Executive Mosaic’s GovCon Index pared its losses to close flat against a mostly positive session for U.S. stocks Wednesday after the Federal Reserve left interest rates unchanged and said it sees improvement in consumer and business sentiment.
GovCon Index decliners outnumbered gainers 17-13 for a second straight session as four of its 11 S&P 500 components advanced with McKesson Corp. (NYSE: MCK) the top net gainer among co-listed stocks on a nearly 0.5-percent gain by the S&P healthcare index.
Huntington Ingalls Industries (NYSE: HII) and co-listed L3 Technologies (NYSE: LLL) ended as the two lowest net performers at declines of at least $1.00 each.
CGI Group (NYSE: GIB) registered the GCI’s largest net gain Wednesday after the technology services company reported first quarter earnings and revenue above Wall Street’s expectations, while company executives subsequently told investors it sees growth opportunities in the defense and intelligence areas of its U.S. federal business.
Middle-tier prime contractors and government services companies represented the GCI’s most notable decliners to include Harris Corp. (NYSE: HRS), Science Applications International Corp. (NYSE: SAIC) and Rockwell Collins (NYSE: COL).
The U.S. stock bellwether S&P 500 composite index ended its four-day losing streak with a small gain after the Federal Reserve’s statement and a 6-percent spike in Apple shares contributed after the iPhone maker reported quarterly results above the consensus analyst forecast.
The Fed projected three rate hikes this year in its December meeting that saw the central bank increase the benchmark target to 0.5-0.75 percent.
Utility stocks led seven major S&P sectors lower with information technology the top performer among the remaining four.
Market Summary
| Index | Value | Net Change | % Change |
|---|---|---|---|
| GovCon Index | 88.051 | -0.044 | -0.050% |
| S&P 500 | 2,279.55 | +0.68 | +0.03% |
| Dow Jones Industrial Average | 19,890.87 | +26.78 | +0.13% |
| NASDAQ | 5,642.65 | +27.86 | +0.50% |
| Advancing GovCon Index Issues | 13 |
| Declining GovCon Index Issues | 17 |
| Unchanged GovCon Index Issues | 0 |
Lowest GovCon Index Net Performers
| Symbol | Company | $ Current Price | Net Change –¾ | % Change |
|---|---|---|---|---|
| HII | Huntington Ingalls Industries | 192.79 | -1.17 | -0.60% |
| LLL | L3 Technologies * | 157.61 | -1.08 | -0.68% |
| HRS | Harris Corp. * | 101.83 | -0.88 | -0.86% |
| SAIC | SAIC | 80.79 | -0.63 | -0.77% |
| COL | Rockwell Collins | 90.20 | -0.56 | -0.62% |
Lowest GovCon Index Percentage Performers
| Symbol | Company | $ Current Price | Net Change | % Change –¾ |
|---|---|---|---|---|
| HRS | Harris Corp. * | 101.83 | -0.88 | -0.86% |
| SAIC | SAIC | 80.79 | -0.63 | -0.77% |
| LLL | L3 Technologies * | 157.61 | -1.08 | -0.68% |
| MANT | ManTech International | 38.68 | -0.26 | -0.67% |
| COL | Rockwell Collins | 90.20 | -0.56 | -0.62% |
Top GovCon Index Net Performers
| Symbol | Company | $ Current Price | Net Change –´ | % Change |
|---|---|---|---|---|
| MCK | McKesson Corp. * | 140.03 | +0.88 | +0.63% |
| GIB | CGI Group | 48.95 | +0.86 | +1.79% |
| NAV | Navistar International | 27.94 | +0.67 | +2.46% |
| RTN | Raytheon * | 144.81 | +0.65 | +0.45% |
| BA | Boeing * | 163.97 | +0.55 | +0.34% |
Top GovCon Index Percentage Performers
| Symbol | Company | $ Current Price | Net Change | % Change –´ |
|---|---|---|---|---|
| NAV | Navistar International | 27.94 | +0.67 | +2.46% |
| GIB | CGI Group | 48.95 | +0.86 | +1.79% |
| CSRA | CSRA * | 31.55 | +0.53 | +1.71% |
| ACM | AECOM | 37.20 | +0.27 | +0.73% |
| MCK | McKesson Corp. * | 140.03 | +0.88 | +0.63% |
