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Cerberus is best known for its investment in Chrysler. It ended up walking away from that investment as the U.S. government bailed out the car company. Money made from the Freedom Group sale will be returned to its investors, Cerberus said. Meanwhile, Dick's Sporting Goods Inc. said in a statement that it suspended the sale of modern sporting rifles in all of its stores. The company also removed all guns from sale and display at its store closest to Newtown. Shares in publicly-traded gun makers were dropping for a third-straight day. Shares of Sturm, Ruger & Co. dropped $3.74, or 8.5 percent, to $40.26 in afternoon trading Tuesday. They're down more than 10 percent since Thursday, the day before the shooting. Shares of Smith & Wesson Holding Corp. fell 11 percent to $7.70, and are down 19.3 percent from their Thursday close. Outdoor goods retailer Cabela's Inc. fell $1.58, or 3.8 percent, to $39.63. A Cerberus spokesman did not return a phone message left on Tuesday. A representative for Freedom Group could not be immediately reached for comment.
[Associated
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