and a Beyond Meat breakfast sandwich made with the company’s imitation sausage products. After an initial launch starting in June at nearly 4,000 Canadian locations, the items were scaled back to the provinces of Ontario and British Columbia in September.
“We introduced Beyond Meat as a limited time offer. We are always listening to our guests and testing new products that align to our core menu offerings. We may offer Beyond Meat again in the future,” Tim Hortons said in an e-mailed statement.
The rollback marks a rare setback for the plant-based meat maker, which currently has partnerships with Carl’s Jr., Hardee’s and Dunkin’ Donuts in the U.S., and recently announced an expansion of its partnership with Subway in Canada to begin serving meatball subs nationwide.
A Beyond Meat spokesperson confirmed this was a limited time offer and the companies may work together in the future. Restaurant Brands International Inc., the parent company of Tim Hortons, didn’t respond.
Beyond Meat tumbled almost 4% in New York trading Tuesday after the stock was downgraded to neutral by JPMorgan. The shares extended declines after the close of regular trading on the Tim Hortons report. The stock has soared more than fourfold since it went public last year.
The demand just wasn't there. This is bad news. There's no way to spin this.
We've called the short in $BYND in our last article. We are calling the short again.
As always, trade with caution and use protective stops.
Good luck to all!
(Bloomberg) -- Tim Hortons restaurants have stopped selling Beyond Meat products at its coffee and donut shops across two of Canada’s biggest provinces.
The chain had been serving the Beyond Burger and a Beyond Meat breakfast sandwich made with the company’s imitation sausage products. After an initial launch starting in June at nearly 4,000 Canadian locations, the items were scaled back to the provinces of Ontario and British Columbia in September.
“We introduced Beyond Meat as a limited time offer. We are always listening to our guests and testing new products that align to our core menu offerings. We may offer Beyond Meat again in the future,” Tim Hortons said in an e-mailed statement.
The rollback marks a rare setback for the plant-based meat maker, which currently has partnerships with Carl’s Jr., Hardee’s and Dunkin’ Donuts in the U.S., and recently announced an expansion of its partnership with Subway in Canada to begin serving meatball subs nationwide.
A Beyond Meat spokesperson confirmed this was a limited time offer and the companies may work together in the future. Restaurant Brands International Inc., the parent company of Tim Hortons, didn’t respond.
Beyond Meat tumbled almost 4% in New York trading Tuesday after the stock was downgraded to neutral by JPMorgan. The shares extended declines after the close of regular trading on the Tim Hortons report. The stock has soared more than fourfold since it went public last year.
The demand just wasn't there. This is bad news. There's no way to spin this.
We've called the short in $BYND in our last article. We are calling the short again.
As always, trade with caution and use protective stops.
Good luck to all!
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We are not financial advisors. Always conduct your own research and read our full disclaimer at insiderfinancial.com/disclaimer/
