If you’ve got a refrigerator stuffed with leftovers packed in Tupperware (NYSE:TUP), you’re likely not alone. But Tupperware has been having trouble lately, sufficiently so that its ability to continue as a going concern has been called into question. Today, though, that turned around a bit as a potential speculator may be stepping in. That was enough to send Tupperware shares up over 18% in Thursday’s trading.
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Just days ago, Tupperware sounded a rather shocking alarm. Its ability to “continue as a going concern” was called into question. Tupperware mentioned that it might not pay all of its debts. It may also sell off some of its real estate holdings to raise cash just to pay the bills.
However, there’s new hope for the company, as no less than Ryan Cohen—yes, as in GameStop’s (NYSE:GME) Ryan Cohen—may have a plan to step in and turn the company around. Cohen tweeted about how a company he described as “what was once a great American brand” had “lots of problems, no accountability for high paid execs and little interest in my help (at no cost).” Cohen further cemented the intrigue by noting, “This could get interesting.”
Though there was no sign that Cohen was talking about Tupperware—he may have been talking about Nordstrom (NYSE:JWN), which he recently took a 25% stake in—the idea that he might be captured investors’ interest.
Hedge funds seem pretty discouraged about Tupperware’s overall trajectory as well. Currently, sentiment is in the Negative range, with hedge funds dropping their holdings by 126,100 shares in the last quarter. There isn’t much more they can drop that figure, either; the latest quarter is the second consecutive quarter of decline.
