Brew Markets Daily — Episode Summary

Podcast: Brew Markets
Host: Ann Berry
Date: November 12, 2025
Episode Title: Is Beyond Meat Beyond Hope? & The Sneaker Race is ‘On’ with Nike and HOKA

Episode Overview

Ann Berry and her team break down the latest in public markets, focusing on the dramatic fall of Beyond Meat and what it means for the plant-based food sector, the rise of Swiss sneaker brand On as it competes with Nike and HOKA, and other standout earnings from Sony and Oklo. The episode also spotlights Metsera’s CEO amidst a high-stakes biotech bidding war. The conversation is data-rich and sharp, with Berry’s signature blend of candor and financial insight.

Main Discussion Points & Insights

1. Beyond Meat: The Fall of a Sector Leader

• Peak to Plummet: Beyond Meat went public in 2019 and peaked at over a $10 billion market cap, symbolizing the plant-based food movement’s promise. As of this episode, its cap has sunk to $485 million—a 97% drop.

  “Beyond Meat stock has had a stark fall since then with its market cap today sitting at around $485 million. That’s a 97% decline.” — Ann Berry (01:42)

• Lackluster Demand: Declining revenues, large quarterly losses, and McDonald’s dropping Beyond Meat after a brief partnership reflect waning appetite for plant-based meats.
• Earnings Red Flags: Delayed earnings release; revenue down 13% YoY; burned over $100M in cash in one quarter.
  • Key moment:

    “Burning over $100 million of cash for the quarter. Hold that thought…” — Ann Berry (01:58)

• Public Perception & Health Questions: CEO Ethan Brown defends health benefits against “misinformation,” but skepticism remains.
  • Quote from the earnings call:

    “We continue to address misinformation surrounding our plant based meats... we are driving the health profile of our products to greater heights so as to reduce the disingenuous to the absurd.” — Ethan Brown (02:27)

• Meme Stock Status: Mostly retail-held; below $1 a share and at risk of delisting; just three analyst coverages.
  • “Wall street has essentially abandoned this stock. Over 80% of shares are now held by retail investors and coverage is down to just three analysts. Very little.” — Ann Berry (02:45)
• Wider Industry Decline: Impossible Foods and Oatly also deeply down; “the fall from grace of the entire sector.”
• Future Outlook: Berry sees “nope” for hope—even with debt reductions and management’s caginess about cash after refinancing.

2. The Sneaker Race: On, Nike, & HOKA

• On’s Breakout Moment: Swiss company On (ticker: ONON), listed in September 2021, has bounced back with shares up nearly 25% on earnings day despite being down 20% for the year.

  “Net sales were up 25% year over year and the... company did do which was music to the market’s ears was raise its full year guidance.” — Ann Berry (05:59)

• Earnings Beat While Rivals Struggle: Both Nike and HOKA cut guidance, while On is growing, proving its challenger status.
  • Nike’s struggles: Brought back Elliott Hill as CEO due to complacency; Nike shares down 15% this year (06:26).
  • Deckers (HOKA) down 58% year to date (06:23).
• Innovation & Celebrity Endorsements:
  • On’s “Cloudboom Strike LS” shoes, featuring light spray technology, helped Helen Obiri set a NYC Marathon record (07:02).
  • Partnership with Roger Federer for increased visibility (07:18).
• Luxury Positioning:
  • Apparel sales up 87% (from a small base).
  • Raising US prices for a “premium strategy”; no Black Friday discounts planned.
    • Notable quote:

      “This quarter was a pivotal test of our premium strategy... Demand remained incredibly strong for our premium offerings.” — Casper Copetti (08:54)

  • Berry’s take: “It’s really the power move, isn't it? When you’ve got a brand saying we are not going to discount… it justifies our price.” (09:20)
• Contrast to Allbirds: Allbirds (BIRD) stock down 99% since IPO; “could not get two different outcomes here” (07:52).
• Market Lesson: Strong results can still be rewarded by the market, as On’s stock recovers.

3. Sony: A Diversified Giant Surges on IP Strength

• Strong Performance: $181 billion market cap; shares up 5.5% post-earnings; up 40% year to date (11:00).
  • “Sony raised its earnings forecast...citing lower tariff impact.” — John, co-host (11:07)
• Intellectual Property (IP) Playbook:
  • Leveraging hits like Demon Slayer (77.5 million viewers) across film, music, and gaming (11:30).
    • Anecdote: “What are you doing for this weekend? And literally as he was whizzing through the door, he goes, I’m on my way to Demon Slayer.” — Ann Berry (11:48)
  • Recent purchase: Stake in Bandai Namco (Pac-Man, $460 million).
  • Successes and risks: Destiny 2 video game flop hurt profits; pending Spider-Man and Jumanji releases (12:45).
• PlayStation Resilience:
  • Shipped 3.9 million PS5s (quarterly), up despite a $50 price hike (14:30).
    • “Managed to get that growth despite the price going up $50. Just going to show consumers are going to pay up when they’re really, really attached to the product.” — Ann Berry (14:30)
  • Image sensor business also performing.
• Diversified Revenue Streams: Suggests need for a deep dive given reach across sectors.

4. Oklo: Betting Big on Modular Nuclear

• Stock on a Tear: Up 429% YTD; now $17B market cap (15:03).
• No Revenue Yet, But Big Hopes:
  • Commercializing small modular nuclear reactors.
  • Notable backing from Sam Altman (still owns 2.5%), though he resigned as chairman in April (16:22).
• Recent Catalysts:
  • Losses exceeded forecasts, yet shares rose due to the US Energy Department approving key safety designs and plans for reactor pilots by July 2026 (15:45).
  • Collaboration on fuel recycling noted as a big deal.
• Political Ties: Energy Secretary Chris Wright is a former Oklo board member, sparking some scrutiny (16:22).

5. CEO of the Week: Whit Bernard of Matsera

• Landmark Acquisition:
  • Matsera (founded 2022) sold to Pfizer for $10 billion after a heated battle with Novo Nordisk (18:19).
  • “Who is the man who sold this as a $10 billion story to Pfizer? And I say that because... the job of the CEO is to sell.” — Ann Berry (19:21)
• Background:
  • Whit Bernard: McKinsey alum, music degree, previously ran development in the arts before turning to life sciences.
  • Helped raise over $500 million pre-acquisition from blue chip investors (20:46).
• Acquisition Details:
  • Zero revenue at IPO (January 2025).
  • Focus on next-gen therapies for obesity.
  • Pfizer shareholders responded positively (stock up slightly); Novo up after dropping out—market sees it as a dodged bullet given sector turmoil (21:38).
• Personal Reflection:
  • Ann Berry reflects on Bernard’s unique journey from music to mega-deals.

6. Quick Market Wrap & News

• Closing Bell:
  • S&P flat; Nasdaq down 0.25%; Dow hits record, closing above 48,000 (22:00).
  • AMD jumps over 10% on bullish AI/data center forecasts.

    “AMD CEO Lisa Su said... total addressable market for AI data centers increasing to $1 trillion... expects data center revenue increase 60% over the next three to five years.” — Ann Berry (22:33)

• Government Shutdown:
  • Longest on record; flight cancellations and economic impact, though markets buoyed by hopes for resolution (22:36).

Notable Quotes

• On Beyond Meat’s Struggles:

  “Wall Street has essentially abandoned this stock... This really does demonstrate that Beyond Meat has the hallmarks of a meme stock.” — Ann Berry (02:45)

• On On’s Premium Play:

  “This quarter was a pivotal test of our premium strategy. As our U.S. price increases came into effect. The results confirmed our view. Demand remained incredibly strong for our premium offerings.” — Casper Copetti (08:54)

• On IP-driven entertainment successes:

  “When you’re onto a good thing, the best companies are going to find multiple ways to milk the brand.” — Ann Berry (12:22)

• On Holding the Line on Prices:

  “It’s really the power move, isn't it? When you’ve got a brand saying we are not going to discount, we don’t need to. We have such belief in our premium positioning that it justifies our price.” — Ann Berry (09:20)

Timestamps for Key Segments

• Intro & Beyond Meat Deep Dive: 00:01 – 04:23
• On, Nike, and HOKA Sneakers Race: 05:00 – 09:40
• Sony Earnings & IP Commentary: 11:00 – 14:40
• Oklo & Modular Nuclear Update: 15:03 – 16:45
• CEO Spotlight: Whit Bernard & Matsera Sale: 18:19 – 21:58
• Market Wrap & Government Shutdown: 22:00 – 22:45

This episode is packed with candid, actionable insights for investors and market watchers — revealing the patterns behind both spectacular falls and surging comebacks, all in Morning Brew’s breezy-yet-smart style.