Shares of two of the United States largest gun manufacturers spiked higher Monday after a shooting in Las Vegas.
Springfield, Mass.-based American Outdoor Brands Corp. (AOBC) - Get Report , formerly Smith & Wesson Holding Corp., closed up 3.2% to $15.74 per share, after hitting a high of $16.50 midday. Shares of Sturm Ruger & Co. (RGR) - Get Report , based in Southport, Conn., were up almost 3.5%, or $1.80 per share, to $53.50, hitting an intraday high of $55.30 midday.
American Outdoor changed its name from Smith & Wesson, ticker (SWHC) , in January 2017.
The two companies saw shares rise as investors flock to gun stocks with the notion that events such as those that occurred in Las Vegas Sunday night will lead to consumer feat of more regulation and thus a rush to buy guns before regulation constrains sales.
A mass shooting in Las Vegas on Sunday evening that claimed more than 50 lives and left more than 500 people injured.
Other stocks to move Monday included shot detection technology maker ShotSpotter (SSTI) - Get Report , which rose Monday morning to $14.50. ShotSpotter and larger defense and security technology firms such as Raytheon (RTN) - Get Report , Rafael Advanced Defense Systems Inc., Safety Dynamics Inc. and Thales Group have developed systems to detect the origin of gunshots for police, the military or other security staff. The systems are increasingly part of smart-city technology deployments by companies such as General Electric Co. (GE) - Get Report and AT&T Inc. (T) - Get Report in cities, airports and other environments.
The gains follow news that ShotSpotter company won new business in Miami and Chicago late last week. Raytheon, which has developed systems for the military and security staff at utilities, dipped slightly to $186.30.
The American people awoke early Monday morning to an historical and equally tragic event. A gunman, identified as 64-year-old Nevada resident Stephen Paddock, opened fire at a country music concert in Las Vegas and took the lives of over 50 people while injuring over 200 more.
The massacre marked the deadliest shooting in U.S. history.
The aftermath of such events in the U.S. spark heated debates regarding the current gun laws in the country, with some calling for stricter regulations and rules governing firearms.
Police found 10 rifles inside the shooters' hotel room and more than a dozen firearms inside his home, according to CNN. Reports also said some firearms were equipped with scopes and that the shooter had thousands of rounds of amunition between his hotel room and home.
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