Tupperware Brands Corp.’s stock rose 23.5% Tuesday, putting it on pace for its largest single-day percentage gain since Aug. 4, when it gained 35.3%.
The company’s stock has attracted plenty of attention in recent months, despite Tupperware’s
TUP,
woes.
Related: How ‘left-for-dead’ Tupperware became a buzzy trading play
Back in April, Tupperware 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.
The company’s stock has climbed 101.3% in the last three months, compared with the S&P 500’s
SPX
decline of 1.7%.
Related: Tupperware and Yellow have skyrocketed, but don’t confuse them with meme stocks
In a filing Tuesday, Tupperware said that former Herbalife Ltd.
HLF,
CEO Richard Goudis plans to resign as Tupperware’s executive vice chair and director. “Mr. Goudis’ decision to resign from the Company was not due to any disagreement with the Company, its management or the Board of Directors on any matter relating to the Company’s operations, policies or practices,” Tupperware said in the filing.
Goudis’s resignation will be effective following the filing of Tupperware’s annual report, which is expected by mid-October. He joined Tupperware in March 2020 after 14 years at Herbalife, where he served as CEO, chief operating officer and chief financial officer.
This post was originally published on Market Watch
