Share prices for most gun makers ended on a high note Thursday as the ongoing investigation into the Las Vegas shooting triggers swings in the market.
Sturm, Ruger and Co. and Vista Outdoor made small gains after the National Rifle Association said the federal government should reexamine bump stocks — a legal modification to rifles mimicking automatic fire. American Outdoor Brands slipped less than one percent Thursday after posting a 4 percent increase 24 hours after the shooting.
“We didn’t talk about banning anything,” Chris Cox, NRA-ILA’s executive director, told Tucker Carlson during an interview Thursday on Fox News. “We talked about the ATF going back and looking at if these (bump stocks) comply with federal law.”
Bump stocks made headlines this week after the Bureau of Alcohol, Tobacco, Firearms and Explosives confirmed 12 of the modification devices were found in 64-year-old Stephen Paddock’s two-room suite on the 32nd floor of Mandalay Bay and Casino. Paddock perpetrated the deadliest mass shooting in American history Sunday when he fired into a crowded country music festival from the windows of his hotel room, killing 58 and wounding 489 others.
Stocks for ShotSpotter — described as a “global leader in gunfire detection and location technology” on its website — jumped nearly 12 percent Thursday after the NRA’s public statement. Congressional Republicans likewise expressed public support for considering a bump stock ban, or at the very least, a review of the devices.
“Fully automatic weapons have been banned for a long time, apparently this allows you to take a semi-automatic and turn it into a fully automatic, so clearly that’s something we need to look into,” House Speaker Paul Ryan said Thursday.
Authorities still don’t know why Paddock, a retired accountant and frequent gambler, attacked the Route 91 Harvest Festival. Local and federal investigators found no ties to international terrorism while the gunman’s brother, Eric Paddock, insists he wasn’t particularly religious or partisan.
“What we know is Stephen Paddock is a man who spent decades acquiring weapons and ammo and living a secret life, much of which will never be fully understood,” Clark County Sheriff Joe Lombardo said Wednesday. “He meticulously planned on the worst domestic attack in United States history.”
New details in the case have emerged over the last four days indicating Paddock may have planned to target the Life Is Beautiful music festival a week earlier after evidence connected him to an Airbnb rental at a condominium within the festival’s 18-block boundary. Lombardo wouldn’t speculate why exactly the gunman rented the rooms.
He would confirm, however, Paddock checked into his room at Mandalay Bay on Sept. 28 where spent the next three days stocking his room with an arsenal of nearly two dozen firearms, including 12 modified with bump stocks. Authorities also found chemicals used to make explosives and 1,600 rounds of ammunition in his car.
“Our resolve is strong,” FBI Special Agent in Charge Aaron Rouse said during a press conference Wednesday. “We will get to the bottom of this, no matter how long it takes.”