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Beyond Meat's secondary offering goes bad

Dan Primack, author of Pro Rata

Photo: Drew Angerer/Getty Images

Beyond Meat filed for a follow-on public offering of 3.25 million shares, which had a market value of $763 million at the time of filing.

Why it matters: Those same shares at today's open had a market value of just around $600 million, down more than 20%, as investors seem unable to stomach a secondary offering announced less than three months after IPO. Beyond Meat likely thought its much better-than-expected Q2 earnings could pump its new float, but it may have been a rotten bet.

Go deeper: The fake meat gold rush

Go deeper

Stef W. Kight, Will Chase
1 hour ago - Politics & Policy

It's harder to fill the Cabinet

Data: Chamberlain, 2020, "United States of America Cabinet Appointments Dataset" Chart: Will Chase/Axios

It's harder now for presidents to win Senate confirmation for their Cabinet picks, an Axios data analysis of votes for and against nominees found.

Why it matters: It's not just Neera Tanden. The trend is a product of growing polarization, rougher political discourse and slimming Senate majorities, experts say. It means some of the nation's most vital federal agencies go without a leader and the legislative authority that comes with one.

Go deeper (<1 min. read)Arrow
Stef W. Kight, Jonathan Swan
1 hour ago - Politics & Policy

Exclusive: Hundreds of kids held in Border Patrol stations

Migrants cross the Rio Bravo to get to El Paso, Texas. Photo: Herika Martinez/AFP via Getty Images

More than 700 children who crossed from Mexico into the United States without their parents were in Border Patrol custody as of Sunday, according to an internal Customs and Border Protection document obtained by Axios.

Why it matters: The current backup is yet another sign of a brewing crisis for President Biden — and a worsening dilemma for these vulnerable children. Biden is finding it's easier to talk about preventing warehousing kids at the southern border than solving the problem.

Go deeper (2 min. read)Arrow
Lachlan Markay
1 hour ago - Politics & Policy

Pompeo plots 2024 power play

Mike Pompeo in Washington on Feb. 12. Photo: Samuel Corum/Getty Images

Mike Pompeo has quickly reentered the political fray, raising money for Republicans, addressing key political gatherings and joining an advocacy group run by Donald Trump's former lawyer.

Why it matters: The former secretary of state is widely considered a potential 2024 presidential contender. His professional moves this week indicate he's working to keep his name in the headlines and bolster a political brand built largely on foreign policies easily contrasted with the Biden White House.

Go deeper (1 min. read)Arrow

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