By Dhirendra Tripathi
Investing.com – Beyond Meat (NASDAQ:BYND) stock fell 5% Friday on a Bloomberg report that Yum! Brands-owned Taco Bell (NYSE:YUM) has canceled a planned test of a product from the company.
The report said Taco was dissatisfied with the samples. Beyond Meat terminated two employees from the team that made the product, which was designed to mimic grilled meat known as carne asada, it said.
Another test of a Beyond Meat product could still happen, according to the report.
In a statement to Investing.com, Taco Bell disputed the Bloomberg account. “The test between Taco Bell and Beyond Meat was not canceled. Taco Bell and Beyond Meat are actively still working together to create a plant-based protein that’s completely innovative to the national QSR (quick serve restaurant) space,” the company said.
Beyond Meat has had a tough time bringing its products to market, with delays marring several of them. That has reflected in its stock price. It’s down almost 50% in a year that has seen indices make new highs.
The company told Bloomberg it has “commercialized and introduced more than a dozen retail and foodservice products in the U.S. and abroad” since March 2020.
Last month, McDonald’s (NYSE:MCD) started testing a McPlant burger in some of its U.S. outlets. The fast-food chain and Beyond Meat have jointly developed the plant-based burger. Tests will run as long as supplies last, McDonald’s said in October.