Naked short selling: A predictive AI company specializing in medical diagnostics has notified state securities authorities in Louisiana and two other states of potential efforts to manipulate its common stock primarily through naked short selling. Spectral AI is focused on medical diagnostics for faster and more accurate treatment decisions in wound care, with initial applications involving patients with burns and diabetic foot ulcers. The company first called on authorities to investigate the incidents, also alleged in Texas and Florida, in June, and a second time on Monday. Company officials cite negative impacts to both MDAI shares and many other de-SPAC transaction companies, as well as potential violations of Nasdaq rules and federal and state law. Read more.
Retail restraint: Shoppers paused their spending in June as they wrestle with moderating inflation but still high interest rates that have made buying anything on credit more expensive, The Associated Press reports. Retail sales were unchanged from May, after being revised upward by 0.3% in May, according to the Commerce Department. Excluding gas prices and auto sales, retail sales rose 0.8%. Online sales rose 1.9%, while business at restaurants rose 0.3%. Clothing and accessories store sales rose 0.6%. Electronics and home appliance stores saw a 0.4% gain.
Gas greenlight: The developer of a major liquefied natural gas terminal is pushing the Department of Energy to act quickly on its LNG export application following a federal judge’s reversal of the Biden administration’s pause on licenses, reports E&E News. In a letter last week to DOE, a lawyer for the Lake Charles LNG project said the department’s Office of Fossil Energy and Carbon Management should “expeditiously act on its pending application in this docket and issue an order without delay.” The project, which is being developed by Energy Transfer subsidiary Lake Charles Exports, already has a license from DOE to export gas to non-free trade agreement countries, but that authorization expires in December 2025. The company submitted a new application to DOE in August. Read more.
