Gun sales are surging amid protests across the United States, and one Wall Street analyst says Joe Biden's polling lead could accelerate them even more
on the back of a pandemic that's killed more than 100,000 Americans have caused a surge in new gun buyers that could continue as Joe Biden's electoral polling numbers increase over President Donald Trump.
Federal background checks increased 75% in May compared to 2019, a further acceleration from April's 69% gain over the previous year, according to Cowen research. Handguns, in particular, were up 94%. Background checks are largely considered a proxy for gun purchases in the absence of more granular sales data. "The pick up in civil unrest could bolster near term gun demand," Cai von Rumohr, an analyst at Cowen, said in a note to clients Tuesday as gun stocks continued to outperform market indices. The largest gun manufacturers have handily outperformed the benchmark S&P 500 index since its most recent low on March 23. Smith & Wesson Brands, formerly known as American Outdoor Brands, is up 72% in that time, with Storm Ruger and Vista Outdoor up 52% and 40%, respectively, compared to the index's 37% gain. That streak could continue as Joe Biden's candidacy gains further ground on Trump for November's general election, Cowen says. "While COVID-19 lock-downs are starting to ease, gun demand could remain strong as civil unrest increases with the George Floyd protests," it said. "Moreover, gun demand likely also would be bolstered if Biden's election prospects strengthen given his more restrictive stance on gun control."from June 1 found a four-point lead for Biden over the incumbent President Trump. In a Philadelphia speech on Tuesday, Biden said the Black Lives Matter protests that have swept the nation and precipitated curfews in many of the largest cities are a wake-up call. "I won't traffic in fear and division. I won't fan the flames of hate," he said. "I will seek to heal the racial wounds that have long plagued this country — not use them for political gain."Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please emailfrom Business Insider Intelligence on how COVID-19 is affecting industries.
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