“Shares of gun makers Smith & Wesson Holding Corporation and Sturm, Ruger & Co. Inc. were lower Wednesday [down around four percent] after an analyst at Benchmark noted that FBI background checks continue to grow, just at a slower rate,” streetinsider.com reports. “According to the firm, adjusted FBI background checks rose 14.7% in September. While strong, September represents the second lowest Adjusted NICS growth rate this year, second to April’s 10.5% growth.” Add this into the mix: industry insiders told TTAG that supply has finally caught-up with demand. In fact, unless there’s another “Obama surge,” and maybe even if there is, we could be looking at a glut of product in the market, driving down prices. Until gun laws are liberalized further (national reciprocity?), unleashing more demand.