Gunmaker Smith & Wesson Holdings (SWHC) rose on Thursday after announcingits board of directors had approved a share buyback worth $15 million on the heels of successfully completing a $20 million repurchase plan from Dec. 6.
Shares of Smith & Wesson and other gunmakers have endured a bumpy roller coaster of a ride this month after a Dec. 14 shooting at an elementary school in Connecticut resulted in casualties that included children and teachers. Calls for stricter gun control in the aftermath provided uncertainty about the future of the company.
Smith & Wesson rose nearly 4% in Thursday trading on its more upbeat repurchase news.
Smith & Wesson said it plans to fund the new stock repurchase program with cash it has on hand and working capital.
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