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Dick's Sporting Goods shares skyrocket as gun sales restrictions don't hurt sales as much as feared

Angelica LaVito

Dick's Sporting Goods shares jumped 23 percent at market open Wednesday after it beat first-quarter expectations and hiked its full-year earnings forecast. In February, Dick's stopped selling all assault-style rifles in its stores following the school shooting in Parkland, Florida, which killed 17 students and staff members. Part of Wednesday's big move likely had to do with hedge funds scrambling to cover their bets against Dick's stock.

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