Home / Financial Report / August 6 Market Close: GovCon Index Declines, Media Selloff Sinks US Markets

August 6 Market Close: GovCon Index Declines, Media Selloff Sinks US Markets

GovConIndexDOWNThe GovCon Index gave up nearly half of its gains from Wednesday’s trading session to record a loss of 0.309 points and close at 76.497 Thursday.

Orbital ATK (NYSE: OA) led Index gainers at 6.92 percent to 76.82 after the company reported second quarter earnings and revenue that beat Wall Street expectations.

Huntington Ingalls (NYSE: HII) was up 9.75 percent to 127.82 as of 10:50 a.m. Eastern time and the shipbuilder settled at a 4.39-percent gain to close at 122.26.

The Newport News, Va.-based aircraft carrier maker reported second quarter revenue of approximately $1.75 billion, in line with Wall Street expectations.

A selloff in shares of media companies led declines in U.S. markets Friday as firms such as Viacom and Walt Disney reported second-quarter earnings that missed Wall Street estimates and sparked concerns that more consumers are cancelling their cable subscriptions, according to the Wall Street Journal.

Investors also showed worry over the July U.S. jobs report due Friday and those figures will give traders clues on when the Federal Reserve will raise interest rates, the Journal reported.

The Dow Jones Industrial Average dropped 170.72 points to 17, 419.75, the S&P 500 composite index fell 16.28 points to 2, 083.56 and the NASDAQ composite index lost 83.50 points to 5, 056.44.

Top Percentage Gainers

Company $ Current Price $ Change % Change
Orbital ATK 76.82 +4.97 +6.92%
Huntington Ingalls 122.26 +5.14 +4.39%
Engility Holdings 22.07 +0.27 +1.24%
Cubic Corp. 46.25 +0.33 +0.72%
Rockwell Collins 85.15 +0.24 +0.28%

Market Summary

  Advancing Issues      9 (30.00%)
  Declining Issues    21 (70.00%)
  Unchanged Issues      0

Executive Mosaic’s GovCon Index is a composite index that tracks 30 of the largest publicly-traded Government Contracting (GovCon) firms.

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