Tupperware Brands Corp.’s stock climbed 46.6% Wednesday as shares of the beleaguered maker of iconic containers continued to skyrocket.
The stock ended Monday’s session up 75.6%, on no apparent news, marking its largest one-day percentage gain ever. Shares then pulled back to end Tuesday’s session down 15.8% before rallying again to end Wednesday’s session up 42.9%.
shares have risen 177.8% this week and are on track for a record weekly gain.
Amid its surging share price, the company’s market capitalization hit $84.51 million on Thursday. On July 7, when Tupperware said that it had entered a waiver agreement with some of its creditors, the company’s market cap hovered around $33 million.
Tupperware has been wrestling with a number of challenges. In its preliminary full-year results, reported in March, the company sported an 18% sales decline compared with the previous year. The following month, Tupperware issued a going-concern warning and also announced the hiring of financial advisers to help it navigate its near-term challenges.
Tupperware’s recent trading activity is reminiscent of spikes in other names also recently seen as “left for dead,” as Samantha LaDuc, founder of LaDucTrading.com, put it to MarketWatch this week.
Emily Bary, Claudia Assis and Tomi Kilgore contributed.