Gun stocks buoyed by rescision of Biden-era firearm export controls

[Fictitious firearms hanging on the wall of a gun store. 3D rendering]
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The gun industry got a shot-in-the-arm Monday after the Commerce Department rescinded Biden-era controls on the export of U.S.-made firearms, ammunition, and scopes, easing foreign sales restrictions on U.S. gun makers like Sturm, Ruger & Co (RGT [https://seekingalpha.com/symbol/RGT]) and Smith & Wesson Brands (SWBI [https://seekingalpha.com/symbol/SWBI]).

“The now defunct [firearms interim final rule] imposed a range of excessive and burdensome requirements,” the Department of Commerce’s Bureau of Industry and Security said in a statement [https://media.bis.gov/press-release/department-commerce-rescinds-biden-era-firearms-rule-restoring-common-sense-export-controls-civilian]on its website, noting it has restored the export rules for civilian firearms that existed under the first Trump Administration.

“BIS strongly rejects the Biden Administration’s war on the Second Amendment and law-abiding firearms users. With today’s rule, BIS is restoring common sense to export controls and doing right by America’s proud firearms industry, while also continuing to protect national security,” BIS Under Secretary Jeffrey Kessler said.

Among the restrictions that have been overturned include a “presumption of denial” for civilian firearms exports to 36 high-risk countries, export license requirements on sporting shotguns and optics to U.S. allies, and bureaucratic hurdles on firearms export licenses.

Under the new rules, exports of most pistols, rifles and non-long-barrel shotguns remain subject to worldwide export license requirement, while long-barrel shotguns and most optics can be exported without a license to U.S. allies and certain partners. The BIS and interagency partners will continue to screen firearms license applications to reduce the risk of weapons obtained by dengerous individuals.

Shares of Sturm, Ruger & Co (NYSE:RGR [https://seekingalpha.com/symbol/RGR]) and Smith & Wesson Brands (SWBI [https://seekingalpha.com/symbol/SWBI]) continue to hold onto a 1% gain, while Outdoor Holding Company (POWW [https://seekingalpha.com/symbol/POWW]), Byrna Technologies (BYRN [https://seekingalpha.com/symbol/BYRN]), VisionWave (VWAV [https://seekingalpha.com/symbol/VWAV]) are up as much as 6%.

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