Gun stocks plunged in early trading on Wednesday after Donald Trump won the US presidential election.
Smith & Wesson fell 16%, while Sturm Ruger shares plunged by as much as 12%, the largest drop since February 2014.
Gun control was one of the hot-button topics of the election campaign after several violent shootings brought the issue to the forefront.
Gun stocks gained after recent mass shootings raised concern that firearms may be harder to get if tougher controls are put in place. Last week, Sturm Ruger said in its earnings statement that demand for guns was stronger than normal during the summer, likely boosted by election campaigning.
But with Trump's win, some of that demand could fade, since there may be less panic about tougher gun laws.
President-elect Trump opposed restrictions on assault-weapon sales and said he would fix legislation that may infringe on the Second Amendment right to bear arms.
Hillary Clinton wanted to reinstate the assault-weapons ban and expand background checks.
Here's a chart showing the drop in Sturm Ruger's shares, which have lost 5% this year:
And here is Smith & Wesson's stock, which has gained 16% this year: