In the brief period that the stock market has been open in the wake of the Las Vegas terrorist attack, the price of shares for American Outdoor Brands (AOBC) — formerly Smith & Wesson — grew by 4 percent while Sturm Ruger (RGR) were up 3 percent.
According to CNBC, the rise in share prices has become the unfortunate norm following tragedy as investors often speculate that massacres would lead to stricter gun laws and thusly push more buyers into the market.
An employee of North Raleigh Guns in North Carolina demonstrates how a “bump stock” works in this 2013 photo. A broken window on the 32nd floor of the Mandalay Bay Resort and Casino where. Bump stock manufacturer seeks Las Vegas shooter's estate Associated Press via Yahoo Finance 5 months ago. Slide Fire Solutions, LP, said in a filing in a Nevada court last month that it may be entitled to a portion of Stephen Paddock's estimated $1 million estate, arguing that Paddock's estate should. MGM Resorts International’s MGM Grand and Mandalay Bay casino properties are being sold for $4.6 billion in a deal involving private equity giant Blackstone Group. The Mandalay Bay is one of 13 properties owned by MGM Growth according to a filing. The MGM Grand, one of few properties still owned by MGM Resorts, is expected to be sold by the end of the year.
MGM Grand and Mandalay Bay have a total of 9,743 rooms, about three million square feet of meeting space and 300,000 square feet of casino space. It covers 226 acres of coveted real estate on the.
The latest, and most damaging attack, happened during the Route 91 Harvest Festival in Las Vegas on Sunday night as Stephen Paddock opened nine seconds of non-stop automatic gunfire from the 32nd flood of Mandalay Bay Resort and Casino in the first round of shooting, followed by two shorter rounds.
The 2016 Pulse Nightclub tragedy in Orlando (Florida); the San Bernadino (California) courthouse shooting in 2015; the Movie Theatre assault in Aurora (Colorado), as well as the Sandy Hook Elementary School in Newtown (Connecticut) in 2012 all saw stock increases for major gun manufacturers after the events.
This is one of the first times that stocks of the two brands have seen positive growth as the election results going to Republican candidate, and now President, Donald Trump, alleviated many fears from the public, which had expected more restrictions if Hillary Clinton had won the White House.
Sturm Ruger reported a drop of 22 percent in quarterly revenue in its release in August, and noted that earnings had dropped more than 50 percent.
American Outdoor Brands were similarly low in quarterly releases as it reported a 40 percent decrease in sales during the previous period.
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commentsThe dip in manufactures losses have been seen at sporting good stores as well, with Dick's Sports Goods (DKS) shares being down 50 percent this year.
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Cabella's gun sales have also dipped and Gander Mountain was forced to shut down several stories and file for bankruptcy.