On Wednesday, gunmaker Smith & Wesson reported lousy earnings, and its stock price fell 14 percent. It’s down 34 percent on the year. Sturm Ruger, the other publicly traded U.S. gunmaker, has fared even worse: It’s stock is down 42 percent this year. As my colleague Kyle Stock put it yesterday, people aren’t buying guns.
But there’s more to the story. Until this year, guns were selling like crazy. Sales had skyrocketed throughout the Obama presidency. Now, suddenly it looks like America has reached “peak gun”—and the Obama gun bubble is bursting.
Read Full Article »