POW - Gun stocks trade up on news Biden will withdraw ATF nominee

Gun stocks are seeing slight gains this morning following news that President Biden plans to withdraw his nomination of David Chipman to head the Bureau of Alcohol, Tobacco, Firearms and Explosives. Chipman, a former ATF agent and gun control advocate who has been criticized by gun rights groups and Republican senators, needed every Democratic and independent senator's support in a divided Senate, which didn't happen. The result hurts Joe Biden's plan to end what his administration calls the "gun violence epidemic" in America as Chipman agrees with Biden's stance on banning assault  weapons and limiting high-capacity magazines. Interestingly, gun sales generally rise when politicians call for greater restrictions, as buyers stock up on gun purchases before the regulations go into place. Interested tickers include AMMO (POW), Smith & Wesson (SWBI +0.9%), Sturm Ruger (RGR +1.5%), Big 5 Sporting Goods (BGFV +3.7%), Vista Outdoor (VSTO +1.5%), Olin Corporation (OLN +1.0%), American Outdoor Brands

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Gun stocks trade up on news Biden will withdraw ATF nominee