Shares of Tupperware Brands (NYSE: TUP) rose a quick 14% as trading got underway on June 22. The maker of plasticware made two announcements in one news release, sent after the close of trading on June 21, which were likely the cause of the big price advance.
The first bit of news in yesterday's release was that Tupperware had paid down $58 million worth of a term loan. Chief Financial Officer Sandra Harris tied this decision directly to the company's ongoing turnaround efforts, which have improved Tupperware's liquidity position over the past 18 months. Harris described the move as accretive.
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Why Tupperware Brands Stock Rallied 14% at the Open Today