Gun stocks higher after Las Vegas shooting
FBN's Stuart Varney on gun stocks’ performance on the heels of the deadliest shooting in U.S. history.
Gun stocks were trading higher Monday in response to a mass shooting at a concert in Las Vegas.
Shares of Sturm Ruger (NYSE:RGR) and American Outdoor Brands (NASDAQ:AOBC), the parent company of Smith & Wesson, climbed 6.2% in recent trading. Vista Outdoor (NYSE:VSTO), which makes firearm accessories and ammunition, was up 3.1%. Olin Corp. (NYSE:OLN), a chemicals company that also makes ammunition, traded 5.1% higher.
Historically, U.S. gun sales have spiked following terrorist attacks and mass shootings. Manufacturers have said sales activity increased after the Orlando nightclub shooting in 2016 and recent terrorist attacks in Europe.
Gun makers such as Smith & Wesson have seen weaker consumer demand this year. In 2016, sales got a boost from the presidential election campaigns. The FBI processed a record number of background checks last year.
Law enforcement officials say a gunman murdered more than 50 people and wounded 400 at a concert outside the Mandalay Bay casino. The attacker fired from the 32nd floor of the hotel, and witnesses described hearing automatic gunfire.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AOBC | NO DATA AVAILABLE | - | - | - |
| RGR | STURM RUGER & CO. INC. | 40.68 | -1.07 | -2.56% |
| VSTO | VISTA OUTDOOR INC. | 44.22 | +0.07 | +0.16% |
| OLN | OLIN CORP. | 43.62 | +1.83 | +4.39% |