Apparently, Tupperware (TUP: sentiment, chart, options) still knows how to throw a party. After the close last night, the company reported first-quarter earnings, excluding items, of 56 cents per share, trouncing the consensus estimate for 48 cents per share. Revenue climbed to $543.4 million from $456.9 million a year earlier.

This time around, however, TUP remembered to bring the Chex Mix to the party! Looking ahead to the second quarter, Tupperware said it expects sales to increase 14% to 16%, while earnings are expected to arrive between 55 cents and 60 cents per share. The company also raised its 2008 guidance to sales growth of 13% to 15%.

On the news, TUP shares have rocketed more than 10% higher, taking out former short-term resistance in the 42 region and tagging a fresh multi-year high. From a long-term perspective, the equity has added more than 21% year-to-date along the support of its 10-week and 20-week moving averages.

Sentiment is largely bullish on TUP, as its Schaeffer's put/call open interest ratio (SOIR) of 0.49 not only ranks below 75% of all those taken during the past year, but it also indicates that calls more than double puts among near-term options. However, short sellers were on the wrong side of today's report. Currently, more than 9% of the stock's float is sold short, hinting that a short-squeeze situation following today's earnings report could be exacerbating the stock's rally.