Beyond Meat Launches Record-Breaking IPO

Beyond Meat Launches Record-Breaking IPO

David Mastroianni, strategic account executive at Adviser Investments, has the market analysis for Friday, May 3. Major U.S. stock indexes advanced on better than expected employment data, with the Dow Jones Industrial Average, S&P 500 and NASDAQ Composite up 0.8%, 1.0% and 1.6%, respectively—marking a new record high for the NASDAQ. The Labor Department reported that 263,000 new jobs were added in April, as unemployment dropped to a 50-year low. Meanwhile, despite decreasing sales and profits, Newell Brands’ stock surged 13% after beating earnings expectations. Newcomer vegan food producer Beyond Meat broke 2019’s IPO record, pushing the company’s valuation near $4 billion. Beyond Meat’s stock price closed the day at $67, up nearly 200% from its IPO price.

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