Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champion team initially had kept him in the face of a rape...Sportsread more
Shareholders of gun maker Smith & Wesson "overwhelmingly" voted to change the company name to American Outdoor Brands Corp., the company said in a Tuesday statement.
The new name will go into effect on or about Jan. 1, after which the company will be traded under the ticker "AOBC."
President and CEO James Debney said in a statement that the company is excited about the results of the vote.
"We believe that American Outdoor Brands Corp. is a name that truly represents our broad and growing array of brands and businesses in the shooting, hunting and rugged outdoor enthusiast markets," Debney said.
The proposed name change was approved by Smith & Wesson's board of directors last month to reflect the broader product offering of the company, it said in a statement on its website on Nov. 7.
Debney added, "Looking ahead, and operating as American Outdoor Brands Corp., we intend to continue building upon our portfolio, focusing on brands and products that best meet the needs and lifestyle of our target consumers."
The brand name Smith & Wesson will remain for its firearms products, operating as Smith & Wesson Corp., a subsidiary of American Outdoor Brands Corp..
Horace Smith and D.B. Wesson first produced revolvers under their names in 1852. Its 44 Magnum handgun is famous for being Clint Eastwood's weapon of choice in the "Dirty Harry" series of films. As well as manufacturing firearms, it makes tree saws, knives and accessories such as cleaning products.
It bought knife and tool maker Taylor Brands for $85 million in August and laser-sight manufacturer Crimson Trace for $95 million in the same month, as part of its diversification efforts.
The latter will form part of the company's new electro-optics division, while the acquisition of survival equipment maker UST brands for $32.3 million in November was described as important to its "vision to become the leading provider of quality products for the shooting, hunting and rugged outdoor enthusiast," as per an investor relations presentation this month.
Smith & Wesson's revenue for 2016 was $723 million and the company estimates 2017 revenue of $920 million to $930 million.