Gun stocks are slumping Wednesday after Donald Trump’s surprise victory in the presidential election.
Sturm, Rufer & Co., one of the largest gun manufacturers in the country, plummeted by $7 shortly after the markets opened Wednesday. The stock is now trading down nearly 11 percent, at $57.40.
{mosads}Another top gunmaker, Smith & Wesson Corp., initially fell by 13 percent, before settling in with a 9 percent loss at $25.84.
President Obama has been called the gun industry’s top salesman. His past efforts to crack down on gun violence stoked fear among gun owners, leading to high sales.
The prospect of Democratic nominee Hillary Clinton winning the election further raised anxiety among gun owners and drove sales for the industry in recent weeks.
Trump, on the other hand, was endorsed by the National Rifle Association and has committed to protecting the Second Amendment.
The trend in stock of ammunition companies was more mixed.
Vista Outdoor, Inc., which manufactures ammunition, dropped by 3 percent to $37.65.
Another ammo maker, Olin Corp., rose by more than 1 percent to $22.84. Cabela’s Inc., a large retailer that sells firearms, gained less than 1 percent, at $61.50.