Beyond Meat shares soar 31% as company teams up with PepsiCo to make plant-based snacks and drinks

Beyond Meat shares soar 26% as company teams up with PepsiCo to make plant-based snacks and drinks
CNBC
1/26/2021
Amelia Lucas
Financial terms of the partnership were not disclosed.
Operations will be managed through a limited liability corporation called The PLANeT Partnership.
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Patties of Beyond Meat Inc.'s plant-based burger Beyond Burger are cooked on a skillet.
Beyond Meat and PepsiCo announced Tuesday that they've formed a joint venture to create, produce and market snacks and drinks with plant-based substitutes.
Shares of Beyond jumped as much as 31% in morning trading on the news, while Pepsi's stock rose about 1%. The run in Beyond Meat may have been helped by hedge funds rushing to cover their bets against the stock, a trend unfolding in may heavily-shorted names this year. More than 38% of the Beyond Meat shares available for trading are sold short, according to FactSet.

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