Gun sales fell last month following the election of Donald Trump as President, and analysts see a clear connection as gun enthusiasts no longer perceive a threat to the Second Amendment the way they did under President Obama—or might have under a President Hillary Clinton.
Shares of American Outdoor Brands, which owns Smith & Wesson, have fallen by 26% since Election Day and shares of Sturm, Ruger, and Co. are down by 16% over the same period, the New York Post reports. Gun background checks performed by the Federal Bureau of Investigations were also down in the month of December, though 2016 marked a record year for the background checks, with 27.5 million performed.
Analysts say the election of Trump is likely the reason for the slump. A report by Goldman Sachs, which is partially financing Bass Pro Shop’s $5.5 billion acquisition of Cabela’s, came to a similar conclusion.