November 24 Market Close: GovCon Index Up on Cubic Earnings, Dow and S&P 500 Rally Late

GovConIndexUPThe GovCon Index rebounded Tuesday with a gain of 0.133 points to 79.681 on earnings from defense and transportation contractor Cubic Corp. (NYSE: CUB) that exceeded analyst estimates for both its full 2015 fiscal year and fourth quarter.

Shares in San Diego-based Cubic closed up 5.51 percent to $48.10 and peaked at a gain of 8.57 percent in the first 30 minutes of trading Tuesday.

Cubic now sits at a 3.55-percent gain from the start of this calendar year with a decline of 8.51 percent over 12 months.

Non-Index company Aerojet Rocketdyne (NYSE: AJRD) surged 12.18 percent to $18.23 on news of more than $1 billion in space-related contract awards to the rocket and missile propulsion technology maker from both NASA and Boeing (NYSE: BA).

Aerojet shares peaked at a gain of 20 percent in the first 10 minutes of trading Tuesday.

U.S. stocks ended in narrow range as the Dow Jones Industrial Average and S&P 500 composite indexes both rallied from morning declines to end at nominal gains, and the NASDAQ composite index barely held onto its own recovery in a choppy afternoon session.

Markets tumbled in the morning on concerns over Turkey’s move to shoot down a Russian military jet near the Syrian border and moved back near narrow range on gains in energy stocks and the latest reading of the U.S. gross domestic product that met many economists’ expectations, CNBC reported.

The revised GDP growth number came in at 2.1 percent for the third quarter.

Top GovCon Index Gainers

Symbol Company $ Current Price Net Change % Change
CUB Cubic Corp. 48.10 +2.51 +5.51%
NAV Navistar International 14.17 +0.60 +4.42%
EGL Engility Holdings 34.07 +0.74 +2.22%
MANT ManTech International 32.32 +0.63 +1.99%
I Intelsat 5.89 +0.08 +1.38%

Market Summary

Advancing Issues 20
Declining Issues 8
Unchanged Issues 2
Index Value Net Change % Change
GovCon Index 79.681 +0.133 +0.167%
S&P 500 2, 089.19 +2.60 +0.12%
Dow Jones Industrial Average 17, 812.19 +19.51 +0.11%
NASDAQ 5, 102.81 +0.33 +0.01%

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