Why Beyond Meat Stock Climbed on Wednesday

Exposing the Big Game


Traditional meat processor JBS, with which the plant-based food company competes, has fallen victim to a cyberattack.

Evan Niu, CFA(TMFNewCow)Jun 2, 2021 at 1:39PMAuthor Biohttps://platform.twitter.com/widgets/follow_button.06c6ee58c3810956b7509218508c7b56.en.html#dnt=false&id=twitter-widget-0&lang=en&screen_name=TMFNewCow&show_count=true&show_screen_name=true&size=l&time=1622665833680

What happened

Shares ofBeyond Meat(NASDAQ:BYND)were up by 7.9% as of 1:21 p.m. EST Wednesday after traditional meat processing companyJBS(OTC:JBSAY)had its operations disrupted by a ransomware attack. Based on Brazil, JBS is the largest meat processor in the world.

So what

The cyberattack, which JBS disclosed earlier this week, impacted the company’s servers and IT infrastructure in North America and Australia. The company immediately suspended the use of all affected systems and has been working diligently to restore them. In an update provided on Tuesday, JBS said that its operations in Mexico and the U.K. were not affected. Nine of JBS’s plants in the U.S. were shut down on Tuesday, but the company said that it…

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