April 20 Market Close: Boeing Downgrade Nudges GovCon Index Down Despite Textron 1Q Earnings, Sales Beat

The GovCon Index ended its three-day gain streak Wednesday with a nominal loss of 0.008 points to 76.354 as a downgrade on Boeing‘s stock (NYSE: BA) and its subsequent decline offset gains from a first-quarter sales and earnings beat from Textron (NYSE: TXT).

Providence, R.I.-based Textron climbed 4.89 percent – or $1.86 — as the GCI’s top gainer in both numerical and percentage change after the company reported revenue figures that topped analyst forecasts for the first time in eight quarters on increases in jet and unmanned platform sales.

Textron — also an S&P 500 composite index company — reported first-quarter earnings of 55 cents per share versus Wall Street’s 52-cent outlook and held to its full-year outlook of $2.60-$2.80 EPS.

Textron was the GovCon Index’s second-most actively traded stock at 5.64 million shares after Boeing at 6.58 million shares as the airplane maker declined 2.59 percent — or $2.11 — to end Wednesday as the GCI’s biggest lagger in both numerical and percentage change.

Shares in Boeing tumbled after Bank of America analyst Ron Epstein downgraded the company from “Neutral” to “Underperform” on estimates that the company may only recoup $14 billion over six years of the $29 billion it spent on the 787 Dreamliner commercial jet.

Boeing is the lone GovCon Index stock also listed in the S&P 500 and Dow Jones Industrial Average.

Top GovCon Index Gainers

* Also listed in the S&P 500 composite index

Market Summary