Tupperware Brands Corporation TUP shares are trading higher amid growing retail investor interest. The rise appears to be associated with a rally in AMC Entertainment AMC stock at the start of the week. Despite a pullback in AMC shares, Tupperware stock has continued to soar on increased momentum.
What To Know: A rally in shares of AMC on Monday led to the rise in other so-called meme stocks, including Tupperware. The surge was linked to a court rejection of the company's proposed settlement with shareholders.
The settlement would have allowed for the conversion of APE units into common shares and let the company implement a reverse stock split that would have diluted AMC shareholders.
AMC has since pulled back amid new developments but Tupperware shares continue to trend higher on above average volume.
According to data from Benzinga Pro, TUP has already crossed 60 million shares traded on Wednesday compared to its average volume of 4.58 million.
Tupperware also has high short interest with 27.06% of shares currently sold short.
The company is set to report second quarter earnings on Aug. 7. Analysts expect the company to report earnings of 11 cents per share and revenue of $288.30 million.
Related Link: Inozyme Outlines Plans For Pediatric Trial For ENPP1 Deficiency Treatment: Targets 2026 Commercial Launch For INZ-701
TUP Price Action: Shares of Tupperware were up 52.6% at $2.03 at the time of publication, according to Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
