Executive Mosaic’s GovCon Index held higher Wednesday on gains by Huntington Ingalls Industries (NYSE: HII) and Honeywell International (NYSE: HON) as the U.S. stock bellwether S&P 500 index showed little change with the Federal Reserve‘s September meeting minutes the main focus of investor attention.
GovCon Index gainers slightly outnumbered laggers and six of its 11 S&P 500 stocks closed green with Honeywell the best net performer for co-listed companies and Huntington Ingalls the top gainer in the overall GCI.
Honeywell ended a three-day skid that started Friday after the industrial conglomerate released third quarter earnings forecasts below Wall Street’s expectations, while military shipbuilder Huntington Ingalls has alternated gains and losses for five straight sessions including Wednesday after a five-day streak of advances.
Wednesday volume for Honeywell exceeded the three-month average for a third consecutive day with 7.212 million shares versus the 3.12 million mean over 90 days.
Huntington Ingalls, Honeywell, Northrop Grumman (NYSE: NOC) and Raytheon (NYSE: RTN) all added at least $1.00 and Leidos Holdings (NYSE: LDOS) rounded out the GovCon Index’s top five gainers.
S&P 500 stock McKesson Corp. (NYSE: MCK) was the GCI’s largest lagger on a half-percent healthcare index shed to close as the S&P’s lowest performing sector, while co-listed Boeing (NYSE: BA) and L-3 Communications (NYSE: LLL) respectively ended second- and third-worst for net decliners.
KBR (NYSE: KBR) slid for a second straight day and is down 8.67 percent over two sessions on a downgrade to the stock issued Tuesday by Goldman Sachs.
Real estate led eight S&P sectors higher after the Fed’s September minutes indicated a worry among policymakers that the U.S. could enter a recession if the central bank waited too long to raise interest rates but also indicated a desire to move on an increase soon.
The GovCon Index and S&P 500 both lost 1 percent Tuesday in part on concerns about the pace of inflation, while CNBC reported reports futures markets have the odds of a December rate hike at 65 percent.
Market Summary
| Index | Value | Net Change | % Change |
|---|---|---|---|
| GovCon Index | 79.384 | +0.220 | +0.728% |
| S&P 500 | 2, 139.17 | +2.44 | +0.11% |
| Dow Jones Industrial Average | 18, 144.20 | +15.54 | +0.09% |
| NASDAQ | 5, 249.02 | -7.77 | -0.15% |
| Advancing GovCon Index Issues | 18 |
| Declining GovCon Index Issues | 11 |
| Unchanged GovCon Index Issues | 1 |
Top GovCon Index Net Performers
| Symbol | Company | $ Current Price | Net Change –´ | % Change |
|---|---|---|---|---|
| HII | Huntington Ingalls Industries | 155.94 | +1.80 | +1.17% |
| HON | Honeywell International * | 107.43 | +1.65 | +1.56% |
| NOC | Northrop Grumman * | 216.85 | +1.63 | +0.76% |
| RTN | Raytheon * | 137.58 | +1.28 | +0.94% |
| LDOS | Leidos Holdings | 42.00 | +0.65 | +1.57% |
Top GovCon Index Percentage Performers
| Symbol | Company | $ Current Price | Net Change | % Change –´ |
|---|---|---|---|---|
| LDOS | Leidos Holdings | 42.00 | +0.65 | +1.57% |
| HON | Honeywell International * | 107.43 | +1.65 | +1.56% |
| HII | Huntington Ingalls Industries | 155.94 | +1.80 | +1.17% |
| EGL | Engility Holdings | 30.59 | +0.30 | +0.99% |
| RTN | Raytheon * | 137.58 | +1.28 | +0.94% |
Lowest GovCon Index Net Performers
| Symbol | Company | $ Current Price | Net Change –¾ | % Change |
|---|---|---|---|---|
| MCK | McKesson Corp. * | 162.54 | -1.09 | -0.67% |
| BA | Boeing * | 133.16 | -0.58 | -0.43% |
| LLL | L-3 Communications * | 149.16 | -0.40 | -0.27% |
| OA | Orbital ATK | 72.62 | -0.24 | -0.33% |
| GIB | CGI Group | 46.81 | -0.19 | -0.40% |
Lowest GovCon Index Percentage Performers
| Symbol | Company | $ Current Price | Net Change | % Change –¾ |
|---|---|---|---|---|
| KBR | KBR | 14.85 | -0.16 | -1.07% |
| MCK | McKesson Corporation * | 162.54 | -1.09 | -0.67% |
| BA | Boeing * | 133.16 | -0.58 | -0.43% |
| CSRA | CSRA * | 25.94 | -0.11 | -0.42% |
| GIB | CGI Group | 46.81 | -0.19 | -0.40% |
