Shares of gunmakers rallied Friday, with Smith & Wesson hitting an all-time high in the wake of the murder of five Dallas police officers.
The rally repeats a familiar pattern of recent years: demand for firearms rises after mass shootings as people fear increased gun control.
Such demand is inevitably good for the bottom lines of manufacturers like S&W and Sturm Ruger, which was also sharply higher.
Smith & Wesson shares rose as much as 4.8 percent to $29.65 in early trading, above their all-time closing high. Ruger shares rose more than 3 percent as well, and Taser rose more than 5 percent.
Combined they generated gains of well over $120 million for shareholders.
Shares in both companies rallied sharply last month as well after the massacre at the Pulse nightclub in Orlando.
Smith & Wesson, in a conference call with financial analysts shortly after the Orlando attack, said it did not plan for shooting-related surges in demand.
"Basically, all we can do as a business is focus on the things we know, and delivering and execute our strategy. With regard to what happened, any impact on demand is unknown and therefore is not included in our guidance," Chief Financial Officer Jeff Buchanan said.