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  • Thursday, April 25, 2024

June 8 Market Close: GCI Hits 80, Extends Gain Streak to 6th Day as HII & L-3 Hit 52-Week Highs


GovConIndexUPThe GovCon Index held positive for a sixth consecutive full trading session Wednesday with a gain of 0.751 points to 80.497 and achieved its first close above 80 points in 16 months.

A weakening dollar helped lift U.S. stocks and multinational corporations in particular as commodities such as copper, gold and oil rose, according to Reuters.

Shipbuilder Huntington Ingalls Industries (NYSE: HII) reached a new 52-week high of $163.27 shortly before 3 p.m. Eastern time and led all GovCon Index gainers in the net and percentage categories.

L-3 Communications (NYSE: LLL) also hit a 52-week high of $146.99 in late afternoon trade and closed 8 cents shy of that benchmark a day after the defense contractor received a price target update from Credit Suisse and a reiterated “Buy” rating.

New York City-based L-3 won a potential seven-year, $1.9 billion contract Thursday for logistics work on the Air Force‘s KC-10 refueling aircraft.

Top GovCon Index Net Gainers

SymbolCompany$ Current PriceNet Change ▴% Change
HIIHuntington Ingalls Industries162.78+4.66+2.95%
MCKMcKesson Corporation*187.74+2.77+1.50%
LLLL-3 Communications*146.91+2.61+1.81%
NOCNorthrop Grumman*217.66+1.97+0.91%
COLRockwell Collins90.37+1.80+2.03%

Top GovCon Index Percentage Gainers

SymbolCompany$ Current PriceNet Change% Change ▴
HIIHuntington Ingalls Industries162.78+4.66+2.95%
NAVNavistar International14.90+0.36+2.48%
CUBCubic Corp.42.72+0.92+2.20%
COLRockwell Collins90.37+1.80+2.03%
LLLL-3 Communications*146.91+2.61+1.81%

*Also listed in the S&P 500 composite index

Market Summary

Advancing GovCon Index Issues24
Declining GovCon Index Issues6
Unchanged GovCon Index Issues0
IndexValueNet Change% Change
GovCon Index80.497+0.751+0.942%
S&P 5002, 119.12+6.99+0.33%
Dow Jones Industrial Average18, 005.28+66.77+0.37%
NASDAQ4, 974.64+12.89+0.26%

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