GLOBAL MARKETS: Shot in the arm for markets
Global markets roared higher this week after Pfizer and BioNTech revealed a breakthrough in the race to find a Covid-19 vaccine. The drugmakers’ announcement that a vaccine had been found to be more than 90% effective in a late-stage trial ricocheted through asset markets. Airlines, hotels and plane makers — three industries ravaged by the collapse in travel — were among the biggest winners.
Shares in Beyond Meat lost more than a quarter of their value this week after the company said consumers had stuffed their freezers full of its plant-based burgers during lockdown earlier this year and dramatically slowed purchases since.
Meanwhile, sales at restaurants and fast-food chains that carry its products were still not fully recovered, the company said.
Revenues for the three months to September 26 rose 2.7% from a year ago to $94.4m — a wildly different outcome from the 48% rise expected by analysts.
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