FDA Issues Order Suspending Sales Of Juul E-cigarettes

Brighton police conducting homicide investigation after man found with fatal gunshot wound Tuesday

After a man was found with a fatal gunshot wound in a Brighton park on Tuesday night, police say they are investigating the incident as a homicide.

Officers were called to Ken Mitchell Park after receiving a report of a man down.

Police arrived on the scene sometime after 9:30 p.m. where they found an adult male with a fatal gunshot wound, Brighton police said, though not much else is currently known about the victim or the incident as of now.

Police say that the incident is being investigated as a homicide.

Exela Gets Proposal To Acquire One Of Its Units

Exela Technologies, Inc. (XELA), a business process automation company, on Wednesday confirmed that it has received a preliminary, non-binding proposal from an undisclosed party, to buy one of its units with around $200 million revenue.

The company is in active discussions with several counter-parties about additional acquisition proposals, the company said in a statement.

The current development follows the company’s previous strategic plan to sell several standalone assets reduction in debt and lowering its overall annual expenses.

Zoom Video Stock Slips 7%

Shares of Zoom Video Communications, Inc. (ZM) are slipping over 7% on Wednesday morning. The other day, several tech companies including Apple (AAPL)and Zoom were fined for allegedly refusing to store the data of Russian citizens on Russian territory.

ZM is currently trading at $100.40, down $7.59 or 7.03%, on the Nasdaq. The stock opened its trading at $103.64 after closing previous day’s trading at $107.99. The stock has dropped about 45% in the year-to-date period.

According to reports, the court in Moscow’s Tagansky district fined Apple 2 million roubles, Zoom and Ookla were fined 1 million roubles each. Alphabet’s Google was ordered to pay 60,000 roubles for a different offense relating to data.

US Reports 179K New Covid Cases, 434 Deaths

With a whopping 179507 new cases reporting on Tuesday, the total number of people infected with coronavirus in the United States has risen to 88,067,242, as per Johns Hopkins University’s latest data.

434 additional deaths on the same day took the total U.S. Covid casualties increased to 1,018,364.

Florida reported the most number of cases – 32,328 – and deaths – 140.

Covid deaths have increased by 13 percent and cases by 4 percent in the last two weeks, New York Times’ latest tally shows.

More than 33000 people are currently in American hospitals with the coronavirus, an increase of 10 percent over the last two weeks. More than 3,700 of these patients are admitted in intensive care units, marking 9 percent rise in a fortnight.

85,389,870 people have so far recovered from the disease, the Worldometer tally shows.

2114 additional deaths were reported globally on Tuesday, taking the total number of people who lost their lives due to the pandemic so far to 6,342,472.

Seabridge Gold Rally Continues

Seabridge Gold Inc. (SA) shares are gaining more than 6 percent on Wednesday morning trade continuing a surge since Tuesday. The shares started trending up following reports of its plans to spend $115 million this year on KSM mine in British Columbia, one of the largest undeveloped gold-copper deposits in the world. Today, there have been no other stock-specific news that could drive the stock up.

Currently, shares are at $11.90, up 6.68 percent from the previous close of $11.15 on a volume of 339,870. The shares have traded in a range of $10.94-$22.22 on average volume of 334,843.

Sea Ltd.’s Downward Movement Continues

Shares of e-commerce platform Sea Ltd (SE) are down 3 percent on Wednesday’s trading continuing their downward spiral since few days. The stock is trading in line with the U.S stock market, which is down since early Wednesday morning.

There has not been any company announcement to influence the stock.

Currently at $69.80, the stock has traded between $54.06 and $372.70 during the past 52 weeks.

MDJM Ltd Rises 10%

Shares of Chinese real-estate company MDJM Ltd (MDJH) are climbing 10 percent on Wednesday’s trading. The stock has been on the rise since the past few days. There has not been any company announcement to influence the stock.

Currently at $2.3560, the stock has traded between $1.3100 and $7.5800 during the past 52 weeks.

Latham Group Stock Sinks 10% After Goldman Sachs Downgrades To Sell

Shares of Latham Group, Inc. (SWIM) are slipping over 10% on Wednesday morning after analysts at Goldman Sachs Group downgraded the stock.

SWIM is currently trading at $5.84, down $0.72 or 10.98%, on the Nasdaq. The stock opened its trading at $5.73 after closing Tuesday’s trading at $6.56. SWIM has traded between $5.39 and $30.11 in the past 52-week period.

Analysts at Goldman Sachs Group downgraded the stock from Neutral to Sell and also lowered its price target from $8.00 to $5.50.

FDA Issues Order Suspending Sales Of Juul E-cigarettes

The Food and Drug Administration has issued an administrative stay on the order it issued last month for vaping company Juul to remove its electronic cigarettes from the market.

The agency said on Twitter that the stay temporarily suspends the marketing denial order while it conducts further review, but does not cancel it.

The FDA had issued the initial order banning the e-cigarettes sales on June 23. A day later, a federal appeals court temporarily blocked the government ban.

The FDA decision was part of a massive effort by the agency to bring scientific scrutiny to the multi-billion dollar vaping industry after years of regulatory delays.

To stay on the market, companies must show that their e-cigarettes benefit public health. In practice, that means proving that adult smokers who use them are likely to quit or reduce their smoking, while teens are unlikely to get hooked on them.

The FDA had initially said that Juul’s application left regulators with significant questions and didn’t include enough information to think about any potential health risks. Juul said that it had submitted enough information and data to address all issues raised.

A three-judge panel of the U. Court of Appeals for the District of Columbia Circuit granted Juul’s request for a hold while the court reviews the case. The FDA said it has determined “there are scientific issues unique to the Juul application that warrant additional review. The review does not “constitute authorization to market, sell or ship Juul products.”