October 29 Market Close: GovCon Index Extends Climb on More Earnings Reports

GovConIndexUPThe GovCon Index rose 0.455 points to 77.518 for a second consecutive close at an all-time high on earnings reports from contractors that exceeded Wall Street estimates.

Intelsat (NYSE: I) led all Index gainers at 7.9 percent to $6.69 after the global satellite services provider stated earnings above the consensus forecast.

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L-3 Communications (NYSE: LLL) rose 2.24 percent to $124.80 despite its report of a third-quarter net loss due to a $491 million writedown in its national security solutions segment, which the company is reviewing for a potential spinoff or sale.

CACI International (NYSE: CACI) and Leidos Holdings (NYSE: LDOS) also stated earnings and revenue above Wall Street’s estimates for both companies.

Consulting services provider ICF International (Nasdaq: ICFI) was due to report its third-quarter results after the market closed and Rockwell Collins (NYSE: COL) will release its figures Friday morning.

Non-Index company Iridium Communications (Nasdaq: IRDM) surged 22.24 percent to $7.97 after the government and commercial communications provider reported third-quarter earnings and revenue that exceeded Wall Street forecasts.

U.S. stocks fell on data that showed the economy grew 1.5 percent to fall below Bloomberg’s estimate of 1.6 percent and the second-quarter rate of 3.9 percent, according to USA Today.

Top GovCon Index Gainers

Company $ Current Price $ Change % Change
Intelsat 6.69 +0.49 +7.90%
CACI International 96.00 +6.79 +7.61%
Leidos Holdings 52.22 +3.63 +7.47%
ManTech International 29.09 +0.99 +3.52%
L-3 Communications 128.40 +2.81 +2.24%

Market Summary

Advancing Issues 27
Declining Issues 3
Unchanged Issues 0
Index Value Net Change % Change
GovCon Index 77.518 +0.351 +0.455%
S&P 500 2, 089.41 -0.94 -0.04%
Dow Jones Industrial Average 17, 775.80 -23.72 -0.13%
NASDAQ 5, 074.27 -21.42 -0.42%

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