The gun maker Smith & Wesson (SWHC) said its sales outlook for the next quarter would be far off target.
The company said after the close of trading yesterday that for its fiscal third quarter, ending in January 2010, it expects sales of $90 million to $95 million, significantly below the average analyst estimate of $105 million, according to Thomson Reuters.
Not surprisingly, investors promptly fired back, dumping shares en masse.
The stock plunged 16% to $4.41 on the news as volume topped eight million shares, more than five times the average daily trading volume during the past three months.
Friday, December 04, 2009
More Signs That the Bubble is Thoroughly Popped
S&W takes a beating on Wall Street today...from Barrons: