Gun Stocks Plummet As Election Results Trickle In
Gun stocks took a nosedive as Americans waited for the outcome of the disputed elections. The prospects of a Democrat president sent a shockwave in the publicly traded firearm companies, namely Smith & Wesson and Sturm, Ruger.
Smith & Wesson share prices dropped 11.86% while Sturm, Ruger fell 10.72% on Wednesday. This is despite the Dow gaining 1.34%, the S&P 500 rising 2.20% and the Nasdaq rising 3.85%.
Smith & Wesson are the manufacturers of various firearms including pistols, revolvers, shotguns, hunting and tactical rifles. Both companies manufacture a variant of the most popular AR-15.
Smith & Wesson produces an AR-15 rifle variant in its M&P line while Sturm, Ruger & Co. produces the AR-556 version.
AR-15 style firearms have been categorized as "assault weapons" based on their "scary-looking features" rather than capabilities. The Left claims they're the choice weapon of mass shooters despite assailants more frequently using other weapons including handguns. The FBI Uniform Crime Reports showed that AR-15 style firearms were used fewer times than crude weapons and knives.
Biden-Harris administration seeks to ban the manufacture, importation, or sale of "assault weapons." Democrats also plan to regulate the existing AR-15 style firearms and “high capacity” under the National Firearms Act. Owners would be forced either to surrender them in a nationwide buyback program or register them under the National Firearms Act.
The Biden-Harris administration also plans to repeal the Protection of Lawful Commerce in Arms Act (PLCAA), which protects gunmakers from third-party liability. Repealing the PLCAA will allow shifting blame from criminals to the gunmakers. It will also open an avenue for expensive frivolous lawsuits which will bankrupt the arms manufacturers to push them out of business.
“Biden’s plan included confiscation of lawfully owned semiautomatic firearms, reclassifications of the firearms under the National Firearms Act of 1934, banning the sale and production of the most-popular selling centerfire rifle on the market today and repealing legislation that would expose the industry to harassing activist lawsuits designed to bankrupt manufacturers,” NSSF director of public affairs, Mark Oliva, said.
Gun sales soared sharply since March fueled by the anticipation of civil unrest stemming from the COVID-19 crisis. BLM riots across the country also fueled the gun-buying frenzy leading to historical sales figures for 2020.
The FBI conducted more than 32.13 million background checks for the past 10 months. By August, gun sales were more than 2019 figures for the entire year and any other full year for the past two decades. The NSSF says that more than 7 million buyers acquired firearms for the first time during the current crisis.
Fears of an anti-gun administration drive firearm sales up. With Joe Biden allegedly leading the polls, firearm sales are likely to increase. However, the election is far from over and could turn in Trump's favor.
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