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Gun stocks rise on report that Trump is preparing to ease rules for overseas sales of US guns


A revolver sits on display in the Sturm, Ruger & Co., Inc. booth on the exhibition floor of the 144th National Rifle Association (NRA) Annual Meetings and Exhibits.

Daniel Acker | Bloomberg | Getty Images

A revolver sits on display in the Sturm, Ruger & Co., Inc. booth on the exhibition floor of the 144th National Rifle Association (NRA) Annual Meetings and Exhibits.

Shares of Sturm Ruger surged Tuesday after a Reuters report, citing senior U.S. officials, said the Trump administration is preparing to make it easier for U.S. gun makers to sell small arms to foreigners.

The stock rose more than 13 percent in afternoon trading, tracking for its best day since Feb. 2015.

Shares of American Outdoor Brands, once known as Smith & Wesson, climbed about 10 percent, on pace for their best day since April 2015.

Shares of Vista Outdoor rose more than 2 percent.

Four officials told Reuters that aides to President Donald Trump are completing a plan to shift oversight of international non-military firearms sales from the security-focused State Department to the trade-focused Commerce Department.

A draft of the new rules could be set to the White House budget office for review within days, one U.S. official told Reuters.

The White House did not immediately respond to a CNBC request for comment.

The changes can be implemented without congressional approval and could be made public this fall, the officials said. They added that a period of public comment would follow a potential announcement and implementation could come as early as the first half of next year.

The small arms sales would include assault rifles and ammunition, the Reuters report said.

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