NICS Firearm Background Checks Up 11% Year-Over-Year In September
Smith & Wesson Holding Corp (NASDAQ: SWHC) and Sturm Ruger & Company Inc (NYSE: RGR) are usually fired up in anticipation of the Firearm Background checks data released by the National Instant Criminal Background Check System.
The NICS is a system followed in the US to determine if the prospective buyer qualifies for buying a firearm or explosives.
August data revealed that the checks carried out were 1.85 million in August, up from 1.46 million in the year-ago period, but less than the 2.20 million clip for July. This was the first sub-2 million seen since December 2015.
Reflecting the prospects of lower firearm sales, gun stocks trended lower since the release of August data.
The FBI told Benzinga last month the soft numbers reflected the order to delay certain checks in Kentucky, skewing the numbers significantly lower. Meanwhile, Kentucky police told Benzinga the state left out the background checks on existing permit holders in the first half of August.
Given that August was a sore point, a rebound could be expected in September, with the Street expecting that the FBI will add the checks not covered in August in the September data.
Just a few minutes ago, FBI NICS Firearm Background checks came out, up 11 percent year-over-year for September.
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