NEW YORK (TheStreet) -- Shares of Smith & Wesson (SWHC) were higher in late morning trading on Tuesday, after the gun maker announced on Monday that it's seeking to change its name to 'The American Outdoor Brands Corporation,' which will trade under the ticker AOBC on the NASDAQ.
The name might appear "dull," but the company said that its best-selling hand guns will still bear the historical Smith & Wesson name, Fox Business' Ashley Webster said on Tuesday morning's "Varney & Company."
The company wants to change its name to something more broad because it sells more than just handguns, Webster noted. Smith & Wesson sells hunting knives, camping equipment, flashlights and much more. "They wanted a name that better reflects the overall company."
The timing of the name change is "interesting" during this election cycle and seems politically motivated, Fox Business' Stuart Varney said. The U.S. presidential election between Democratic candidate Hillary Clinton and Republican candidate Donald Trump takes place today.
"I think it's because they want to get away from the whole concept of guns because they think Hillary is going to win, and they think that Hillary is going to impose liability on gun manufacturers," Varney explained.
This change is not gun-related, Fox Business' Liz Claman argued. Smith & Wesson simply wants some of the outdoor sporting market share. "It's Dick's Sporting Goods (DKS), not Dick's Guns."
The board has already approved the new name, which would take effect on January 1. Investors in the company will vote on the name change at a December 13 meeting.