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JUUL settles, Toll Brothers results, Stitch Fix losses and more: Wednesday’s 5 things to know




Here are the main events taking place on Wednesday which may affect trade.

JUUL LABS: Announced it has 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.

Juul said on Tuesday it had secured one stock investment to cover the costs of the settlement, according to the Wall Street Journal.

JUUL SUES OVER 5,000 VAPING LAWSUITS, SETTLEMENT NOT FINALIZED

JUUL settles, Toll Brothers results, Stitch Fix losses and more: Wednesday’s 5 things to know

Juul products are displayed in a smoke shop in New York. (AP Photo/Seth Wenig/AP Newsroom)

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

TOLL BROTHER: Reported higher taxable income in the fourth quarter as the homebuilder delivered more homes in the latest period.

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

Revenue rose to $3.71 billion from $3.04 billion a year ago, beating expectations of $3.17 billion. Revenue from home sales increased 21% to $3.6 billion.

HOUSING DISPOSAL BREAKS RECORDS AS MORTGAGE PRICES REMAIN HIGH

Toll Brothers home construction

A nearly completed Toll Brothers home is seen in Broomfield, Colorado. (REUTERS/Rick Wilking/Reuters Photos)

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 the order backlog was $8.9 billion with 8,098 homes at the end of the quarter, down from a year ago.

STITCH CORRECTION: Reported a larger financial loss in the first quarter on lower sales.

The online personal shopping and styling loss widened to $55.9 million, or 50 cents a share.

That compares with a loss of $1.83 million, or two cents per share, a year ago. Analysts polled by FactSet expected 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 customers in the period, down 11% from a year ago. Net revenue per active client was flat at $525, the company said.

EARNINGS: Reports in the morning will include Brown-Forman, Campbell’s Soup and United Natural Foods (Whole Foods’ largest supplier).

Oil storage tanks

Storage tanks are seen at Marathon Petroleum’s Los Angeles Refinery. (REUTERS/Bing Guan/Reuters Images)

OIL STORAGE ADVANTAGES: Futures traded higher on Wednesday on hopes of improved Chinese demand, while uncertainty over how a Western cap on Russian oil prices will play out.

A potential decline in US crude inventories of around 6.4 million barrels, according to API figures, also provided some sentiment support on the supply front.

US crude oil futures were trading around $74.00 a barrel.

Brent crude oil futures were trading around $79.00 a barrel, after falling below $80 in the previous trading session.

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



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