The Street
  • 3 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.

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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.

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