TASER, Digital Ally Surge On L.A. Camera Purchase
Shares of TASER International, Inc. (NASDAQ: TASR) and Digital Ally, Inc. (NASDAQ: DGLY) surged in Wednesday's pre-market session following an announcement from Mayor Eric Garcetti that the Los Angeles Police Department will purchase 7000 on-body cameras.
According to the L.A. Times, "Steve Soboroff, president of the Police Commission, has spent months raising private money to outfit officers with on-body cameras. He said the mayor’s plan would supplement the contract the LAPD was already negotiating with the camera vendor, eventually bringing more cameras to officers on the streets."
The report added that more than $1 million was raised through private donations to help pay for the cameras, "thus avoiding City Hall budget constraints."
A similar announcement was recently made in Houston, which pushed Digital Ally shares higher.
TASER traded at $24.25 in the premarket, up 6.1 percent.
Digital Ally traded at $15.80 in the pre-market, up 9.8 percent.
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