The Street
The Street
  • 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Tupperware is filing for bankruptcy.

Category

🥇
Sports
Transcript
00:00I'm Conway Giddens reporting from the New York Stock Exchange. Here's what we're watching on
00:03the street today. With falling interest rates in focus, housing is in the spotlight. Mortgage
00:09applications surged 14.2% for the week ended September 13th, according to the Mortgage
00:14Bankers Association. The NBA's weekly survey also showed the average 30-year fixed rate at 6.15%
00:22during that period, which is the lowest mortgage rate in two years and a full percentage point
00:28drop from a year ago. Meanwhile, the Commerce Department announced construction of new single
00:33family homes surged nearly 16% in August. The supply of new housing now sits near highs not
00:39seen since 2008. Shifting now to another business headline, Tupperware, the once iconic brand
00:47that turned mid-century housewives into entrepreneurs has filed for bankruptcy.
00:52At one point, the name Tupperware was so identifiable as a brand that it became a stand-in
00:56for any plastic food container, similar to what Kleenex meant for facial tissue and Band-Aid meant
01:03for self-adhesive bandages. But the brand has struggled for years as the rise of environmental
01:09consciousness placed plastic usage in a negative light. Rivals were able to make containers cheaper
01:15and more environmentally acceptable. More recently, it also suffered from higher labor and raw material
01:21costs. In a statement, CEO Laurie Goldman said, quote, over the last several years, the company's
01:26financial position has been severely impacted by the challenging macroeconomic environment.
01:33According to the bankruptcy court filing, Tupperware has an estimated $500 million to $1
01:37billion in assets, while its estimated liabilities go as high as $10 billion.
01:44That'll do it for your daily briefing from the New York Stock Exchange.
01:47I'm Conway Gittins with The Street.

Recommended

2:10
I
Up next
TGI Fridays files for Chapter 11 bankruptcy
The Street
2:00
Blink Fitness files for Chapter 11 bankruptcy
The Street
1:47
Big Lots on the verge of closing hundreds of stores
The Street
2:01
Bed Bath & Beyond is coming back to brick and mortar stores
The Street
2:04
Major retailers continue to close stores
The Street
1:38
Foot Locker surges as sneaker heads prepare to pay full price
The Street
1:58
GameStop, AMC make a roaring comeback
The Street
1:57
Canada orders TikTok to close its offices in the country
The Street
1:53
Grocery prices finally start to come down
The Street
1:53
Grocery prices are flattening, but menu prices are still rising
The Street
2:03
Americans are ditching dollar stores
The Street
1:45
McDonald’s brass working on ways to lure back customers
The Street
1:54
Ultra big televisions are getting cheaper
The Street
1:58
McDonald’s to keep $5 meal deal through the end of 2024
The Street
2:13
Walmart teams up with Burger King
The Street
1:47
A convenience store mega-merger is in the works
The Street
1:39
Walmart stock hits all-time high
The Street
1:54
Spirit Airlines won’t file for bankruptcy
The Street
1:58
Coca-Cola expects to hit high end of 2024 sales forecast
The Street
2:00
Port strike over as workers agree to new deal
The Street
2:05
Back-to-school shopping means big bucks
The Street
2:01
Port strike could be a nightmare for consumers
The Street
1:44
Starbucks is investing in two innovation farms
The Street
2:02
Disney to raise prices of streaming services
The Street
1:51
Judge strikes down ban on “noncompete” agreements
The Street