Sector Snap: Gun Makers
Shares of gun makers tumble on public outcry over shootings, regulation worries
NEW YORK (AP) -- Shares of gun makers fell Monday amid the public outcry over the shootings on Friday of 20 children and six adults at an elementary school in Connecticut and worries that the deaths may prompt lawmakers to pass tighter gun control laws.
The White House said Monday that curbing gun violence is a complex problem that will require a "comprehensive solution" including addressing gun control measures.
But spokesman Jay Carney said gun control is not the only solution to stopping shootings like Friday's and that no single piece of legislation or single action will fully address the problem.
Obama has said he's going to use the "power" of his office to tackle gun violence. Carney said the president will engage the American people and lawmakers on the issue in the coming weeks, as well as meet with law enforcement officials and mental health professionals.
Also on Monday, Senate Majority Leader Harry Reid said in a floor speech that Congress must have a meaningful conversation and debate on how to change laws to stop gun violence.
Reid did not specify any particular legislation he had in mind to prevent violence like the murders of the 20 school children in Connecticut. But the Nevada Democrat said Congress has not done enough to protect Americans, especially children.
In afternoon trading, shares of Smith & Wesson Holding Corp. fell 48 cents, or 5.3 percent, to $8.65, after dropping as low as $8.58 earlier in the day. Overall, the company has posted steady gains this year and more than doubled its share price.
Meanwhile, shares of Sturm, Ruger & Co. Inc. fell $1.70, or 3.7 percent, to $43.87, after dropping to $43.63 earlier. Its shares have gained 36 percent this year.
