Illustration: Aïda Amer/Axios

Beyond Meat shares popped 163% yesterday on their first day of trading, marking the best IPO day performance since before the financial crisis.

The bull case: Beyond Meat rival Impossible Foods recently got onto Burger King's menu, and there is widespread speculation that Beyond Meat will strike a similar deal with McDonald's or Wendy's.

  • Former McDonald's CEO Don Thompson is on the Beyond Meat board, having invested through his VC firm Cleveland Avenue.
  • These products aren't just for vegetarians and vegans, with Impossible CFO David Lee telling me Monday that around 90% of his company's customers consider themselves to be carnivores.

The bear case: More than a dozen states are considering legislation that would make it illegal for companies to use the word "meat" to describe burgers or sausages that are made from plant-based materials or in labs.

  • This is the cattle ranchers lobby vs. the grocery lobby, and could present a particular challenge for a company with "meat" in its actual name.
  • There have been similar legal skirmishes over words like "egg" and "milk," with "chicken" most likely to follow as Tyson prepares to launch its own alternative protein product this summer.

Go deeper ... Scoop: Tyson Foods sells stake in Beyond Meat amid rising tensions

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Markets swell as the economy shrinks

Illustration: Eniola Odetunde/Axios

The economy is sputtering, but the markets are thriving — a highly unusual event that shows how the coronavirus has thrown all bets off.

Why it matters: The disconnect adds to the wealth gap. The richest 10% of households — who own 84% of stocks — are getting richer, while millions of out-of-work Americans cross their fingers that pandemic unemployment benefits will be extended.

Updated 9 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 10,836,500 — Total deaths: 520,605 — Total recoveries — 5,723,808Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 2,735,554 — Total deaths: 128,684 — Total recoveries: 781,970 — Total tested: 33,462,181Map.
  3. Public health: The states where face coverings are mandatory Regeneron stops trial after drug fails to help patientsWhat we know about the coronavirus immune response — Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  4. Business: Top business leaders urge the White House to develop mandatory mask guidelines.
  5. Politics: Herman Cain hospitalized for COVID-19 after attending Trump Tulsa rally — Biden downplays jobs number, rebukes Trump for ignoring health crisis.
  6. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
  7. States: Texas mandates face masks in public spaces Florida reports more than 10,000 new coronavirus cases, and its most-infected county issues curfew.
10 hours ago - Health

Fauci: Coronavirus surges mark a "very disturbing week" in the U.S.

Fauci testifies to the Senate Health, Education, Labor and Pensions Committee on June 30. Photo: Al Drago/AFP via Getty Images

NIAID director Anthony Fauci told medical journal JAMA on Thursday that it has been a "very disturbing week" for the spread of the novel coronavirus in the U.S.

What's happening: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Caitlin Owens reports.