Beyond Meat (BYND 5.01%) stock is zooming higher in Wednesday's trading. Its share price was up 7.8% as of 1 p.m. ET amid bullish momentum for the broader market. The S&P 500 was up 0.6% at the same point in the day, and the Nasdaq Composite was up 1.1%.
Stocks are moving higher today thanks to news that the U.S. has extended its ceasefire with Iran. Beyond Meat's valuation is also rising thanks to new product launches and meme-stock momentum.
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Beyond Meat rises on Iran news
President Donald Trump announced recently that the U.S. and Iran have extended their ceasefire, and the news is powering another round of strong gains for stocks. While Iran subsequently seized two ships passing through the Strait of Hormuz, the news hasn't been enough to wipe out bullish momentum for equity valuations. As a risky, speculative stock, Beyond Meat is getting a big boost as investors broadly adopt more bullish positioning in response to expectations that the war with Iran will continue to wind down.
NASDAQ: BYND
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Product news and meme momentum are also lifting the stock
Beyond recently debuted its new line of meatless breakfast sausage products, and the company also announced last week that it had secured a distribution agreement with Big Geyser to support the sale of its new drink line in New York. The product news has helped reenergize bullish meme momentum for the stock, and its share price is now up roughly 59% over the last month. On the other hand, the business is still facing big challenges including weak sales and poor gross margins -- as reflected by the fact that its stock has declined roughly 99% over the last five years.
