Tupperware stock rises more than 55% for its largest gain since July

By James Rogers

Tupperware's stock is on a two-day winning streak after ending Tuesday's session up 28.2%

Tupperware Brands Corp. continued its rally Wednesday, as the company's stock climbed 55.3%, for its highest daily percentage gain since July 27, when it gained 56.3%.

Some 47.88 million Tupperware shares (TUP) changed hands Wednesday, well above the stock's 65-day average of 22.3 million shares. The stock is on a two-day winning streak after ending Tuesday's session up 28.2%.

Related: Tupperware shares rise more than 12% premarket, continuing rally

In an SEC filing Tuesday, Tupperware confirmed that it had entered into the fifth amendment to a credit agreement. The amendment extends the deadline for delivery of the company's annual audited financial statements for the fiscal year ending Dec. 31, 2022 from Sept. 16, 2023 to Nov. 1, 2023, among other things.

The company's stock has attracted plenty of attention in recent months, despite Tupperware's woes. Back in April, the company issued a going-concern warning, essentially cautioning that it could go bust. Nonetheless, shares of the beleaguered maker of iconic food-storage containers enjoyed a record 434% gain in July on no apparent news.

Related: Tupperware's stock soars more than 23%, on pace for largest gain since August

The company's stock has climbed 229% in the last three months, compared with the S&P 500 index's SPX decline of 2.1%.

-James Rogers

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10-11-23 1631ET

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