Gun maker Sturm Ruger's stock heads toward 6-day win streak, Smith & Wesson shares fall
Shares of gun maker Sturm Ruger & Co. (RGR) rose 1.4% in morning trading Thursday, putting them on track for a sixth straight gain, as President Joe Biden is expected to unveil a number of executive actions as he looks to address gun violence. The stock has climbed 7.2% during its win streak, which would be the longest since the six-day win streak ended Oct. 23, 2019. Meanwhile, shares of fellow gun maker Smith & Wesson Brands Inc. (SWBI) fell 0.9% Thursday, after gaining in five of the previous six sessions. Industry experts have said the regulatory environment is often the biggest driver of demand for guns, and a catalyst for gun maker stocks. Biden is expected to announce tighter regulations requiring buyers of homemade firearms -- "ghost guns" -- to undergo background checks, and is expected to name former federal agent and adviser to a gun control group to be the director of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), according to an Associated Press report (http://www.marketwatch.com/story/biden-set-to-nominate-gun-control-advocate-to-lead-atf-amid-executive-actions-01617831569). Elsewhere, ammunition and shooting accessories maker
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 08, 2021 10:10 ET (14:10 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.