In some ways, Tupperware Brands Corp.’s record one-day surge Monday on no apparent news appeared out of left field, but perhaps it shouldn’t have been so surprising.
In the past month, stocks including Carvana Co. CVNA , Upstart Holdings Inc. UPST , Coinbase Global Inc. COIN , Plug Power Inc. PLUG , MicroStrategy Inc. MSTR , Nikola Corp. NKLA , Groupon Inc. GRPN and WW International Inc. WW have gotten swept up in what one trader said was factor rotation, and Tupperware appears to have joined that club.
LaDuc said she was able to anticipate the stock spike despite a dearth of traditional market-moving news around the name. The last time he saw an uptick like this was when Tupperware issued its bankruptcy warning in April and shares tumbled nearly 50% in a day.