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A note by analysts at KeyBanc Capital Markets today found evidence pointing to a surge in gun sales in last month -- but that's not enough to make them like gunmaker stocks.

In the wake of the killings at Sandy Hook Elementary, shares of Smith & Wesson Holding (SWHC) and Sturm Ruger (RGR) fell so much that some wondered if the latest mass shooting had changed the national debate and attitudes about gun control. Both gunmakers' stocks have since rebounded somewhat, but Smith & Wesson is still down about 10% since the the close on Dec. 13, the day before the shootings, while Sturm Ruger's shares are down 5%.