Gun equipment maker Vista Outdoor's stock suffers record plunge

Shares of Vista Outdoor Inc. plunged 30% to a record low in morning trade Thursday, after the gun and outdoor sports equipment company missed quarterly sales expectations and provided a disappointing outlook. Vista, which brands include Camelbak, Savage Arms, Night Optics and Weaver, was formerly known as ATK Sporting Group until the February 2015 spinoff. The stock's selloff was on track to be its biggest-ever one-day decline, surpassing the 22% tumble on Jan. 12, 2017, after the company said it would have to record a "material" impairment charge because of an increasingly challenging retail environment. The company said on the post-earnings conference call that it had just completed another workforce reduction as it looks to cut costs, and plans to sell off the Bolle, Serengeti and Cebe brands over the next few quarters. The stock has now plummted 67% in the year since the presidential election, while shares of rival gun makers Smith & Wesson parent American Outdoor Brands Corp. have shed 54% and Sturm, Ruger & Co. have slid 24%, and the S&P 500 has run up 21%.

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