Executive Mosaic’s GovCon Index gave back most of its morning gains Friday to close in narrow range on mixed large-cap stock performances and register its sixth straight weekly decline.
Friday afternoon trading activity saw the GCI reset itself with the larger U.S. financial market as investors watched for new election-related developments and gauged the latest jobs report.
According to CNBC, the S&P 500 is down over nine straight sessions in its longest losing streak for 36 years and has declined nearly 3 percent in that time on election-related anxieties among investors.
A mix of strong earnings reports from contractors coupled with some misses kept the GovCon Index level for a majority of this week before a Thursday plunge on declines by large defense primes that put the GCI on pace for the weekly loss.
GovCon Index laggers edged gainers and five of its 11 S&P 500 companies advanced with Harris Corp. (NYSE: HRS) the top co-listed performer and second for the GCI overall after CACI International (NYSE: CACI), which extended its rally into a fourth consecutive session.
CACI’s stock has added 4.85 percent over four days since the company landed a five-year, $1.77 billion task order for support services to the Defense Department office responsible for countering improvised explosive devices.
CACI, Harris, Cubic Corp. (NYSE: CUB), McKesson Corp. (NYSE: MCK) and Maximus (NYSE: MMS) represented the GCI’s top five net movers with all up by at least $1.00 each.
Lockheed Martin (NYSE: LMT) closed as the GCI’s lowest net performer and is down 3.6 percent over two days on investor worries about potential pressures on the defense contractor since DoD issued a unilateral $6.1 billion contract option to fund production of 57 lot 9 F-35 fighter jets after protracted negotiations between both parties.
Fellow defense prime Raytheon (NYSE: RTN) weighed along with Huntington Ingalls Industries (NYSE: HII), which has fallen 8.24 percent over two sessions since the shipbuilder’s third quarter financial results came in below Wall Street forecasts.
Both Raytheon and HII closed down by at least $1.00 each.
On a weekly basis, 13 of the GovCon Index’s 30 stocks advanced with Leidos Holdings (NYSE: LDOS) the best performer overall on its full-year guidance boost Thursday, followed by ICF (NYSE: ICF) after an earnings outlook lift Tuesday and CSRA (NYSE: CSRA) third overall but first for GCI-S&P 500 companies.
Co-listed McKesson closed the week as the GovCon Index’s largest decliner with Engility Holdings (NYSE: EGL) second and Huntington Ingalls third.
CSRA is scheduled to report financial results for its second fiscal quarter after markets close Wednesday with Vectrus (NYSE: VEC) due up then before the open to state third quarter figures.
Shares in Vectrus — the services spinoff from the former Exelis — have plummeted 51.24 percent since the start of September on the loss of two major U.S. Army contracts and the company has filed protests on both with one the largest in its portfolio.
Market Summary
| Index | Value | Net Change | % Change |
|---|---|---|---|
| GovCon Index | 78.088 | +0.024 | +0.031% |
| S&P 500 | 2, 085.18 | -3.48 | -0.17% |
| Dow Jones Industrial Average | 17, 888.35 | -42.32 | -0.24% |
| NASDAQ | 5, 046.31 | -12.04 | -0.24% |
| Advancing GovCon Index Issues | 14 |
| Declining GovCon Index Issues | 16 |
| Unchanged GovCon Index Issues | 0 |
Top GovCon Index Net Gainers
| Symbol | Company | $ Current Price | Net Change ▴ | % Change |
|---|---|---|---|---|
| CACI | CACI International | 102.70 | +1.65 | +1.63% |
| HRS | Harris Corp. * | 94.25 | +1.45 | +1.56% |
| CUB | Cubic Corp. | 42.00 | +1.25 | +3.07% |
| MCK | McKesson Corp. * | 130.76 | +1.17 | +0.90% |
| MMS | Maximus | 52.52 | +1.04 | +2.02% |
Top GovCon Index Percentage Gainers
| Symbol | Company | $ Current Price | Net Change | % Change ▴ |
|---|---|---|---|---|
| CUB | Cubic Corp. | 42.00 | +1.25 | +3.07% |
| NAV | Navistar International | 23.43 | +0.60 | +2.63% |
| EGL | Engility Holdings | 27.28 | +0.56 | +2.10% |
| MMS | Maximus | 52.52 | +1.04 | +2.02% |
| CAE | CAE | 14.36 | +0.28 | +1.99% |
Lowest GovCon Index Net Performers
| Symbol | Company | $ Current Price | Net Change ▾ | % Change |
|---|---|---|---|---|
| LMT | Lockheed Martin * | 236.28 | -2.42 | -1.01% |
| HII | Huntington Ingalls Industries | 146.75 | -1.99 | -1.34% |
| RTN | Raytheon * | 132.97 | -1.17 | -0.87% |
| LDOS | Leidos Holdings | 43.76 | -0.63 | -1.42% |
| BA | Boeing * | 139.54 | -0.48 | -0.34% |
Lowest GovCon Index Percentage Performers
| Symbol | Company | $ Current Price | Net Change | % Change ▾ |
|---|---|---|---|---|
| KBR | KBR | 13.52 | -0.39 | -2.80% |
| LDOS | Leidos Holdings | 43.76 | -0.63 | -1.42% |
| HII | Huntington Ingalls Industries | 146.75 | -1.99 | -1.34% |
| ACM | AECOM | 26.92 | -0.32 | -1.17% |
| LMT | Lockheed Martin * | 236.28 | -2.42 | -1.01% |
