The GovCon Index held lower throughout the trading session Tuesday and closed at a decline of 1.071 percent to 72.599 on earnings misses from two GCI stocks and investor reaction to oil price declines and new trade data out of China.
ICF International (Nasdaq: ICFI) dropped 8.37 percent a day after the consulting services company posted earnings figures that fell below Wall Street’s 2015 and fourth quarter expectations due to a strong U.S. dollar and other global currency headwinds.
Shares in Navistar International (NYSE: NAV) plunged 11.99 percent on lower revenue guidance for the rest of 2016 as the industrial-grade vehicle maker forecasts demand to weaken North American commercial truck market and fourth quarter sales that missed analyst forecasts by $300 million.
U.S. stocks plunged from the open with the S&P 500 composite index closed down 1.12 percent to end its five-day gain streak after new data from China showed exports fell at the steepest rate seen in more than six years and posted a 16th consecutive monthly decline, according to Reuters.
Crude oil futures plummeted 3.7 percent to $36.50 after Goldman Sachs told investors the benchmark’s one-month, 45.5-percent recovery from its Feb. 11 low may be premature and prices will have to stay lower in order to rebalance the market, Reuters reported.
GovCon Index Gainers
| Symbol | Company | $ Current Price | Net Change | % Change |
|---|---|---|---|---|
| MMS | Maximus | 52.47 | 0.68 | +1.31% |
| OA | Orbital ATK | 80.55 | 0.60 | +0.75% |
| HON | Honeywell International* | 107.58 | 0.11 | +0.10% |
| NOC | Northrop Grumman* | 186.86 | 0.18 | +0.10% |
| RTN | Raytheon* | 122.55 | 0.05 | +0.04% |
*Also listed in the S&P 500 composite index
Market Summary
| Advancing GovCon Index Issues | 5 |
| Declining GovCon Index Issues | 25 |
| Unchanged GovCon Index Issues | 0 |
| Index | Value | Net Change | % Change |
|---|---|---|---|
| GovCon Index | 72.599 | -0.786 | -1.071% |
| S&P 500 | 1, 979.26 | -22.50 | -1.12% |
| Dow Jones Industrial Average | 16, 964.10 | -109.85 | -0.64% |
| NASDAQ | 4, 648.83 | -59.43 | -1.26% |
