Beyond Meat Inc (NASDAQ:BYND) shares are trading higher by 9.82% at $39.02 following a report from Fast Company indicating Beyond Meat-based McPlant burger will become a permanent menu item at McDonald’s (NYSE:MCD). A subsequent Bloomberg report said McDonald’s denied the implications of the report.
Beyond Meat shares were initially halted for volatility at 2:20 p.m. ET, up 20%. Shares resumed out of the halt higher by 27% before a second volatility halt took place at 2:36 p.m. ET.
Before the second volatility halt was lifted, the Benzinga newsdesk reported a Bloomberg update on the matter, with McDonald’s saying the company has no new Plans with Beyond Meat to announce, McDonald's calling the Fast Company report "misconstrued." Shares fell to the $39.00-level upon resumption from the second volatility halt.
A Fast Company correction at the bottom of the article reads: "A previous version of this article described the McPlant burger as a “permanent” menu item; a McDonald’s spokesperson clarifies that it is a “core menu item” available in local markets depending on consumer demand. The timing of a test in Canada was also incorrect. We regret the error."
According to data from Benzinga Pro, Beyond Meat has a 52-week high of $160.28 and a 52-week low of $35.41.
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