The GovCon Index started the month of June with a gain of 0.507 points to 78.613 Wednesday as U.S. investors digested several reports to gauge the country’s economy ahead of Friday’s jobs report and Federal Reserve Chair Janet Yellen’s Monday speech.
Lockheed Martin (NYSE: LMT) added $1.85 — or 0.78 percent — despite a downgrade by Berenberg analysts to a “Hold” rating from “Buy” based on price momentum in a note to investors that also said the company should see sales increases of between 7 and 8 percent in its Hellfire and Joint Air-to-Surface Standoff Missiles this year.
U.S. stocks entered positive territory in mid-afternoon trade after the May ISM manufacturing purchasing managers index reading came in at 51.3 to exceed the consensus expectations of 50.5, CNBC reported.
Investors also considered Fed’s latest Beige Book that said wages have grown since the last release due to a tightening labor market and the U.S. has seen modest economic growth, according to the report.
Yellen is scheduled to testify before the Senate Banking Committee June 21, nearly one week after the central bank’s policy meeting to decide on a potential interest rate increase.
Top GovCon Index Net Gainers
| Symbol | Company | $ Current Price | Net Change –´ | % Change |
|---|---|---|---|---|
| HII | Huntington Ingalls Industries | 156.62 | +3.21 | +2.09% |
| LMT | Lockheed Martin* | 238.08 | +1.85 | +0.78% |
| MCK | McKesson Corp.* | 184.81 | +1.67 | +0.91% |
| RTN | Raytheon* | 131.24 | +1.57 | +1.21% |
| OA | Orbital ATK | 88.56 | +1.53 | +1.76% |
Top GovCon Index Percentage Gainers
| Symbol | Company | $ Current Price | Net Change | % Change –´ |
|---|---|---|---|---|
| I | Intelsat | 3.44 | +0.21 | +6.50% |
| CAE | CAE | 12.78 | +0.29 | +2.32% |
| HII | Huntington Ingalls Industries | 156.62 | +3.21 | +2.09% |
| OA | Orbital ATK | 88.56 | +1.53 | +1.76% |
| SAIC | SAIC | 55.47 | +0.90 | +1.65% |
* Also listed in the S&P 500 composite index
Market Summary
| Advancing GovCon Index Issues | 22 |
| Declining GovCon Index Issues | 8 |
| Unchanged GovCon Index Issues | 0 |
| Index | Value | Net Change | % Change |
|---|---|---|---|
| GovCon Index | 78.613 | +0.507 | +0.649% |
| S&P 500 | 2, 099.33 | +2.37 | +0.11% |
| Dow Jones Industrial Average | 17, 789.67 | +2.47 | +0.01% |
| NASDAQ | 4, 952.25 | +4.20 | +0.08% |
