FDA: TOBACCO POUCHES LESS RISKY THAN CIGARETTES
WASHINGTON» For the first time, U.S. health regulators have judged a type of smokeless tobacco to be less harmful than cigarettes, a decision that could open the door to other less risky options for smokers.
The milestone announcement on Tuesday makes Swedish Match tobacco pouches the first so-called reduced-risk tobacco product ever sanctioned by the Food and Drug Administration.
FDA regulators stressed that their decision does not mean the pouches are safe, just less harmful, and that all tobacco products pose risks. The pouches will still bear mandatory government warnings that they can cause mouth cancer, gum disease and tooth loss. But the company will be able to advertise its tobacco pouches as posing a lower risk of lung cancer, bronchitis, heart disease and other diseases than cigarettes.
The pouches of ground tobacco, called snus — Swedish for snuff and pronounced “snoose” — have been popular in Scandinavian countries for decades but are a tiny part of the U.S. tobacco market.
High prices drove home sales down 2.2%.
WASHINGTON»
U.S. home sales fell 2.2% in September, as rising home prices and lower inventories have stifled homebuyers.
The National Association of Realtors said Tuesday that homes sold last month declined at a seasonally adjusted annualized rate of 5.38 million units, ending a two-month streak of sales gains. Existing-home sales are up 3.9% from a year ago, but September’s stumble shows the limits of the boost that declining mortgage rates had been providing.
As average mortgage rates have fallen nearly a whole percentage point in the past year to 3.61% in September, economists say higher prices and a lack of listings have put a ceiling on the growth seen this past summer.
McDonald’s 3Q earnings fall on tech investment.
McDonald’s says it’s setting itself up for future growth by investing now in advances such as voicerecognition ordering technology. But for some investors, the short-term financial pain is hard to swallow.
McDonald’s net income dropped 2% to $1.6 billion in the third quarter as it rapidly remodeled stores and expanded delivery. Quarterly earnings at the Chicago company were flat at $2.11 per share. Wall Street was looking for pershare earnings of $2.21, according to analysts polled by FactSet.