Shares of home and kitchen product maker Tupperware extended their sharp, unexplained gains on Thursday, rising about 50% and putting the stock up more than 300% during the last five trading days despite recent concerns about its business.
Traders work on the floor of the New York Stock Exchange in New York City, U.S., July 19, 2023. REUTERS/Brendan McDermidextended their sharp, unexplained gains on Thursday, rising about 50% and putting the stock up more than 300% during the last five trading days despite recent concerns about its business.
The manufacturer's stock rose as high as $3.75, its steepest level since early March, and was last up 52% at $2.88 in mid-afternoon trading on Thursday. Trading volume was also well above average for the company and reached more than seven times the stock's 10-day moving average. The stock gains have come despite signs earlier this year of problems for Florida-based Tupperware Brands Corp. In April, it raised doubts about its ability to continue amid growing concern amid weak sales, while in May itIt also said that it had found additional prior period misstatements in its financial reporting.
Tupperware's stock on Thursday was also among the most watched tickers on retail-investor-focused Stocktwits.com, with an "extremely bullish" sentiment score.
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