Jan 30, 2020

Fake meat may have some real problems

Dion Rabouin, author of Markets

Photo: Drew Angerer/Getty Images

Beyond Meat's stock price fell by 4.3% on Wednesday after Canadian fast food giant Tim Hortons announced it was pulling Beyond burgers from its menu.

Why it matters: Beyond Meat was one of 2019's biggest success stories — at its peak the stock rose 840% from its IPO price.

  • Tim Hortons is less popular in the U.S., but a powerhouse in Canada and the top asset for fast food giant Restaurant Brands International, which also owns Burger King and Popeyes.

What they're saying: "Ultimately, the product was not embraced by our guests as we thought it would be," Tim Hortons said in a statement. "We may offer plant-based alternatives again in the future, but we have removed it from the menu for now.”

Yes, but: Beyond Meat's stock is still up by around 50% year to date and well above its $25 IPO price, even though it has fallen significantly from earlier highs.

Between the lines: The announcement came just two weeks after Beyond announced its Beyond D-O-Double-G breakfast sandwich collaboration with Snoop Dogg for Dunkin.

  • It offers a "classic Snoop twist on a plant-based hit."

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The eye of the COVID-19 storm shifts to Latin America

Data: The Center for Systems Science and Engineering at Johns Hopkins; Chart: Naema Ahmed/Axios

The epicenter of the COVID-19 pandemic has moved from China to Europe to the United States and now to Latin America.

Why it matters: Up until now, the pandemic has struck hardest in relatively affluent countries. But it's now spreading fastest in countries where it will be even harder to track, treat and contain.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 5,768,908 — Total deaths: 358,490 — Total recoveries — 2,399, 247Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 1,717,756 — Total deaths: 101,562 — Total recoveries: 399,991 — Total tested: 15,646,041Map.
  3. Public health: The mystery of coronavirus superspreaders.
  4. Congress: Pelosi slams McConnell on stimulus delay — Sen. Tim Kaine and wife test positive for coronavirus antibodies.
  5. World: Twitter slapped a fact-check label on a pair of months-old tweets from a Chinese government spokesperson that falsely suggested that the coronavirus originated in the U.S.
  6. Education: Science fairs are going virtual, and some online elements may become permanent.
  7. Axios on HBO: Science fiction writers tell us how they see the coronavirus pandemic.
  8. 🏃‍♀️Sports: Boston Marathon canceled after initial postponement, asks runners to go virtual.
  9. What should I do? When you can be around others after contracting the coronavirus — Traveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  10. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

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Minnesota activates National Guard amid fallout from George Floyd death

A portrait of George Floyd hangs on a street light pole in Minneapolis. Photo: Stephen Maturen/Getty Images

George Floyd, 46, moved to Minnesota to improve his life and become his "best self," but instead, he is dead because of Minneapolis police.

The latest: Minnesota Gov. Tim Walz declared a state of emergency and activated the state's National Guard in response to violent clashes over the past two days between police and protesters in the Twin Cities.