The GovCon Index felt the pressure from U.S. investor worries about a potential interest rate hike in June and closed at a decline of 0.520 points to 77.071.
CAE (NYSE: CAE) was one of the GovCon Index’s lone bright spots with a gain of 2.65 percent after the Montreal-based aerospace and defense contractor posted full-year and fourth-quarter earnings and revenue figures that exceeded Wall Street’s expectations.
Lockheed Martin (NYSE: LMT) and Northrop Grumman (NYSE: NOC) fell after RBC Capital downgraded both stocks from “Outperform” to a “Sector Perform” rating as analysts believe shares in the contractors have reached a 10-year high in valuation.
Lockheed fell 1.11 percent and Northrop declined 1.43 percent with other defense primes Boeing (NYSE: BA) down 2.22 percent, General Dynamics (NYSE: GD) lower by a half-percent and Raytheon (NYSE: RTN) at a decline of 0.99 percent.
U.S. stocks held in negative Thursday after New York Federal Reserve President William Dudley said a move to raise interest rates in June was on the table, according to CNBC.
Top GovCon Index Net Gainers
| Symbol | Company | $ Current Price | Net Change –´ | % Change |
|---|---|---|---|---|
| MCK | McKesson Corp.* | 180.96 | +1.07 | +0.59% |
| CAE | CAE | 12.41 | +0.32 | +2.65% |
| LLL | L-3 Communications* | 136.85 | +0.24 | +0.18% |
| CSRA | CSRA* | 24.58 | +0.16 | +0.66% |
| CUB | Cubic Corp. | 39.17 | +0.07 | +0.18% |
Top GovCon Index Percentage Gainers
| Symbol | Company | $ Current Price | Net Change | % Change –´ |
|---|---|---|---|---|
| CAE | CAE | 12.41 | +0.32 | +2.65% |
| CSRA | CSRA* | 24.58 | +0.16 | +0.66% |
| MCK | McKesson Corp.* | 180.96 | +1.07 | +0.59% |
| LLL | L-3 Communications* | 136.85 | +0.24 | +0.18% |
| CUB | Cubic Corp. | 39.17 | +0.07 | +0.18% |
Market Summary
| Advancing GovCon Index Issues | 6 |
| Declining GovCon Index Issues | 24 |
| Unchanged GovCon Index Issues | 0 |
| Index | Value | Net Change | % Change |
|---|---|---|---|
| GovCon Index | 77.071 | -0.520 | -0.670% |
| S&P 500 | 2, 040.04 | -7.59 | -0.37% |
| Dow Jones Industrial Average | 17, 435.40 | -91.22 | -0.52% |
| NASDAQ | 4, 712.53 | -26.59 | -0.56% |
