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Smith & Wesson shot down in US Army sidearm bid

Last updated: 23:29 26 Sep 2016 AEST, First published: 18:29 26 Sep 2016 AEST

Gun
The iconic gun maker failed to persuade the US Army

Guns maker Smith & Wesson Holding Corp (NASDAQ:SWHC) was under the cosh in pre-market trading after it suffered a knock-back from the US Army.

The company revealed on Friday after the stock market was closed that its bid to make replacements for the US Army’s standard M9 sidearm was rejected.

The company said that earnings guidance had not been based on the expectation that the company would win the contract, but nevertheless the shares were off 4.2% in screen-based trading ahead of the opening bell.

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