Beyond Meat Rebounds Sharply After Saying It's Working With McDonald's

Shares of plant-based food maker Beyond Meat Inc BYND rebounded sharply Monday afternoon after confirming it's playing a role in McDonald's Corp MCD new plant-based products.

What Happened: McDonald's said Monday it will start testing its own plant-based food product in various markets in 2021 as part of a new McPlant platform.

McDonald's international president Ian Borden was quoted by USA TODAY as stating the McPlant lineup is "crafted exclusively for McDonald's, by McDonald's."

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Stock Rebounds: McDonald's announcement of a new plant-based lineup sent Beyond Meat's stock notably lower on the session. The logical takeaway from the announcement and Borden's comments was that Beyond Meat isn't going to play a part in McDonald's vegan menu plans.

But by Monday afternoon, Beyond Meat's stock sharply rebounded to session highs. A statement from management confirmed it's part of McDonald's supply chain.

"Beyond Meat and McDonald's co-created the plant-based patty which will be available as part of their McPlant platform," a Beyond Meat spokesperson told CNBC.

Beyond Meat's stock hit an intraday low of $142.41 and spiked to as high as $165.74.