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The stock has been smoking hot since the idea began floating around that if the FDA approves an e-cigarette maker’s claims, XXII might have a future. [...] Mr. Sweanor said the company came off sounding like an unbelievably happy groom left at the altar.

“It’s as if 22nd Century was saying, ‘Terrific news - every hot woman in the congregation looking for a date - I’m available right now,’” said Mr. Sweanor. “They certainly were spinning it.”