The GovCon Index retreated with a loss of 1.295 percent to 70.580 Monday in a move that puts the Index back into a correction, or 10 percent off its most recent high, for the second time this month.
Monday’s plunge starts a week in which investors who follow defense and government contracting sectors await a batch of earnings reports from the five largest U.S. weapons makers on their respective fourth quarters and full 2015 fiscal years along with new financial statements from other contractors.
Of the “Big Five, ” Lockheed Martin (NYSE: LMT) will be the first to report their financial results Tuesday, Boeing (NYSE: BA) and General Dynamics (NYSE: GD) are scheduled to detail their earnings Wednesday, and Northrop Grumman (NYSE: NOC) and Raytheon (NYSE: RTN) are set to unveil their fiscal year 2015 numbers Thursday.
L-3 Communications (NYSE: LLL) has also scheduled its fiscal 2015 and fourth quarter earnings call for Thursday, which will be the New York City-based company’s first since it announced the sale of its national security solutions segment to CACI International (NYSE: CACI) for $550 million, while industrial conglomerate Textron (NYSE: TXT) will unveil its 2015 financial results Wednesday.
McLean, Virginia-based consulting contractor Booz Allen Hamilton (NYSE: BAH) will announce results from the third quarter of its 2015 fiscal year Wednesday.
U.S. stocks and oil prices fell in tandem again Thursday with the S&P 500 composite index down 1.56 percent and crude futures in New York at a 5.7 percent decline to $30.34 a barrel.
According to the Wall Street Journal, the S&P 500 has moved at least 2 percent in four trading days so far this year compared to zero moves at the same rate in 2015.
GovCon Index Gainers
|Symbol||Company||$ Current Price||Net Change||% Change|
*Also listed in the S&P 500 composite index
|Advancing GovCon Index Issues||3|
|Declining GovCon Index Issues||25|
|Unchanged GovCon Index Issues||2|
|Index||Value||Net Change||% Change|
|S&P 500||1, 877.08||-29.83||-1.56%|
|Dow Jones Industrial Average||15, 885.22||-208.29||-1.29%|