Tupperware Brands Corp.’s stock soared by 46.6% on Wednesday as the iconic container manufacturer continues its remarkable ascent. The stock had already experienced a 75.6% increase on Monday, despite the absence of any significant news, marking its largest one-day percentage gain ever. Although shares dipped 15.8% on Tuesday, they rallied once again to end Wednesday’s session with a 42.9% increase.
The Unprecedented Surge
Tupperware shares have surged by an astounding 177.8% this week, positioning the company for an unprecedented weekly gain. As a result of this remarkable rally, the company’s market capitalization reached an impressive $84.51 million on Thursday. Just a few weeks ago, on July 7, Tupperware’s market cap stood at around $33 million before the company announced a waiver agreement with its creditors.
Tupperware has been facing numerous challenges in recent times. In March, the company revealed its preliminary full-year results, which displayed an 18% decline in sales compared to the previous year. Following this, Tupperware issued a going-concern warning and sought the assistance of financial advisors to navigate its immediate obstacles.
The Surprising Comeback
Tupperware’s recent surge in stock trading bears resemblance to the unexpected rebounds witnessed by other companies labeled as “left for dead,” according to Samantha LaDuc, founder of LaDucTrading.com.
Emily Bary, Claudia Assis, and Tomi Kilgore contributed to this report.