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Tyson Foods (NYSE:TSN) and Planet Fitness (NYSE:PLNT) are both facing calls for boycotts due to viral news stories. Could these companies face a similar backlash as Bud Light?
Boycott of Tyson Foods: A Tyson Foods report alleging that the Springdale, Arkansas-based company is closing its pork facility in Iowa and choosing to hire immigrant workers has recently made headlines. became.
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It has since been withdrawn.
“There has been a lot of misinformation in the media about our company in recent days, and we feel we need to set the record straight.Tyson Foods strongly opposes illegal immigration, and we are taking the initiative to Tyson Foods has joined two major government programs to help employers combat illegal employment: E-Verify and the Reciprocal Government-Employee Agreement Program,'' Tyson Foods told Barron's in a statement. Told.
The company said it has “strong employment practices” and all U.S. employees are legally allowed to work in the country.
Newsweek reported that the Tent Partnership for Refugees website lists Tyson Foods as a partner committed to hiring 2,500 refugees.
X's account, which goes by the handle EndWokeness, shared the misinformation with his 2.4 million followers using the hashtag #BoycottTyson.
Tyson employs about 42,000 immigrants and has plans to hire more, the Daily Mail reported.
Related link: Tyson Foods stock soars on first-quarter profit
Planet Fitness boycott trend: In another Newsweek report, a Planet Fitness customer in Alaska reported a “man shaving in the women's locker room” while a 12-year-old girl was present. , detailed the circumstances behind his membership being revoked.
Gym members also took personal photos, which violates the company's mobile device policy.
Planet Fitness, a gym franchise with the slogan “Judgement-Free Zone,” has a non-discrimination policy when it comes to its locker rooms.
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“Members and team members are treated according to their self-declared gender identity,” the chain's website states.
The latest Planet Fitness news also comes as a 2023 bathroom-related indecency case has resurfaced and is the subject of a pending lawsuit against the fitness chain.
“Boycott Planet Fitness” trended over the weekend, with several prominent accounts sharing details of the Alaska incident and the 2023 incident.
Billionaire Elon Musk, the most-followed account and owner of X, responded to a question by saying, “I don't think it's safe for women.” post At Planet Fitness.
However, Planet Fitness reportedly stands by its decision to revoke the woman's membership, stating that “discomfort is not a reason to deny access to transgender members.”
Why it matters: It remains to be seen whether social media calls for boycotts of Tyson Foods and Planet Fitness will impact each company's revenue streams.
Recall that Anheuser-Busch InBev (NYSE:BUD) lost market share and revenue to its Bud Light brand due to conservative outrage over the beverage company's ad featuring trans TikTok influencer Dylan Mulvaney .
Irate X users were quick to call out Planet Fitness for the “Bud Light treatment.”
Investors may closely monitor upcoming earnings reports and announcements to determine whether this is a one-off event or whether there will be lasting effects.
TSN, PLNT Price Action: Tyson stock on Monday fell 1% to $55.71, compared with a 52-week trading range of $44.94 to $63.28.
Planet Fitness stock was down 1% at $59.89 as of Monday. In contrast, its 52-week trading range was $44.13 to $84.48.
Read next: Mark Cuban vs. Chamath Palihapitiya: A battle of billionaires over the “Get up, get broke” mantra
Image: Shutterstock
This 141-year-old retailer outperforms Amazon
Forget about big tech companies. This old stock is expanding rapidly while increasing its dividend. Believe it or not, the company has easily outpaced Amazon's 117% return since 2019. You can prepare for future profits and income on this stock and more by reading Benzinga's latest insider-only report. Get access for just $0.99.
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