Dick’s Sporting Goods (NYSE: DKS)
On Wednesday morning before the market opened, CEO of Dick’s Sporting Goods, Ed Stack, announced that they will no longer be carrying assault-style rifles, high capacity magazines and will require gun buyers to be at least 21 years of age to purchase guns. This comes in the wake of the Florida school shooting earlier this month.
CEO Comments
“We’re staunch supporters of the second amendment, I’m a gun owner myself,” Stack said on “Good Morning America.” “We don’t want to be a part of this story and we have eliminated these guns permanently.”
DKS Chart
Shares of $DKS were a bit confused this morning on how to handle the news. They were first down but then quickly bounced back and are now looking to gap up from yesterdays close.
This news will likely put this stock into play today as more traders here about this news. No other company this big has come out with an assault rifle ban which could cause a domino effect.
Some important levels we will want to watch are the $30 and $29 levels for support along with a trend line at about $30.50 that could also support shares, but if shares decide to bounce then we are looking at $32 as resistance followed up by $34 which has been an important pivot in the past.
Keep an eye on this one when the market opens as we could see some volatility that could provide some good trading opportunities.
Company Profile
Dick’s Sporting Goods, Inc. operates as a sporting goods retailer primarily in the eastern United States. It provides hardlines, including sporting goods equipment, fitness equipment, golf equipment, and hunting and fishing gear products; apparel; and footwear products and accessories.
The company also owns and operates Golf Galaxy, Field & Stream and other specialty concept stores; and e-commerce Websites, as well as Dick’s Team Sports HQ, a youth sports digital platform that offers free league management services, mobile apps for scheduling, communications and live scorekeeping, custom uniforms and fan wear, and access to donations and sponsorships.
As of October 28, 2017, it operated approximately 715 DICK’S Sporting Goods locations in the United States. The company was formerly known as Dick’s Clothing and Sporting Goods, Inc. and changed its name to Dick’s Sporting Goods, Inc. in April 1999. Dick’s Sporting Goods, Inc. was founded in 1948 and is headquartered in Coraopolis, Pennsylvania. –YahooFinance
