Gun Stocks Move as Supreme Court Takes Up Second Amendment Case

The U.S. Supreme Court agreed to hear an appeal challenging the constitutionality of New York's gun laws.
Author:
Publish date:

Shares of gun makers Sturm, Ruger & Co.  (RGR) - Get Report and Smith & Wesson Brands Inc.  (SWBI) - Get Report were on the move Monday after the U.S. Supreme Court agreed to hear an appeal to expand gun rights in the U.S. 

This is the first time the Court is taking up a Second Amendment case since Justice Amy Coney Barrett tilted the balance of the court to a 6-3 conservative majority. 

The court announced they will review a lower-court ruling that upheld New York's restrictive gun permit law after turning down a review of the case last June before the death of Justice Ruth Bader Ginsburg

New York is one of eight states -- including, California, Delaware, Hawaii, Maryland, Massachusetts, New Jersey and Rhode Island -- that limits the right to carry a weapon in public.

Shares of Sturm, Ruger were down slightly to $69.11 while Smith & Wesson fell 1.2% to $17.57 Monday. 

Gun sales have been in the spotlight recently following a spate of mass shootings and amid positive momentum for Second Amendment reforms from the Democratic-controlled Congress and White House. 

Last month, President Joe Biden called on the Senate to "immediately pass the two House-passed bills that closed loopholes in the background-check system."

Biden's remarks came less than 24 hours after a 21-year old gunman killed 10 people, including a police officer, at a Boulder, Colo., supermarket in what police described as a random attack. 

The Gun Violence Archive says 160 mass shootings have been committed so far in 2021. The archive defines a mass shooting as one in which four or more people are shot or killed.