Gun stocks rise as Obama presses for reform
Investors are betting that strong gun sales will continue in anticipation of a crackdown on assault weapons.
Wall Street is betting that demand for guns will continue to rise ahead of a crackdown on sales of military-style weapons that many expect Obama to push for in the aftermath of Friday's mass murder at a Connecticut elementary school.
Smith & Wesson traded at $8.47 Wednesday afternoon, a gain of nearly 9%. Sturm Ruger jumped about 6% to $43.06. Shares of both stocks have been in a downturn from early December. Still, Smith & Wesson's shares have almost doubled this year while Sturm Ruger has surged more than 28%.
In a press conference in Washington, D.C. Wednesday, Obama announced that Vice President Joe Biden would lead the task force focusing on ways to reduce gun violence. He vowed that the group would not be "some Washington commission" whose recommendations would soon be forgotten. Biden's group is tasked with developing a set of "concrete proposals" due no later than January, according to Obama.
"This time the words need to lead to action," he said. "The fact that this problem is complicated can no longer be an excuse for doing nothing."
The slaughter of 20 young children and six educators at Sandy Hook Elementary School in Newtown, Conn., has shaken the gun industry and society as a whole to its core. Gun control has suddenly rocketed to the forefront of discussions in Washington and in big business. Cerberus Capital, a private equity firm, announced plans Tuesday to sell gun manufacturer Freedom Group, whose products include the .223 caliber Bushmaster AR-15 rifle used in the killings. Some retailers, such as Dick's Sporting Goods (DKS), are pulling some semi-automatic weapons from their shelves.
It's unclear whether Cerberus will be able to find a buyer, or for how long retailers will suspend sales of what the industry calls "modern sporting rifles." The National Rifle Association and the lesser-known National Shooting Sports Federation, which is also based in Newton, Conn., are powerful voices in this national debate. The NRA is planning what it describes as a "major" announcement Friday and is promising "meaningful contributions to help make sure this never happens again."
Obama reiterated his support Wednesday for the rights of law-abiding citizens to own firearms under the Second Amendment, noting a tradition of gun ownership in the U.S. that goes back generations. But many people are starting to question whether this right extends to military-style weapons and high-capacity ammunition clips. Both sides agree on the need to keep weapons out of the hands of dangerous mentally ill people.
Whether these sorts of actions could have averted the tragedy in Newtown, Conn., is tough to say. Police say shooter Adam Lanza used his mother's weapons to carry out his heinous act after murdering her in the home they shared. Gun owners often argue that all the gun control laws in the world won't stop a determined madman from hurting innocent people. But, as Obama noted, that view is a cop-out.
"We won't prevent them all, but that cannot be an excuse not to try," he said.
More from Money Now
HMM , seems some of my post below was omitted/deleted. My final few lines read, Jefferson did relate to us that the 2nd amendment was also there to make sure that we as citizens could if lead by another patriot if we still have any to remove those traitors from office and bring back our once HONEST constitutional republic, again.
As an Air Force vet I will retain my GOD given right to keep my arms. Those who want us disarmed I feel will use any means to incite the dumbed won public to turn in their guns. At age 82 I will not buckle down to traitors in the district of corruption.
The problem is the people we let run our government who either don't understand or don't care about the freedoms and rights our for fathers fought and died for. We need to stop blaming inanimate objects for tragedies and look at individual people and the direction our society is headed in a whole. If you ban certain guns for being used by sick people for violence,then lets start banning alcohol and automobiles for there use in drunk driving fatalities!
The only way an AR 15 can be sold, it can only be sold to former military personal. They would have to show idenification proving that they have served in the United States Military. If a person has not served no sale can be made. There are a lot of service men and women who suffer from PTSD. To obtain the information if a service man who suffers from PTSD it can be obtained from any veterans hospitl or from the Army, Navy, Air Force and the Marine Corp. This is only a saftey precaution. When you have men of think they are "GI Joe" and have not served in the United States Military you are asking for trouble. Because these are the morons who wind up wounding or killing some for not knowing how to use the AR 15.
The second choice is that if a buyer is going to purchase an AR 15 they must go through a 10 day waiting period and then take a 10 day traing course at their expense. With these two there wil be no "GUN SALE", no execption.
The whole key to this is that the buyer has to wait 10 days and take a 10 day training course at their expense. NO only are they paying for for the AR 15 what ever the cost of the of the AR15 is and the price of the training course.
A gun or a rifle, shot gun, and kind of assualt weapen can not be purchased until both the sale and training have been completed.
Every state should have what Illinois has is a Fire Arms Owners Idenification Card or what is know in Illinois as a FOID card this give the "privilege" not the right but the "privilege" purachase a gun, rifle, shot gun, or assualt rifle. The Illinois State Police are the one who give this privilege because the Illinois State Police are the ones who do the back ground check.
As an octogenarian my opinions deal with several issues. The first is why does no one admit that mind control , that is ,that the movie industry and TV does show a lot of grisly detail in their films. The show "burn notice" for instance goes into detail on actions? I'm sure these "films" do give ideas to warped minds.
Our own government misdeeds like incinerating many innocents at WACO didn't get any replies from those who viewed the destruction done by Reno and Slick Willy. Children were killed there too. Some who tried to escape were picked off by "OUR" own snipers. makes you feel proud to be an American huh? Why did Lon Horiuchi the sniper feel it was his duty to shoot Weavers wife in the head while she was holding her child , or who shot the son and their dog? Bet he got a medal.
The main reason I see for removing guns as Jefferson told us , is that a "government" out of controls , which is what we have now fears an armed populace which we should as armed citizens be able to return to a constitutional republic .Who is there in this country who isn't bought off by the NWOdor cabal to lead the sheep? Yes I was in the air force and my God given right is to keep my gun, not turn it over to a slavemaster..
Let's see. Outside of a handful of liberal s****ing pig politicians and your usual compliment of worthless media personnel, I can't say as I really hear an uproar from the mainstream calling for gun control. It really pisses me off that a small minority can rule the day. we can sit here and make all the excuses in the world but at the end of the day, it wasn't the NRA's fault, it wasn't the guns fault, IT WAS THE JERK THAT PERPETRATED THE CRIME. All this does is create a golden opportunity for our socialist president and his liberal scum to push their agenda. What pisses me off even more is the conservative side of this seems to be waffling to their calls. I hope to god when it's all said and done, they find their backbone and shout these liberal sons-of-bitches down.
Banning a class of weapon or banning high capacity magazines will not change anything. Any rational person should be able to see this. Stop discussing the same rhetoric and propose new laws that will help. The major issue is accountability, period. Accountability for those who own firearms, for those who transfer or sell them, for those whose job it is to secure places of education, and accountability for the care of mentally ill individuals.
Require gun owners to properly secure weapons they own in safes so that the control of their weapons are limited. Require all transfers of firearms to go through an FFL so that background checks won't be as easily circumvented. Hold gun owners responsible through legal recourse should their weapons be used in the commission of a crime and require thefts of weapons to be reported to law enforcement within 24 hours. Require those that carry a concealed weapon to undergo more intensive education and a more intensive course of fire in order to carry a weapon; similiar to law enforcement. If they meet those more stringent requirements, remove all the limitations placed on where they can carry.
I recognize that laws can be broken no matter what is put in place. I also only list a few ideas and recognize that there are more ideas that could be debated. The point is to think outside the box and stop crying for the disarming of society everytime something happens. It has not worked in the past, and it will not work in the future. It is time to actually think.
Taking away firearms is kind of like taking away steering wheels from cars because drunks drive drunk and kill people.
How would you like it if every vehicle was required to have a ignition lock breathalyzer because drunks kill people with their cars? This is also similar.
Just because a nutcase goes crazy, doesn't mean the rest of us who won't be doing such things deserve to pay the consequences for their actions. It is a kneejerk reaction on the part of control freaks.
Don't punish society for the problems created by a few.
Copyright © 2013 Microsoft. All rights reserved.
A basic income policy can actually ensure a decent standard of living for everyone.
- People left $500,000 in coins at airports last year
- How your driving can affect your credit
- Obamacare projected to cost hundreds of billions less
- November jobs report: Winners and losers
- Student loan debt climbs for 5th year in a row
- Wall Street finally notices Bitcoin
- Part-time workers hurt by on-call system
- 5 myths about late payments and your FICO scores
- Auto loan interest rates hit record low
[BRIEFING.COM] A solid November employment report translated into a solid day of gains for the major averages. While there was some talk that the encouraging job growth raised the odds of the Fed announcing a tapering at its December meeting, the message of the markets today was either that it didn't believe there would be a tapering this month or that it doesn't fear a tapering this month.
It was just one day, yet there was ample meaning wrapped up in the connection that the 10-yr ... More
More Market News
The Fed may start tapering in just a few months. Here are a few of the likely winners and losers.