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After the massacre, gun industry faces uncertain future

FOX6Now.com

NEW YORK (CNNMoney) — Gun sales have thrived throughout the weak economy and gun company stock prices have soared.

But after the massacre at Sandy Hook in Connecticut, the outlook for the firearms industry is less certain, with momentum building for restrictions on semiautomatic rifles and high capacity magazines.

“It would remove one of the hottest-selling products from the market place,” said Rommel Dionisio, an analyst for Wedbush Securities who covers Smith & Wesson.

Dionisio estimates the U.S. gun industry has as much as $3.5 billion in annual sales.

Gunmaker share prices have slumped in recent days. Smith & Wesson, which more than doubled during the past year, fell 6% on Monday.

Shares of Sturm, Ruger & Co. and Cabela’s, a firearms retailer, were also down.

Gun shop owners say that sales have been booming since President Obama’s reelection, driven by concerns that he could impose further restrictions on firearms.

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About Nicholas Maithya

I am a writer focussing on disruptive technology, Fintech, Big Data and Internet of Things, Online Marketing trends, and investments. When I am not writing about these, I am probably in the gym working out, out and about with family, watching the news (basically business/technology) or soccer. That's why I do sometimes cover soccer-related stories.

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