Tupperware Shares Up 165%; Market Shocked

The meme traders are back. Shares of Tupperware have exploded by about 165% this week and more than 300% over the last month for no discernible reason, Nicole Goodkind reported for CNN Business.

Photo Insert: Tupperare's sales are declining and Tupperware even warned in April that it was nearing bankruptcy.

The Florida-based container company has been in hot water for some time. Sales are declining and Tupperware even warned in April that it was nearing bankruptcy.

In June, the New York Stock Exchange (NYSE) 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 were any indication that the company had begun a turnaround or found an eligible buyer. But there’s no evidence that either of those things has happened.

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