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  • Friday, November 22, 2024

June 10 Market Close: GovCon Index Down, Notches 4th Straight Weekly Gain Ahead of Fed’s Midweek Summit


GovConIndexDOWNThe GovCon Index stumbled from the open Friday and closed down 0.551 points to 79.942 as investors continued to pull back from the GCI’s six-day prior rally and U.S. stock benchmark S&P 500’s three-day stretch of gains that ended Thursday.

Despite Friday’s decline, the GCI ends the week up 1.20 percent to record its fourth consecutive gain over a five-day period helped by upgrades to prime defense contractor stocks such as L-3 Communications (NYSE: LLL) and other strong performances from large caps such as Boeing (NYSE: BA), General Dynamics (NYSE: GD) and Northrop Grumman (NYSE: NOC).

Friday’s top GCI performers included Harris Corp. (NYSE: HRS) on a “Buy” rating initiation and $95.00 price target set by Citigroup analysts on a potential $900 million cash flow opportunity for the military radio maker in as little as two years.

Both the GCI and overall U.S. stock markets were boosted early in the week by investor sentiment that interest rates will only go up one more time this year and the global economy can handle a move but traders reset expectations Thursday and Friday ahead of the Federal Reserve‘s two-day policy meeting Tuesday and Wednesday.

Top GovCon Index Net Gainers

Symbol Company $ Current Price Net Change –´ % Change
 MANT ManTech Intern. 36.18 +0.58 +1.36
 CSRA CSRA* 24.26 +0.56 +2.36
 VEC Vectrus 26.23 +0.38 +1.47
 SAIC SAIC 57.32 +0.16 +0.28
 RTN  Raytheon 136.66 +0.05 +0.04

Top GovCon Index Percentage Gainers

Symbol Company $ Current Price Net Change % Change –´
 CSRA  CSAR* 24.26 +0.56 +2.36
 MANT  ManTech Intern. 36.18 +0.58 +1.63
 VEC Vectrus 26.23 +0.38 +1.47
 SAIC  SAIC 57.32 +0.16 +0.28
 RTN  Raytheon* 136.66 +0.05 +0.04

*Also listed in the S&P 500 composite index

Market Summary

Advancing GovCon Index Issues 5
Declining GovCon Index Issues 24
Unchanged GovCon Index Issues 1
Index Value Net Change % Change
GovCon Index 79.942 -0.551 -0.6855
S&P 500 2, 096.07  -19.41 -0.92%
Dow Jones Industrial Average 17, 865.34 -119.85 -0.67%
NASDAQ 4, 894.55 -64.07 -1.29%

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