UPDATE: Smith & Wesson (SWHC), Sturm Ruger (RGR) Spike Lower as Obama Plans to Expand Background Checks

(Updated - December 10, 2015 2:00 PM EST)

Sturm Ruger (NYSE: RGR), Smith & Wesson (NASDAQ: SWHC) see mid-day downside related to Obama gun control initiatives.

According to the AP, advisers to President Obama are putting the finishing touches on a proposal to expand background checks. The measures won't require congressional approval.

One item that may be looked at is the "gun show loophole," which allows people to buy guns at gun shows and online without a background check.

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