The meme traders are back. Shares of Tupperware (TUP) have exploded by about 242% last week for no discernible reason.
Tupperware stock continues to jump over 5% in morning trading on Monday.
The Florida-based container company has been in hot water for some time. Sales are on the decline and Tupperware even warned that it was on the brink of bankruptcy in April.
In early June, the New York Stock Exchange even notified Tupperware that it was in noncompliance with the exchange’s rules because its market capitalization was too low, less than $50 million, over a period of 30 trading days. Tupperware’s average closing price, the notification said, was also less than $1 for that period – below the exchange’s threshold.
In early July, Blackrock stepped in as an investment partner to Tupperware, possibly to help them manage their debt load. But no new material announcements or changes have been made since then.
The surge in stock price would make some sense if there was any indication that the company had begun a turnaround or found an eligible buyer, there’s no evidence that either of those things have happened.
