Vice President Biden and President Obama have now publicly spoken about what the nation's new efforts on gun control will look like. What we at 24/7 Wall St. have maintained this entire time since the Newtown massacre is that new regulations will be proposed, but the Obama and Biden efforts would likely be what they feel they can get passed through Congress. Whether or not any Executive Orders by President Obama were coming or not has been a wild card… until now.
Vice President Biden was on stage with President Obama and today's efforts do include Executive Orders. VP Biden said that some efforts will happen immediately and some will take some time. Obama said he is issuing 23 executive actions on this matter. We will update what these orders are and provide a link to them when available.
Obama's directive is said to be giving law enforcement, schools, and others by strengthening background checks, helping mental help professionals, helping schools with resources, and more. Obama is also going to direct the CDC to study violence and he even mentioned violent video games in this speech. Here are some specifics while others were not immediately shown:
universal background checks for all gun sales, even in the consumer-to-consumer
restore a ban on manufacturing military style assault weapons and limit magazines to 10 bullets
a ban on the sale and manufacture of armor-piercing bullets
giving money to schools to hire guards and health counselors
directing law enforcement to trace guns recovered in criminal investigations
punish people who buy guns to turn around and sell them to criminals
put more police back on the job
Here is how the gun stocks fared so far on the news:
Smith & Wesson Holding Corporation (NASDAQ: SWHC) is up 3% at $8.70 and Sturm, Ruger & Co. Inc. (NYSE: RGR) is up 2.7% at $49.27.
Alliant Techsystems Inc. (NYSE: ATK) is a defense contractor but it is also the largest maker of bullets. Its shares are down 1% at $64.55. Olin Corp. (NYSE: OLN) is known for its Winchester ammunition sales but that is not the bulk of its business, and its shares are down 0.5% at $22.50.
Dick's Sporting Goods Inc. (NYSE: DKS) is up 0.8% at $48.72 and Cabela's Inc. (NYSE: CAB) is up 6% at $49.80.
Filed under: 24/7 Wall St. Wire, Aerospace & Defense, Consumer Goods, Consumer Product, Corporate Governance, Economy, Housing, Labor, Labor & Unions, Law, Media, Politics, Regulation, Retail Tagged: ATK, CAB, DKS, OLN, RGR, SWHC