The gun control debate on Capitol Hill has come and gone, but the firearm business is still booming.
Smith & Wesson shares surged 6% in after-hours trading Tuesday following another strong quarterly earnings report from the gun maker, which said its handgun sales had grown 27% versus a year prior.
Gun sales have surged since the reelection of President Obama last year, fueled by concerns about more rigid regulation in the wake of mass shootings in Newtown, Conn., and Aurora, Colo. Smith & Wesson reported record quarterly sales earlier this year, saying it was unable to keep up with demand despite increasing production.
Since the president was reelected in November of last year, a good deal of poison has been poured into Washington’s grimy alphabet soup. Among the departments that have become embroiled in scandal are the IRS, the DOJ, the DOE, the EPA, the NSA, the USDA, and, of course, the ATF. This week, the lattermost is back in the news — and for good reason.
The U.S. Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) is probably best known these days for the failure of its disastrous Fast and Furious scheme — a botched initiative that aimed to give American guns to Mexican cartels first and to ask questions later. Under pressure, the administration was quick to imply that the mistake was an aberration. But a watchdog report, published last week by the Milwaukee Journal Sentinel, suggests that the caprice, carelessness, and downright incompetence that marked the disaster was no accident. In fact, that it is endemic in the ATF.
Hudak resigned last month. The resignation came just days before gun control opponents planned to turn in signatures seeking to make her the third Colorado Democrat to face recall after the adoption of a slate of gun control measures.
Democrats have just a one seat majority in the Senate, and a Hudak recall election would have risked losing the chamber to Republicans. Hudak’s successor will serve on an interim basis until November of 2014, when another election will be held for the district in Denver’s western suburbs.
State universities would be blocked from regulating guns on campus under a potentially far reaching ruling handed down Tuesday by a Florida appeals court.
The 1st District Court of Appeal in a rare opinion decided by the entire appeals court sided with a University of North Florida student and a gun rights group that challenged a university rule banning students on campus from storing guns in their cars.
New Jersey’s second-largest city is adopting a novel approach to gun control by requiring weapons-makers bidding on municipal contracts to answer questions about their positions on gun safety issues.
Jersey City, a city of 250,000 across the Hudson River from Manhattan, is believed to be the first U.S. municipality to incorporate social responsibility questions into public contract bids. Mayor Steven Fulop says he wants municipalities to use their purchasing power to influence America’s gun-safety conversation.
The bid specification going out Wednesday — for roughly $200,000 worth of guns and $150,000 in ammunition — includes six questions measuring vendors’ gun safety record. One asks whether the manufacturer would commit to preventing its weapons from appearing in violent video games. Another asks what the company does to combat illegal gun trafficking.
Strong fundamentals, a healthy chart and stealth dividend yield aren’t easy to find in the stock market these days, but they’re exactly what you get with Sturm, Ruger & Co. (RGR).
After President Obama was re-elected a little over a year ago, a renewed focus on gun control has fueled demand at Sturm Ruger. Over the past three quarters, year-over-year profit growth at the company has ranged from 52% to 79%. Sales growth has ranged from 39% to 50%.
In early November, Sturm Ruger reported another solid quarter of growth. Third-quarter profit rose 64% to $1.44 a share. Sales increased 45% to $170.9 million. It paid a dividend of 58 cents a share, giving it an annual yield of 3.2%.
The anniversary of the massacre at Sandy Hook is approaching, and many on the Left are preparing to celebrate it with a new gun-control push. OFA, Moms Demand Action, and Mayors Against Illegal Guns have all signaled their intention to use the date as a rallying point on which to push for extended federal background checks. Some may go even further, ranging into an “assault weapons” ban or a restriction on “high-capacity” magazines.
In claiming progress on the White House’s initiative, Biden renewed his call for action at the other end of Pennsylvania Avenue.
"Now, it’s not enough to take these steps on our own — we still need Congress to pass comprehensive legislation to reduce gun violence," he said.
Attorney General Patrick Morrisey today announced that West Virginia and 25 other states and one territory have filed an amicus, or friend of the court, brief with the U.S. Supreme Court opposing a federal government attempt to prosecute legal gun owners who wish to sell a weapon to another person who can legally own and purchase firearms.
According to a new CNN/ORC International survey, 49% of Americans say they support stricter gun control laws, with 50% opposed. The 49% support is down six percentage points from the 55% who said they backed stricter gun control in CNN polling from January.
Earlier this year, Connecticut politicians took advantage of the horrific Newtown shootings to dust off a wish list of draconian firearms restrictions and race them through the legislative process into law. The restrictions wouldn’t have prevented the mass murder—they would have been completely irrelevant to the crime, in fact—which may be why they were rammed through under “emergency certification” with no referrals to committees or public hearings. Among other things, the new law requires registration of “assault weapons” and high-capacity magazines by January 1, 2014. Any student of history could have predicted officials’ current concerns now that relatively few residents are complying with the law and telling the state what they own as the deadline fast approaches.
Sen. Charles Schumer (D-Any Television Camera), dedicated foe of private ownership of firearms, is deeply concerned that the Undetectable Firearms Act will sunset on December 9, 2013. He also thinks simply renewing the law once again is insufficient to deal with the Dread Scourge of 3D printed plastic firearms that will soon be coming to a playground near you unless much tougher restrictions are imposed. His magical belief that just one more law will stop people from printing whatever they damned well please in the privacy of their workshops is a tad baffling — unless you realize that, after so many years in government, he’s basically nuts.
Every year on Black Friday, shoppers across the United States brave crowds to battle each other for door-buster sales on flat-screen TVs, video games, Uggs and the hottest toys.
But other bargain hunters are out stalking a different sort of discounted prey: firearms. And they should find plenty of deals. Gunmakers are marketing aggressively, trying to revive sales that have slowed a bit after a flurry a year ago.
Gun-buying after Thanksgiving is becoming something of a holiday tradition. In each of the past two years, the Federal Bureau of Investigation has reported a record number of calls for background checks for gun purchases on the Friday after Thanksgiving. A flood of 154,873 calls on Black Friday in 2012, nearly three times the daily average that year, caused outages at some of the National Instant Criminal Background Check System’s call centers.
Lopey is a sheriff: he carries a gun and enforces the law for a living. Prior to being a sheriff, he spent 33 years with the California Highway Patrol and is a retired Army Colonel. He had Top Secret clearance in the Army.
The FBI handles NICS background checks for firearms purchases. Ironically, Lopey recently went through and passed a background check to attend the FBI national academy.
On November 27th, Lars Larson interviewed Lopey about this situation; Lopey said he did in fact receive a letter from CMP and the FBI telling him he had failed to pass the NICS background check and that the money he had paid for the rifle was being refunded. Astounded by the rejection, he called the FBI/NICS only to be told “it could be some identity theft issue.”
Obamacare has provided rich fodder for jokes, even if they are a little grim, because of its failed website, cancellation notices and huge premium spikes.
One used-car dealer in Denver, Colo., even boasted, “At least our website works.”
So it’s no surprise websites such as ObamaGunCare.com would appear with the promise, “If you like your gun, you can keep it, period.”
And “If you like your gun, no one is going to ban it, period. Unless … ”
The parody is the brainstorm of the Second Amendment Foundation.
“With a track record like Barack Obama has on health care, we don’t want the president getting involved in gun care or firearms safety,” the organization says.