Shares of Smith & Wesson Brands (SWBI) soared on better-than-expected third-quarter results. CEO Mark Smith said in the release that the company expects "the firearm market to experience healthy demand through the 2024 election cycle." 

The stock was also upgraded to Buy from Hold at Craig-Hallum, which argues the company is entering the election cycle in "optimal position."

Yahoo Finance's Josh Lipton and Julie Hyman discuss the stock's surge in the video above.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Stephanie Mikulich