Diamonds and Dogs

2/24/23

Beyond Meat (BYND) jumps 9% after the maker of plant-based meat alternatives posted fourth-quarter results and a financial forecast that beat analysts estimates. The company also predicted that net revenue for 2023 will be about $375 million to $415 million, while analysts had penciled in $395.2 million. Beyond Meat received a "cautiously optimistic" thumbs-up from Mizuho Securities analyst John Baumgartner on Friday, who lifted his price target on the stock to $20 from $11. He raised his forecast of adjusted earnings for 2023, adding that he was "more confident gross margin can maintain sequential improvement."

Boeing (BA) drops 10% after halting deliveries of their 787. Hopefully this is headline risk and nothing more as Boeing found analysis error by our supplier related to the 787 forward pressure bulkhead. Boeing has paused 787 deliveries to complete the required analysis and documentation. Boeing doesn't believe this will impact deliveries in 2023. Paperwork might seem like an odd reason to wipe out about $6 billion in market value, but investors get nervous about production issues and delivery delays.