The headline from the Wall Street Journal at midday is “U.S. Stocks on Track for Third Decline.”
U.S. stocks fell after weak economic signals from the euro zone and China raised fresh concerns about slowing global growth.
After rising to multi-year highs in recent days, major benchmarks extended their retreat into a third session on Thursday. The Dow Jones Industrial Average declined 65 points, or 0.5%, to 13060 in midday trade.
Standard & Poor’s 500-stock index shed 9.4 points, or 0.7%, to 1393. FedEx FDX -4.29%was among the biggest decliners, after delivering a disappointing earnings outlook and cutting its economic growth forecast. The Nasdaq Composite slid 13 points, or 0.4%, to 3062.
However, you would never know that the stock market was down if you were following firearms manufacturers Ruger and Smith & Wesson.
From Active-Investor.com on Ruger today:
Sturm, Ruger & Company, Inc. (NYSE:RGR) is up 8% today at $45.68. RGR has traded 428 thousand shares this morning, about double its average volume. RGR shares are up this morning after the company announced it was not taking any new orders at this time due to overwhelming demand. The company added that it will begin taking new orders again sometime in May. The company has a market cap of 873.65 million.
And this on Smith and Wesson Holding Corporation from Active- Investor.com under the headline “Market Down Despite Jobless Claims at Four-Year Low, NASDAQ Stocks to Watch”:
Smith & Wesson Holding Corporation (NASDAQ:SWHC) is up 10.85% this morning at $7.65. SWHC is up on heavy volume today with 2 million shares traded so far, well above its daily average of 931 thousand shares. Smith & Wesson shares are rallying alongside its rivals today after Sturm, Ruger & Co. announced it has stopped taking new orders due to overwhelming demand. The company has a market cap of 503.52 million.
Investors seem to be pushing up RGR and SWHC while ignoring CSGV and VPC. Go figure.