This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Mega Fund Drops Guns After Connecticut Shooting

CalSTRS stand may be just the beginning in a purging of gun-related investments by Wall Street's largest investors, which could move faster than any prospective federal ban on assault weapons or prohibition on cartridge sizes. Already a precedent exists.

CalSTRS and the California Public Employees' Retirement System (CalPERS) were early movers in banning limited partner and stock investments in corporations that did business in South Africa during the apartheid era, and more recently, in tobacco related businesses.

A CalSTRS spokesperson Ricardo Duran said in an interview in mid-December that the fund has weighed social-action based investments since the late 1970's. Economic pressures exerted by U.S. investors and corporations were one of the factors that precipitated the end of apartheid, noted former South African president F.W. de Klerk.

In the 2000s, CalSTRS and CalPERS decided to divest of assets in the tobacco industry, according to revised investment principles.

CalPERS and CalSTRS are both small investors in Smith & Wesson, Sturm, Ruger, Cabela's, Dick's Sporting Goods and they are large holders of Wal-Mart shares, according to Securities and Exchange Commission filings compiled by Bloomberg, as of Sept. 30.

Shares in Smith & Wesson and Sturm, Ruger fell over 2% and just under 1% respectively in Wednesday trading.

-- Written by Antoine Gara in New York

2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
RGR $55.15 0.93%
SWHC $14.36 0.14%
WMT $83.26 0.82%
CAB $55.33 0.49%
DKS $56.13 0.27%

Markets

DOW 18,116.68 +19.78 0.11%
S&P 500 2,098.69 +0.16 0.01%
NASDAQ 4,973.4310 +6.29 0.13%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs