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Beyond Meat Shares Drop As Tim Hortons Stops Selling It In Last Two Canadian Provinces

Beyond Meat Inc.'s (NASDAQ: BYND) shares slipped in after-hours trading on Tuesday as Restaurant Brands International Inc. (NYSE: QSR) subsidiary Tim Hortons pulled the plant meat makers products from its stores in Can

Benzinga · 01/29/2020 03:34

Beyond Meat Inc.'s (NASDAQ: BYND) shares slipped in after-hours trading on Tuesday as Restaurant Brands International Inc. (NYSE: QSR) subsidiary Tim Hortons pulled the plant meat makers products from its stores in Canada.

What Happened

The coffee and donuts restaurant chain pulled Beyond Meat's products from the provinces of Ontario and British Columbia, Bloomberg reported Tuesday.

This effectively ended their partnership for the time being as these were the only two provinces where Tim Hortons served Beyond Meats products, which included the Beyond Burger and another breakfast sandwich.

The quick-service restaurant in September last year scaled back the product from all its stores across the country to just these two provinces.

"We introduced Beyond Meat as a limited time offer. We are always listening to our guests and testing new products that align to our core menu offerings. We may offer Beyond Meat again in the future," the company told Bloomberg in a statement.

The news came as one of Beyond Meat's earliest bull analysts Ken Goldman of JPMorgan Chase & Co. (NYSE: JPM) downgraded its stock's rating from overweight to neutral earlier in the day.

Price Action

Beyond Meat's shares traded 3% lower in after-hours trading at $116.52 on Tuesday, after closing the regular session 3.71% lower at $120.12.
Restaurant Brands' stock closed 1.23% lower at $62.79 in New York. The shares were mostly unchanged in after-hours.