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Gun manufacturers were betting that a Hillary Clinton victory would lead to a surge in gun sales, as often is the case when pro-gun control candidates win high-profile elections. Donald Trump's surprise victory put gun owners at ease, but also shot a hole in the sector's profits.

Source: Money.net

Michelle Leder of Footnoted points out that companies like Sturm Ruger & Company Inc and American Outdoor Brands Corporation, (formerly known as Smith & Wesson), saw their numbers plummet after the election. Strum, for instance, reported that the number of background checks they performed for gun purchases fell 24% in January from a year earlier — and that's after brisk sales leading up to November.

Go deeper

3 mins ago - Sports

"The best race in Olympic history"

Photo: Michael Steele/Getty Images

Three men, three countries and 46 seconds. That's all it took Tuesday morning in Tokyo for the men's 400-meter hurdles final to set the Olympics ablaze.

What happened: Norway's Karsten Warholm, just one month removed from breaking a 29-year-old world record, rewrote history with one of the most jaw-dropping races in human history.

White House: Over 110 million COVID-19 vaccine doses shipped, donated

Photo: Photo by Anna Moneymaker/Getty Images

The U.S. has shipped and donated more than 110 million coronavirus vaccine doses to over 60 countries, the White House said Tuesday.

Why it matters: It is more than the combined donations of all other countries, the White House said, citing the United Nations. Biden had pledged to donate at least 80 million vaccines by the end of June.

Why companies aren't paying more

Illustration: Aïda Amer/Axios

If companies raised pay high enough, then maybe they wouldn’t complain about labor shortages that have forced them to forgo sales. But there seems to be a limit to how much a company is willing to pay, despite what seems like a clear opportunity to maximize the top line.

Why it matters: Companies have been scrambling to staff up amid a rapid economic recovery. Employers across industries have been raising wages in their efforts to be competitive.