Google has suspended business activity involving the transfer of hardware, software and key technical services with Huawei. Analysts say that could be a big blow to the...Technologyread more
Huawei Technologies will immediately lose access to updates to the Android operating system, a source close the matter told Reuters.Technologyread more
Huawei claims it has developed its own operating system for smartphones and laptops for "extenuating circumstances."Technologyread more
Current geopolitical tensions are making it harder and harder for oil-producing nations to make decisions that will help stabilize crude prices, Russian Energy Minister...Oilread more
Oil prices jumped on Monday after Saudi Energy Minister Khalid al-Falih indicated there was a consensus among OPEC and allied oil producers to continue limiting supply.Energyread more
Bank, property and healthcare stocks jumped, pushing Australian markets to a 11-year high, as Scott Morrison and the Liberal-led conservation government are poised for a...World Marketsread more
Trump's threat, posted on Twitter, comes amid rising international tensions in the Middle East as the U.S. has dispatched a carrier strike group and bomber task force to the...Politicsread more
Prime Minister Narendra Modi and his Bharatiya Janata Party are set to form the new government again, exit polls from India's month-long parliamentary elections show. But past...Electionsread more
The latest crisis in the uneasy French-German relationship was accelerated by Trump's decision to stop Germany's comfortable and decades-old free-riding on trade and security...Europe Politicsread more
While some fans of the long-running "Game of Thrones" felt satisfied by the show's final bow, others were quick to express their displeasure with how events unfolded.Entertainmentread more
Stocks in Asia were mixed on Monday amid a series of geopolitical developments across the region.Asia Marketsread more
The Jimmy Dean owner sold its stake in Beyond before the company went public, citing its desire to produce vegetarian meat substitutes under its own umbrella of brands. CEO Noel White told analysts on the quarterly conference call Monday that the plant-based product will launch this summer on a limited basis, with a wider rollout in October and November.
Following Tyson's announcement, Beyond Meat's stock opened down 6% before rebounding as high as 7% against steeper losses in the broader market.
Beyond made the strongest market debut so far this year on Thursday, surging 163%. The stock has a market value of $3.97 billion, dwarfed by Tyson's own market value of $22.66 billion. Tyson shares gained more than 2% Monday.
Despite the difference in market value, Beyond and other makers of plant-based meat alternatives — such as Impossible Foods — pose a threat to Tyson. Beyond Meat's CEO, Ethan Brown, told CNBC that the company is trying to capture the meat industry's customers. Its gluten- and soy-free products are meant to more closely resemble and taste like meat than previous iterations of veggie burgers.
Although the number of vegans and vegetarians in the U.S. has remained relatively stable over the last decade, more Americans are trying to cut down on their meat consumption and incorporate more plant-based foods in their diets. The U.S. meat substitute market is worth about $1.44 billion, according to Euromonitor International data. By 2023, the market is expected to grow 74% to $2.5 billion.
But it can be difficult for the upstarts to keep up with demand. Impossible Foods apologized last week for shortages, while Beyond had similar struggles in 2017 and 2018. Beyond has said that it will use some of the proceeds from its IPO to invest in its manufacturing facilities.