Smith & Wesson Declines Amid Talks Over Gun Control |
| Bloomberg - Dec 17, 2012 |
Smith & Wesson Holding Corp. (SWHC) led a decline in stocks of firearms makers amid talks about gun control following last week’s elementary school shooting that left 20 children dead.
Shares of Smith & Wesson plunged 4.1 percent to $8.76 at 11:26 a.m. in New York, extending the drop to 8.2 percent over two days after the Dec. 14 shooting. Sturm Ruger & Co. has declined 5.5 percent in the period and traded at $45.09.
The killings by a single gunman armed with two handguns and a semi-automatic rifle, and carrying hundreds of rounds of ammunition, have reignited a politically divisive debate over restrictions on firearms. President Barack Obama pledged yesterday to use “whatever power” he holds to prevent such tragedies, while Senator Dianne Feinstein, a California Democrat, pushed for a ban on assault weapons.
“Every time one of these tragic events occurs, there’s certainly a flurry of discussion over whether or not the government may tighten gun control legislation,” Rommel Dionisio, a New York-based analyst at Wedbush Inc., said in a telephone interview. What makes “this particular tragedy maybe a little different from some of the others was the use of what can be considered an assault rifle and certainly the number of children, and the fact that it was very young children.”
Obama “intends to get the ball rolling,” said Dionisio, who rates Smith & Wesson stock neutral.
In the second-most fatal mass shooting in the U.S., the gunman killed the children, age 6 and 7, as well as six adults at a Newtown, Connecticut, school.
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- Posted: 2012-12-17 12:55:30
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