Beyond Meat slides on report delay

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Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. It's good to be with you on this Tuesday, March 17th. I'm Julie Morgan.

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Beyond Meat is down 4.6% in pre-market action after rising 6.3% on Monday. The plant-based meat producer said it will delay filing its 2025 annual report. The company said it needs more time to review its inventory balances, including provisions for excess and obsolete stock. It expects to finalize this review and file its annual report no later than the last day of the month.

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It has not yet determined the review's potential impact on its financial statements.

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The company also expects to report Q4 revenue of about $61 million, which is lower than the $63.79 million consensus estimate. Net revenue for 2025 is expected to be around $275 million, compared to the consensus estimate of under $277 million.

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The U.S. government confirmed that Tesla and South Korea's LG Energy Solution signed a $4.3 billion battery supply and manufacturing deal. The agreement involves building a lithium-iron phosphate prismatic battery cell factory in Lansing, Michigan. Batteries produced there will power Tesla's Megapack 3 energy storage systems, manufactured in Houston.

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The facility is expected to begin production in 2027.

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The head of South Korean conglomerate SK Group stated that a global memory chip shortage is expected to continue for another four to five years. This is due to persistent constraints in semiconductor production. He said leading players such as SK Hynix are expanding capacity, but they're unlikely to fully satisfy demand until around 2030.

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The chairman told reporters at NVIDIA's GTC event that industry-wide, the supply of basic wafers that are made into chips is lagging demand by more than 20 percent.

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SK Hynix, the main high-bandwidth memory supplier to NVIDIA, ranks number one in the HBM market with a 57 percent share and holds a 32 percent share of the global DRAM market, making it the second largest player, according to CounterPoint. Now for a look at what's trending on Seeking Alpha. OpenAI is reportedly cutting back on side projects and a push to nail its core business.

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A couple of items on our Catalyst watch for the day. Bright Spring Health Services will hold an Investor Day event. And we're officially in March Madness season. The addition of Missouri to the sports betting pool and increased interest in the tournament are expected to boost DraftKings and BetMGM.

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Meanwhile, prediction market players such as CalShee and PolyMarket have greatly expanded their event contracts around March Madness. On Wall Street at this early hour, Dow, S&P and Nasdaq futures are in mixed territory. Crude oil is up 2.6% at $95 a barrel. Bitcoin is down 1% at $74,000. Gold is up 0.1% at $5,013. The FTSE 100 is up 0.5% and the DAX is up 0.3%.

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Lenzar is on our list of the biggest movers of the day pre-market. LNSR is down 19% after the company and Alcon mutually agreed to terminate their planned acquisition, citing expectations that the Federal Trade Commission would challenge the deal. A few items on today's economic calendar. At 8.30 a.m., housing starts and permits.