Gun Stocks Rally Ahead Of Trump, Pence, And DeSantis Appearances At NRA's Largest Annual Convention
Friday marks the first day of the National Rifle Association's annual convention, an event that will feature both former President Donald Trump and his former vice president Mike Pence.
The issue of gun legislation is growing more politically charged and may have a significant impact on the upcoming presidential election. The NRA claims to have around 5 million members.
The relationship between Pence and Trump grew sour after Pence acknowledged the official results of the 2020 election, asserting that President Joe Biden was the winner. Pence was recently quoted saying that Trump will be held responsible for the Jan. 6 attack on the U.S. Capitol.
The two will appear at the convention along with former Arkansas Gov. Asa Hutchinson, and Florida Gov. Ron DeSantis, who will address the audience via video streaming.
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Anti-gun laws gaining momentum: On Monday, an armed man took the lives of five people at a bank in Louisville, Kentucky, about one hundred miles south of Indianapolis, where the NRA convention is being held.
Late last month, six people were killed in a mass shooting, including three children, at a school in Tennessee.
There have been 155 mass shootings in the U.S. in the first three and a half months of 2023, taking the lives of 214 people while injuring 595, according to the Gun Violence Archive.
Last month, President Biden signed a comprehensive executive order on gun control, which aims to strengthen background checks, among other measures.
NRA President Dudley Brown said in a statement that Biden is “aiming to be the most anti-gun president in our nation’s history."
Impact on gun stocks:
- Firearm manufacturer Smith & Wesson Brands Inc (NASDAQ:SWBI) stock was down 0.6% on Friday but gained 3% this week.
- Competitor Sturm, Ruger & Company Inc. (NYSE:RGR) was down 1.45% on Friday but up a total of 1.5% this week.
- Ammunition producer AMMO, Inc. (NASDAQ:POWW) was down 2.8% on Friday and up 3% in the week.
- National Presto Industries, Inc. (NYSE:NPK), parent company of National Defense Corporation, was down on Friday 0.5% and up 0.6% in the week.