Photo: TheGrio.com

-Thousands of people gathered yesterday evening for a vigil to remember the victims of the mass shooting in Aurora, CO that took place early Friday morning. Those gathered named each of the 12 people killed followed by the words, “We will remember.” Another 58 people were wounded in the attack. President Obama flew to Colorado to meet with the survivors and their families. The suspected gunman, James Holmes, will appear in court today. Authorities say there’s evidence that Holmes had been planning the attack for months.

-The N.C.A.A. has suspended Penn State University’s football team from all bowl games for the next four years and has vacated wins between 1998 and 2011. The stiff penalties levied against the school over the Sandusky child sex abuse scandal also include a $60 million fine (the equivalent of one year’s gross revenue), reduction in the number of football scholarships it offers and the opportunity for currently enrolled and new student-athletes to leave for another school. The punishment could have big financial repercussions for the school besides that fine. The football team is a big moneymaker for the university. Over the weekend, a statue of the team’s former coach, Joe Paterno, was removed.

-Facebook will deliver its first-ever earnings report as a public company this Thursday. The results will be closely scrutinized after its botched IPO in May. Analysts polled say they expect $1.1 billion in second quarter revenue on earnings of 12 cents a share.

-The CEO of clothing retailer Wet Seal, Susan McGalla, has been fired. The move comes after allegations from three former employees earlier this month that the company was firing black employees because they didn’t fit in with the “brand image.” They are suing the company. Wet Seal expects to announce a decline in same-store sales for the second quarter.

-The Daily Beast lists its picks for the best cities to buy a house. Fargo, N.D. (a place few people actually want to live in) comes out on top.