Gun Control Stocks Rally on Obama Gun Comments in Debt Ceiling Speech
The nation does not know what is coming down the pipe on gun control. After the Newtown massacre, everyone knows and is braced for some form of gun control. President Obama appointed Vice President Joe Biden to lead a charge…
The nation does not know what is coming down the pipe on gun control. After the Newtown massacre, everyone knows and is braced for some form of gun control. President Obama appointed Vice President Joe Biden to lead a charge for some form of gun control but the entire process has refrained from the use of the real term gun control.
In a speech today based originally around the coming fight around the debt ceiling, President Obama said that lawful and responsible gun owners have little to fear. No specifics were given about what sort of legislation would be proposed but the tone was less strict and less pointed than in prior speeches.
Again, some form of gun control is coming. Likely it is around longer universal registrations, closing of gun-show loopholes, and limiting high-capacity magazine sales. That being said, what will be proposed remains to be seen and most of the public likely expects that whatever is proposed is something that has better than a decent chance of being passed in Congress.
The “gun stocks” have bounced during the Obama speech. These are the key moves we have tracked so far after 12 PM EST.
- Smith & Wesson Holding Corporation (NASDAQ: SWHC) is up $0.01 at $8.34 but the stock was around at $8.10 before the President’s comments. Sturm, Ruger & Co. Inc. (NYSE: RGR) is up almost 1% at $47.92 and these were closer to $47.50 earlier today.
- Alliant Techsystems Inc. (NYSE: ATK) is down $0.19 at $65.12.
- Dicks Sporting Goods Inc. (NYSE: DKS) is still down 1.4% at $46.60 on the day and Cabela’s Incorporated (NYSE: CAB) is up almost 2% at $44.88; both stocks are higher than at Noon EST.
- Olin Corp. (NYSE: OLN) has not budged despite its Winchester operations as one part of its larger business and shares are down $0.02 at $22.44 so far.
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
