Top gunmaker’s stock prices surge in wake of Orlando Pulse mass shooting
The price of shares in one of the biggest gun manufacturers in the US surged following a mass shooting at a gay club which left 49 dead.
Smith and Wesson Holding Corp’s shares increased in price as two research firms upgraded the stock.
Various analysts suggested a correlation between the surging share prices and the shooting, but the CEO Jeff Buchanan said: “Basically, this guidance does not take into account any surge, any potential spike in consumer demand as a result of any of that.
“Basically, all we can do as a business is focused on the things we know, and delivering our – and execute our strategy. So with regard to what happened, any impact on demand is unknown and therefore is not included in our guidance.”
Cai Von Rumohr, an analyst at Cowen & Co. said on Friday: “Strong management with an intelligent strategy and healthy financials offer potential”.
The firm’s shares increased by 9.7 percent, coming in at $23.87 on Friday morning in New York.
Previously, Smith and Wesson’s shares had fallen by 1 percent this year.
Competitor Sturm Ruger & Co also climbed, 4.7 percent to $62.23.
The shares in Smith and Wesson had already surged on Monday following the attack by Omar Mateen on the Pulse nightclub in Orlando.
49 people were killed and 53 injured on Sunday in the shocking terrorist hate crime attack,which saw a gunman open fire inside The Pulse gay bar in Orlando, Florida.
ISIS has since claimed responsibility for the attack, which was perpetrated by US citizen Omar Mateen. The majority of the victims were Latino.
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In a statement, President Obama mourned the victims of the homophobic hate crime attack and called for greater restrictions on arms sales.
In response, Republican nominee Donald Trump said Obama should resign for failing to rally against Islam in his comments.
The attack has been condemned by American Muslim leaders, who addressed ISIS in saying: “You do not speak for us.”
But millions of people around the world have showed solidarity with the victims of the shooting and the community in Orlando,
Earlier this week, a threat was posted to Craigslist in San Diego, praising the shooting in Orlando, and reading: “San Diego, you’re next”.
Two US Marines are also being investigated for posting a photo with an assault rifle with the caption “Coming to a gay bar near you” on Facebook.