UPDATE
Aug 2, 2023 7:55 AM CDT
What will Wednesday have in store for TUP? If the very recent past is any indication, Tupperware shares could keep going higher. The latest meme stock finished up 26% Tuesday at $5.38. The Wall Street Journal reports that's the highest the stock has been since November, with Quartz reporting the stock has soared 768% in the last two weeks—though it's one of the most shorted US stocks right now. The company's quarterly results are coming Tuesday, and the Journal puts it plainly: "Tupperware said in July that it expects to have insufficient liquidity to make its interest payments under its credit agreement. It said that could force it to reorganize operations or liquidate."
Jul 28, 2023 8:21 AM CDT
TUP is being dubbed the latest meme stock after a wild 350% rise over five days of trading. Shares in Tupperware Brands Corporation were trading as low as 71 cents last Friday; the Thursday closing price was $2.97. As Fast Company points out, "There is no underlying fundamental reason why TUP shares should have gone up so much in five days." Despite broadening its sales channels to include Target in October 2022, the company in April said it could go under without new financing, reports the BBC. The company engaged investment bank Moelis & Co the following month to help it "explore strategic alternatives," reports Reuters.
"There is some optimism that a turnaround may be in progress and an investor has been found to help the company," Neil Saunders, managing director of retail at GlobalData, tells the BBC. "However, there is no evidence of this being the case, so any optimism is based on hope rather than certainty." Despite the stock's recent rise, it remains down nearly 30% YTD. (More Tupperware stories.)
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