The GovCon Index stayed clear of choppy activity in U.S. financial markets with a gain of 0.705 points — or 0.929 percent — to 76.572 on a first quarter earnings beat by shipbuilder Huntington Ingalls Industries (NYSE: HII) and a sharp spike in McKesson Corp. (NYSE: MCK) shares.
Huntington Ingalls rose 4.13 percent after the Newport News, Virginia-based company topped analysts’ earnings expectations by 74 cents per share for the first quarter and also exceeded Wall Street’s outlook for revenue due to higher surface ship and submarine volume.
Pharmaceutical services provider McKesson surged 7.69 percent despite fourth quarter earnings and revenue that missed Wall Street forecasts but the company also reported a sharp 224-percent year-over-year increase in profit for its fourth quarter with 4-percent growth in top-line sales.
The S&P 500 healthcare sector McKesson is also listed in closed up nearly 0.44 percent.
Maximus (NYSE: MMS) gained 1.35 percent on a second fiscal quarter earnings and revenue beat as the company also lifted the lower end of its full-year profit guidance with sales forecasts unchanged.
Orbital ATK (NYSE: OA) declined 1.3 percent after the company reported first quarter revenue below analyst estimates with earnings per share in line with Wall Street’s expectations.
Engility Holdings (NYSE: EGL) and ICF International (Nasdaq: ICFI) were scheduled to report their first quarter financial results after the markets close.
U.S. stocks were mixed as investors looked toward Friday’s payrolls report.
U.S. Top GovCon Index Net Gainers
| Symbol | Company | $ Current Price | Net Change –´ | % Change |
|---|---|---|---|---|
| MCK | McKesson Corporation* | 172.70 | +7.69 | +4.66% |
| HII | Huntington Ingalls Industries | 151.13 | +6.00 | +4.13% |
| LMT | Lockheed Martin* | 238.14 | +2.13 | +0.90% |
| RTN | Raytheon* | 128.21 | +1.49 | +1.18% |
| LLL | L-3 Communications* | 135.75 | +1.39 | +1.03% |
* Also listed in the S&P 500 composite index
Top GovCon Index Percentage Gainers
| Symbol | Company | $ Current Price | Net Change | % Change –´ |
|---|---|---|---|---|
| MCK | McKesson Corp.* | 172.70 | +7.69 | +4.66% |
| HII | Huntington Ingalls Industries | 151.13 | +6.00 | +4.13% |
| MMS | Maximus | 52.49 | +0.70 | +1.35% |
| RTN | Raytheon* | 128.21 | +1.49 | +1.18% |
| LLL | L-3 Communications* | 135.75 | +1.39 | +1.03% |
Market Summary
| Advancing GovCon Index Issues | 20 |
| Declining GovCon Index Issues | 10 |
| Unchanged GovCon Index Issues | 0 |
| Index | Value | Net Change | % Change |
|---|---|---|---|
| GovCon Index | 75.867 | +0.705 | +0.929% |
| S&P 500 | 2, 050.63 | -0.49 | -0.02% |
| Dow Jones Industrial Average | 17, 660.71 | +9.45 | +0.05% |
| NASDAQ | 4, 717.09 | -8.85 | -0.18% |
