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Reference:https://edition.cnn.com/2023/07/28/investing/tupperware-meme-stock/index.html
Tupperware shares are up 165% this week as meme stock mania takes hold
By?Nicole Goodkind, CNN
Updated 4:05 PM EDT, Fri July 28, 2023
New YorkCNN?—?
The meme traders are back. Shares of Tupperware?(TUP)?have exploded by about 165% this week and more than 300% over the last month for no discernible reason.
The Florida-based container company has been in hot water for some time. Sales are on the decline and Tupperware even warned in April that it was on the?brink of bankruptcy.
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.
There are, however, posts on Reddit that could offer an explanation.
It appears that, like GameStop and movie theater chain AMC before it, Redditors are trying to send the 77-year-old struggling business “to the moon.”
Also like other meme stocks, shares of Tupperware have been highly shorted. That means a lot of traders are betting that the stock has further to fall.
Tupperware shares are still down nearly 30% year to date.
The company did not immediately respond to CNN’s request for comment.
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