Executive Mosaic’s GovCon Index dropped Friday but registered a weekly gain as U.S. stocks took a break from their two-day surge after the Federal Reserve left interest rates unchanged Wednesday.
The post-Fed decision rally helped the GCI add 2.57 percent over five days with its S&P 500-listed companies and other large defense platform makers among the drivers of gains as the latter U.S. stock bellwether climbed 1.19 percent for the week.
GovCon Index decliners outnumbered gainers 4-to-1 Friday and three of its 11 S&P 500 companies advanced Friday with Northrop Grumman (NYSE: NOC) the top net performer in both the GCI and for co-listed stocks.
On a weekly basis, GCI advancers held a 9-to-1 ratio over decliners with Navistar International (NYSE: NAV) the largest percentage gainer and the armored vehicle maker was followed by government services contractors Engility Corp. (NYSE: EGL), Science Applications International Corp. (NYSE: SAIC), CACI International (NYSE: CACI) and ManTech International (Nasdaq: MANT).
McKesson Corp. (NYSE: MCK) was the only GovCon Index-S&P 500 company to show a weekly decline and ended as the GCI’s third-largest net decliner Friday after General Dynamics (NYSE: GD) and CACI International (NYSE: CACI).
General Dynamics retreated a day after the stock posted an all-time record close on news a $1.15 billion foreign military sale of Abrams tanks to Saudi Arabia would proceed after the Senate voted to not block the transaction.
Nine of 11 S&P sectors declined Friday with energy the biggest drag on the S&P 500 by 1.4 percent as crude oil prices plunged on reports that Saudi Arabia does not anticipate any supply-related decisions at an OPEC meeting next week in Algiers, Bloomberg reported.
Crude futures in New York tumbled 4 percent to $44.48 in New York in a reversal from an earlier climb on other reports that said Saudi Arabia could propose a production cut in exchange for an output freeze by Iran, according to Bloomberg.
Market Summary
| Index | Value | Net Change | % Change |
|---|---|---|---|
| GovCon Index | 81.375 | -0.405 | -0.495% |
| S&P 500 | 2, 164.57 | -14.49 | -0.57% |
| Dow Jones Industrial Average | 18, 261.45 | -131.01 | -0.71% |
| NASDAQ | 5, 305.75 | -33.78 | -0.63% |
| Advancing GovCon Index Issues | 5 |
| Declining GovCon Index Issues | 24 |
| Unchanged GovCon Index Issues | 1 |
Lowest GovCon Index Net Performers
| Symbol | Company | $ Current Price | Net Change –¾ | % Change |
|---|---|---|---|---|
| CACI | CACI International, Inc. | 101.73 | -1.43 | -1.39% |
| GD | General Dynamics * | 153.81 | -1.05 | -0.68% |
| MCK | McKesson Corp. * | 167.08 | -1.04 | -0.62% |
| SAIC | SAIC | 69.72 | -0.90 | -1.27% |
| RTN | Raytheon * | 138.58 | -0.89 | -0.64% |
Lowest GovCon Index Percentage Performers
| Symbol | Company | $ Current Price | Net Change | % Change –¾ |
|---|---|---|---|---|
| BAESY | BAE Systems | 27.26 | -0.84 | -3.01% |
| KBR | KBR | 14.40 | -0.42 | -2.83% |
| MANT | ManTech International | 40.29 | -0.75 | -1.83% |
| NAV | Navistar International | 21.79 | -0.39 | -1.76% |
| CACI | CACI International | 101.73 | -1.43 | -1.39% |
Top GovCon Index Net Performers
| Symbol | Company | $ Current Price | Net Change –´ | % Change |
|---|---|---|---|---|
| NOC | Northrop Grumman * | 217.05 | +0.56 | +0.26% |
| EGL | Engility Holdings | 32.12 | +0.28 | +0.88% |
| HRS | Harris Corp. * | 90.88 | +0.07 | +0.08% |
| CAE | CAE | 14.42 | +0.06 | +0.42% |
| VEC | Vectrus | 28.69 | +0.04 | +0.14% |
Top GovCon Index Percentage Performers
| Symbol | Company | $ Current Price | Net Change | % Change –´ |
|---|---|---|---|---|
| EGL | Engility Holdings, Inc. | 32.12 | +0.28 | +0.88% |
| CAE | CAE | 14.42 | +0.06 | +0.42% |
| NOC | Northrop Grumman * | 217.05 | +0.56 | +0.26% |
| VEC | Vectrus | 28.69 | +0.04 | +0.14% |
| HRS | Harris Corp. * | 90.88 | +0.07 | +0.08% |
