The GovCon Index slid for a second consecutive session Wednesday by 0.498 points to 75.867 as U.S. financial markets entered sell-off mode on new data that showed a slowdown in hiring for the month of April.
Harris Corp. (NYSE: HRS) extended its stretch of declines into a second straight day after the communications equipment manufacturer lowered revenue and earnings expectations for its current fiscal year, while CACI International (NYSE: CACI) has fallen in the five days since the federal services contractor released quarterly sales figures below analyst forecasts.
Shares in Harris are down 7.88 percent over two days with CACI at a 15.59-percent loss for five.
Lockheed Martin (NYSE: LMT) ended Tuesday as the GovCon Index’s top net gainer for a second straight session and Northrop Grumman (NYSE: NOC) rose further on the heels of a Tuesday upgrade on its stock from Drexel Hamilton.
U.S. stocks closed down after payroll processor ADP said businesses hired workers in April at their collective lowest level in three years as investors use that as a gauge for expectations of the Labor Department‘s employment report due Friday, Reuters reported.
The S&P 500 composite index — which contains 11 GovCon Index stocks — fell 0.59 percent with seven out of 10 sectors at declines.
Top GovCon Index Net Gainers
|Symbol||Company||$ Current Price||Net Change ▴||% Change|
* Also listed in the S&P 500 composite index
Top GovCon Index Percentage Gainers
|Symbol||Company||$ Current Price||Net Change||% Change ▴|
|Advancing GovCon Index Issues||9|
|Declining GovCon Index Issues||21|
|Unchanged GovCon Index Issues||0|
|Index||Value||Net Change||% Change|
|S&P 500||2, 051.12||-12.25||-0.59%|
|Dow Jones Industrial Average||17, 651.26||-99.65||-0.56%|