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June 7 Market Close: GovCon Index Boosted by L-3 Upgrade, Navistar Surges on Earnings Beat


GovConIndexUPThe GovCon Index stretched its current streak of gains to five Tuesday by 0.212 points to 79.746 on an upgrade to L-3 Communications (NYSE: LLL) and a spike in Navistar International (NYSE: NAV) shares despite a full-year revenue guidance cut.

Credit Suisse lifted its target price on L-3 to $169.00 and held a “Buy” rating on the New York City-based defense contractor, which hit a new 52-week high of $145.22 shortly after 2 p.m. Eastern time and closed at a gain of 1.94 percent.

Armored truck manufacturer Navistar cut its sales outlook for 2016 on lower volumes in its U.S. and Canada markets but the stock surged 19.57 percent as investors looked at the company’s second-quarter earnings that exceeded analyst expectations.

U.S. stocks held positive thanks to gains in energy shares on a 1.35-percent rise in the U.S. crude oil benchmark to $50.36 a barrel as healthcare stocks were largely the worst performers.

Top GovCon Index Net Gainers

Symbol Company $ Current Price Net Change –´ % Change
LLL L-3 Communications* 144.30 +2.75 +1.94%
NAV Navistar International 14.54 +2.38 +19.57%
GD General Dynamics* 141.06 +0.72 +0.51%
RTN Raytheon* 134.49 +0.70 +0.52%
SAIC SAIC 56.81 +0.62 +1.10%

Top GovCon Index Percentage Gainers

Symbol Company $ Current Price Net Change % Change –´
NAV Navistar International 14.54 +2.38 +19.57%
LLL L-3 Communications* 144.30 +2.75 +1.94%
CAE CAE 13.00 +0.24 +1.88%
SAIC SAIC 56.81 +0.62 +1.10%
BAESY BAE Systems 28.63 +0.29 +1.02%

* Also listed in the S&P 500 composite index

Market Summary

Advancing GovCon Index Issues 19
Declining GovCon Index Issues 11
Unchanged GovCon Index Issues 0
Index Value Net Change % Change
GovCon Index 79.018 +0.091 +0.115%
S&P 500 2, 112.13 +2.72 +0.13%
Dow Jones Industrial Average 17, 938.28 +17.95 +0.10%
NASDAQ 4, 961.75 -6.96 -0.14%

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