A surge in the shares of U.S. gunmakers during President Barack Obama’s time in office is faltering as his second term winds down. Slowing growth in firearm demand led BB&T Capital Markets to cut its rating on Sturm Ruger & Co. to hold from buy on Monday, as it did with Smith & Wesson Holding Corp. two months ago. Gun sales rose after Obama’s presidency began in 2009, as speculation that he would seek more restrictive firearm laws fueled the increase.

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