JUUL LABS settles 10,000 lawsuits, home sales rise

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JUUL LABS settles 10,000 lawsuits, home sales rise

Here are the events that take place on Wednesday.

JUUL LABS reached a settlement covering more than 5,000 lawsuits and about 10,000 individual plaintiffs, ending legal uncertainty for the e-cigarette company.

Financial terms were not disclosed.

According to the Wall Street Journal, Juul said Tuesday it had secured an amount to cover the cost of the settlement.

Juul has been in talks with investors about a financial bailout, first reported by the Journal, including longtime board members, Hyatt Hotels heir Nick Pritzker and California investor Riaz Valani.

The home builder delivered more homes in the last quarter, which has resulted in higher fiscal fourth-quarter revenue.

The company said the profit rose to $640.5 million, or $5.63 per share, compared to $374.3 million, or $3.02 per share a year ago. The analysts polled by FactSet predicted $4.01 per share.

Revenue rose to $3.71 billion from $3.04 billion a year ago, topping the expectation of $3.17 billion. Home sales revenue increased by 21% to $3.6 billion.

The company delivered 3,765 units in the quarter, up from 3,341 units delivered a year ago, according to Dow Jones.

Toll Brothers said backlog value was $8.9 billion with 8,098 homes at the end of the quarter, which is lower than a year ago.

The online personal-shopping and styling service's loss widened to $55.9 million, or 50 cents per share.

A year ago, the loss was $1.83 million, or two cents per share. The analysts polled by FactSet predicted a loss per share of 47 cents.

Revenue fell 22% to $455.6 million. Analysts expected $459.6 million, according to Dow Jones.

The company reported nearly 3.71 million active clients during the period, down 11% from a year ago. Net revenue per active client was flat at $525, the company said.

Reports in the morning will include Brown-Forman, Campbell's Soup, and United Natural Foods Whole Foods' largest supplier Futures, whose biggest supplier Futures traded higher Wednesday on hopes for improved Chinese demand and uncertainty about how a Western cap on Russian oil prices would play out.

The potential drawdown in U.S. crude stockpiles of around 6.4 million barrels was also supported by sentiment support on the supply front, according to API figures.

The price of crude futures was around $79.00 a barrel after falling below $80 in the previous trading session.

Oil prices have dropped by more than 1% for three consecutive sessions, giving up most of their gains for the year, according to Reuters.