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The Boston Globe

Business

US ban may hurt Smith & Wesson

Springfield gun maker Smith & Wesson, which has lost 15 percent of its stock value since last Friday’s shooting at an elementary school in Connecticut, could suffer a long-term financial setback if President Obama succeeds in reviving the assault weapons ban he suggested on Wednesday.

Modern sporting rifles — the firearms industry term for the type of semiautomatic weapon Adam Lanza used to kill 26 people at Sandy Hook Elementary School — are far and away Smith & Wesson’s fastest growing gun line. In its most recent fiscal year Smith & Wesson sold $75 million of modern sporting rifles, double the previous year’s sales. It’s on pace to shatter that mark in 2013, and Smith & Wesson has hundreds of millions of dollars in backlogged orders for all its gun lines.

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