Executive Mosaic’s GovCon Index traded lower Thursday with declines by large caps McKesson Corp. (NYSE: MCK), Raytheon (NYSE: RTN) and Northrop Grumman (NYSE: NOC) the main contributors in a mixed trading session for U.S. stocks.
GovCon Index decliners slightly edged gainers as seven of its 11 S&P 500 components advanced with co-listed L3 Technologies (NYSE: LLL) the GCI’s top overall performer and fellow S&P stock McKesson the worst decliner.
Shares in McKesson tumbled after the pharmaceutical services provider reported third quarter revenue below analysts’ expectations and earnings that exceeded Wall Street’s forecast but fell year-over-year.
Raytheon and Northrop fell after both defense contractors issued 2017 earnings outlooks lower than Wall Street’s consensus that continued this week’s theme of cautious profit forecasts from fellow primes Lockheed Martin (NYSE: LMT) and Boeing (NYSE: BA).
L3 climbed after the New York City-based company raised its 2017 earnings and revenue expectations and reported fourth quarter bottom- and top-line numbers above the consensus analyst forecast.
General Dynamics (NYSE: GD) will report fourth quarter and full-year financial results before markets open Friday to conclude earnings season for large defense primes.
GovCon Index-S&P 500 company Textron (NYSE: TXT) led GCI percentage gainers a day after the conglomerate stated fourth quarter figures below Wall Street’s outlook for both the bottom and top lines.
Healthcare stocks led seven major S&P sectors lower with consumer shares the top performer among the remaining four.
Market Summary
| Index | Value | Net Change | % Change |
|---|---|---|---|
| GovCon Index | 88.701 | -0.259 | -0.291% |
| S&P 500 | 2, 296.68 | -1.69 | -0.07% |
| Dow Jones Industrial Average | 20, 100.91 | +32.40 | +0.16% |
| NASDAQ | 5, 655.18 | -1.16 | -0.02% |
| Advancing GovCon Index Issues | 13 |
| Declining GovCon Index Issues | 16 |
| Unchanged GovCon Index Issues | 1 |
Lowest GovCon Index Net Performers
| Symbol | Company | $ Current Price | Net Change ▾ | % Change |
|---|---|---|---|---|
| MCK | McKesson Corp. * | 138.55 | -12.55 | -8.31% |
| RTN | Raytheon * | 142.90 | -3.97 | -2.70% |
| NOC | Northrop Grumman * | 226.96 | -3.88 | -1.68% |
| NAV | Navistar International | 28.87 | -1.04 | -3.48% |
| MMS | Maximus | 56.44 | -0.70 | -1.23% |
Lowest GovCon Index Percentage Performers
| Symbol | Company | $ Current Price | Net Change | % Change ▾ |
|---|---|---|---|---|
| MCK | McKesson Corp. * | 138.55 | -12.55 | -8.31% |
| NAV | Navistar International | 28.87 | -1.04 | -3.48% |
| RTN | Raytheon * | 142.90 | -3.97 | -2.70% |
| NOC | Northrop Grumman * | 226.96 | -3.88 | -1.68% |
| BAESY | BAE Systems | 29.99 | -0.48 | -1.58% |
Top GovCon Index Net Performers
| Symbol | Company | $ Current Price | Net Change ▴ | % Change |
|---|---|---|---|---|
| LLL | L3 Technologies * | 155.65 | +4.80 | +3.18% |
| LMT | Lockheed Martin * | 254.97 | +3.97 | +1.58% |
| GD | General Dynamics * | 177.30 | +1.98 | +1.13% |
| TXT | Textron * | 48.51 | +1.78 | +3.81% |
| BA | Boeing * | 169.12 | +1.76 | +1.05% |
Top GovCon Index Percentage Performers
| Symbol | Company | $ Current Price | Net Change | % Change ▴ |
|---|---|---|---|---|
| TXT | Textron * | 48.51 | +1.78 | +3.81% |
| LLL | L3 Technologies * | 155.65 | +4.80 | +3.18% |
| LMT | Lockheed Martin * | 254.97 | +3.97 | +1.58% |
| GD | General Dynamics * | 177.30 | +1.98 | +1.13% |
| BA | Boeing * | 169.12 | +1.76 | +1.05% |
