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Gunmaker Stocks Rebound As Corporate Pressure Rises
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Shares of U.S.-based gunmakers Sturm, Ruger & Co. (RGR - Free Report) and American Outdoor Brands surged in morning trading Thursday, despite grocery giant Kroger (KR - Free Report) adding its name to the growing list of retailers changing their own gun sales rules in the wake of recent mass shootings.
Kroger announced Thursday that it will no longer sell guns to to customers under age 21 at its Fred Meyer stores. Big-box behemoth Walmart (WMT - Free Report) made a similar announcement on Wednesday, while Dick's Sporting Goods (DKS - Free Report) raised its age minimum for firearms and discontinued the sale of assault-style rifles at its Field & Stream stores.
“Recent events demonstrate the need for additional action on the part of responsible gun retailers,” Kroger said in a statement. “We believe these are common sense steps we can take immediately that are in line with our values and our vision.”
Dick's CEO Edward Stack went even further in his statement, urging U.S. regulators to follow suit with a nationwide ban on assault-style rifles and a higher minimum age for gun ownership.
“Some will say these steps can't guarantee tragedies like Parkland will never happen again,” said Stack. “They may be correct—but if common sense reform is enacted and even one life is saved, it will have been worth it.”
Gunmaker stocks dipped in the wake of Wednesday's announcements from Walmart and Dick's, but the aforementioned firearm manufacturers recovered yesterday's losses in early morning trading today. Shares of American Outdoor Brands—formerly Smith & Wesson—gained nearly 6.6%, while Sturm, Ruger & Co. surged about 6.7%.
American Outdoor Brands is scheduled to release its latest quarterly earnings report after the closing bell on Thursday. The company faced challenging year-over-year comparisons in its prior quarter, as pre-election jitters caused a spike in gun sales in 2016. AOBC shares are down about 50% within the past year.
Want more market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
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Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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Gunmaker Stocks Rebound As Corporate Pressure Rises
Shares of U.S.-based gunmakers Sturm, Ruger & Co. (RGR - Free Report) and American Outdoor Brands surged in morning trading Thursday, despite grocery giant Kroger (KR - Free Report) adding its name to the growing list of retailers changing their own gun sales rules in the wake of recent mass shootings.
Kroger announced Thursday that it will no longer sell guns to to customers under age 21 at its Fred Meyer stores. Big-box behemoth Walmart (WMT - Free Report) made a similar announcement on Wednesday, while Dick's Sporting Goods (DKS - Free Report) raised its age minimum for firearms and discontinued the sale of assault-style rifles at its Field & Stream stores.
“Recent events demonstrate the need for additional action on the part of responsible gun retailers,” Kroger said in a statement. “We believe these are common sense steps we can take immediately that are in line with our values and our vision.”
Dick's CEO Edward Stack went even further in his statement, urging U.S. regulators to follow suit with a nationwide ban on assault-style rifles and a higher minimum age for gun ownership.
“Some will say these steps can't guarantee tragedies like Parkland will never happen again,” said Stack. “They may be correct—but if common sense reform is enacted and even one life is saved, it will have been worth it.”
Gunmaker stocks dipped in the wake of Wednesday's announcements from Walmart and Dick's, but the aforementioned firearm manufacturers recovered yesterday's losses in early morning trading today. Shares of American Outdoor Brands—formerly Smith & Wesson—gained nearly 6.6%, while Sturm, Ruger & Co. surged about 6.7%.
American Outdoor Brands is scheduled to release its latest quarterly earnings report after the closing bell on Thursday. The company faced challenging year-over-year comparisons in its prior quarter, as pre-election jitters caused a spike in gun sales in 2016. AOBC shares are down about 50% within the past year.
Want more market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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