Daily Brief United States: Walmart, Beyond Meat, Apyron, Cloudastructure and more

• Walmart (WMT US) is now eligible for Nasdaq100 following its listing change from NYSE to Nasdaq on 9 December 2025, marking the largest exchange transfer in history.
• The listing transfer was completed after the December 2025 annual review cut-off, so Nasdaq100 inclusion is anticipated by December 2026.
• Forecasted passive fund demand upon inclusion is ~600m shares, $70bn and 25 ADV.

• Beyond Meat is a pioneer in the plant-based meat industry facing severe financial headwinds, including persistent net losses, negative cash flow, and a high debt burden. The company’s stock has experienced a dramatic decline from its post-IPO highs amid waning consumer demand and intense competition.
• Management is executing a turnaround strategy focused on significant cost reductions, operational streamlining, and product innovation aimed at improving health credentials (e.g., the Beyond IV platform with avocado oil). The goal is to achieve positive cash flow and improved gross margins.
• The competitive landscape is fierce, with direct competitor Impossible Foods, traditional meat producers like Tyson and Nestlé entering the space, and numerous other plant-based brands. Beyond Meat‘s premium pricing is a significant disadvantage in an inflationary environment where consumers are price-sensitive.

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