| 2019-06-13 07:46:08|
BYND, TSN 07:46 06/13 06/13/19
Beyond Meat shares fall after Tyson Foods unveils first plant-based products
Shares of Beyond Meat (BYND) moved lower after Tyson Foods (TSN) introduced its first plant-based and blended products along with its new Raised & Rooted brand. "The initiative makes Tyson Foods the largest U.S. meat producer to enter the growing alternative protein segment with its own products," Tyson said this morning in a press release. The initial products under Raised & Rooted, which will launch this year, include plant-based nuggets as well as blended burgers made with a combination of beef and plants. Tyson's existing Aidells brand has also launched Aidells Whole Blends sausage and meatballs, made with chicken and plant-based ingredients. Tyson Foods expects to introduce additional alternative protein products "through multiple customers and sales channels." Following the news, shares of Beyond Meat are down 3%, or $4.57, to $137.40 while Tyson Foods is up 4%, or $3.11, to $85.00 in premarket trading.
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