By Dee-Ann Durbin
PepsiCo and Beyond Meat are creating a joint venture to develop snacks and drinks made from plant-based proteins.
The companies didn’t reveal what kinds of products they will make Tuesday, saying they’re still in development.
But the collaboration, the largest of its size outside of the restaurant industry for Beyond Meat, sent its shares to their largest single-day gain since they began trading, jumping by more than $50 each to $209.17.
Pepsi gets access to one of the leading plant-based meat companies as more people try to cut down on meat consumption and become more aware of how their food choices affect the environment.
Beyond Meat gets access to Pepsi’s colossal distribution system and broad product line. Pepsi, in addition to drinks, makes Fritos, Cheetos, and Tostitos, as well as Matador beef jerky.
Beyond Meat, which was founded in 2009, makes burgers and sausages from pea protein.
Financial terms of the deal weren’t released. The joint venture will be managed through a new entity called The Planet Partnership.
New data from the National Association of Home Builders shows that falling mortgage rates have improved homebuilder confidence and increased demand to buy homes.
About nine million people with student loans missed their first payment after the recent pandemic pause, according to data.
Spending this holiday season is set to significantly rise, according to an economic survey from CNBC.
Google settled an antitrust lawsuit, Tesla is reportedly raising pay, a group is suing Utah over its social media policies for kids and the founder of Nikola was sentenced to prison.
The White House is lending its support to an auto industry effort to standardize Tesla’s electric vehicle charging plugs for all EVs in the United States.
Some of America’s biggest retailers are working to increase their shipping speeds to please shoppers expecting faster and faster deliveries.
A group representing several big tech companies is suing Utah over state laws about children's social media use.
Google has agreed to pay $700 million to settle an anti-trust settlement.
Stocks were up after the closing bell as Wall Street continued to pin their hopes on rate cuts after last week's comments from the Fed.
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