January 11 Market Close: GovCon Index Halves Losses in PM Recovery During Volatile US Session


GovConIndexDOWNThe GovCon Index attempted a recovery from steep morning and midday losses as Monday’s closing bell approached after another volatile day for U.S. markets but ended at a loss of 0.531 points to 73.407.

Both the GovCon Index and S&P 500 composite index were down a full percentage point in mid-afternoon before a swing into positive territory in late trade despite some investor concerns over China and extended losses in commodities such as crude oil.

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Crude oil futures in New York plunged another 5.28 percent to $31.41 and brent crude tumbled $1.99 to $31.56 a barrel with both benchmarks near new 12-year lows.

Pharmaceutical company McKesson Corp. (NYSE: MCK) and truck maker Navistar International (NYSE: NAV) fell 10 percent and 5 percent, respectively.

Aluminum giant Alcoa unofficially started new earnings season for U.S. companies after the markets closed and investors will use financial reports to see if a global economic slowdown affects corporate profits, according to Bloomberg.

Lockheed Martin (NYSE: LMT) will kick off fourth quarter and full-year 2015 reports for the GovCon Index’s five largest contractors on Jan. 26, followed by Boeing (NYSE: BA) on Jan. 27 and both Northrop Grumman (NYSE: NOC) and Raytheon (NYSE: RTN) scheduled for Jan. 28.

General Dynamics (NYSE: GD) had not scheduled its earnings release and call with investors as of this article’s publication.

Top GovCon Index Gainers

Symbol Company $ Current Price Net Change % Change
SECCY Serco Group plc 1.30 +0.03 +2.36%
BAESY BAE Systems 30.625 +0.685 +2.288%
CACI CACI International 88.14 +1.29 +1.49%
CSRA CSRA* 28.09 +0.40 +1.44%
RTN Raytheon* 123.53 +1.74 +1.43%

*Also listed in the S&P 500 composite index

Market Summary

Advancing Issues 17
Declining Issues 13
Unchanged Issues 0
Index Value Net Change % Change
GovCon Index 73.407 -0.392 -0.531%
S&P 500 1, 923.67 +1.64 +0.09%
Dow Jones Industrial Average 16, 398.57 +52.12 +0.32%
NASDAQ 4, 637.99 -5.64 -0.12%

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