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Sandy Hook families offered $33 million, J&J vaccine production to resume in Baltimore, AstraZeneca loses money on vaccine

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Julie Hyman breaks down Thursday’s business headlines, including: gun manufacturer Remington offering a $33 million settlement to nine families in connection with the 2012 Sandy Hook shooting, Emergent resuming J&J vaccine production in Baltimore, AstraZeneca losing money on its Covid-19 vaccine after vowing to distribute the shot at no profit, and the Ever Given reaching Rotterdam after Suez Canal debacle.

Video Transcript

JULIE HYMAN: Gunmaker Remington offered nearly $33 million to settle claims brought by the families of the victims of the Sandy Hook School massacre. The company, which is now bankrupt, proposed paying $3.66 million apiece to nine families, whose loved ones were killed in the 2012 shooting. The families had asserted that Remington's marketing made the AR-15 rifle the weapon of choice for mass shooters.

The vaccine manufacturer whose operations were halted in April over safety concerns is planning to resume production. Emergent BioSolutions will restart production of Johnson & Johnson's COVID-19 vaccine at its Baltimore plant after getting clearance from the FDA. And in other vaccine news, AstraZeneca said itss shot continues to weigh on profitability. Earnings fell 28% last quarter with $13 million in losses related to the vaccine. AstraZeneca last year said it would distribute the shot at no profit during the pandemic. CEO Pascal Soriot said the company still plans to seek US approval for its vaccine.

And the giant ship that was stuck in the Suez Canal in late March has finally arrived at its destination. It's a Rotterdam Netherlands container terminal. After the ship was freed, thanks to the efforts of a team of 600 engineers and sailors and a fleet of tugboats, it sat, anchored, in a lake off the canal. That's while its owners and insurers haggled with Egyptian authorities over liability and compensation. By the way, Myles, its cargo was summer womenswear. So I don't know what they even do with them at this point. Maybe there's a big fire sale in Rotterdam now on summer womenswear.

MYLES UDLAND: Well, look, inventories were a big drag on GDP. So maybe this replenishes inventories and we can sell through. But it hits the margins, Sozzi.

BRIAN SOZZI: Of course.

MYLES UDLAND: It hits the margins because you're selling at a discount. All right--