What Will the Rise in Gun Checks Mean for Gun Sales?
NEW YORK (TheStreet) -- State agencies and the FBI conducted a record number of gun background checks in June, up nearly 40% year-over-year from 2015, according to Fox Business' Stuart Varney on "Varney & Co." this morning.
The state and FBI have administered 13.8 million background checks year to date and are expected to reach 26 million background checks by the end of the year compared to 23 million last year, Fox Business' Elizabeth MacDonald said on the show.
The FBI processed more gun checks this June than any other June since the current system began, Fox Business' Dagen McDowell noted on "Mornings with Maria Bartiromo."
In May, the FBI processed more than 2 million gun related background checks which was an increase of 600,000 from the record set last June, Cheryl Casone told the network.
This month was the 14th month in a row to see a new background check record, Casone added.
The Orlando shootings had a major impact on the increase in gun sales and background checks, Casone said.
"Any time you have these horrific incidents people one become worried about their own safety and two they become worried about gun control legislation and greater gun control so they go out and buy an additional pistol or gun, that they otherwise wouldn't," Dagen said.
Shares of firearm manufacturers, including Smith & Wesson (SWHC) are lower today.
Separately, TheStreet Ratings team set this stock at a "buy" with a score of B+. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: SWHC