U.S. gun makers are facing pressure from some major U.S. investors after the Newtown elementary school shooting, with private equity firm Cerberus Capital Management LP announcing it would sell the largest U.S. manufacturer of firearms and major public pension funds reviewing their gun-related investments.Cerberus said on Tuesday it would sell Freedom Group, whose AR-15-type Bushmaster rifle was used by a 20-year-old gunman to kill 20 children and six staff in Sandy Hook Elementary School in Newtown, Connecticut.Cerberus' move came after some of its investors had expressed concerns, including the California State Teachers' Retirement System (CalSTRS), which said on Monday that it was reviewing its investment with the private equity firm."It is apparent that the Sandy Hook tragedy was a watershed event that has raised the national debate on gun control to an unprecedented level," said Cerberus, which has more than $20 billion under management.
The Children's Place Retail Stores, Inc. operates as a specialty retailer of apparel and accessories for children. Shares of PLCE traded higher by 0.15% or $0.07/share to $45.34. In the past year, the shares have traded as low as $43.12 and as high as $62.24. On average, 405032 shares of PLCE exchange hands on a given day and today's volume is recorded at 604540.
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