Wedbush downgrades Smith & Wesson after big pop

• Smith & Wesson (SWHC) is tracking back in early trading after Wedbush downgrades the stock to Neutral from Outperform. Wedbush thinks it's time to take profit on S&W after shares ran up 17% since President Obama teed up background check reform.
• "While gun industry sales are clearly in 'surge' mode, it is difficult to discern just how much of these sales are in fact incremental to the industry versus pulled-forward demand, with plenty of historical examples of both," reads the Wdbush note.
• SWHC -2.94% premarket to $25.10.