The GovCon Index failed to carry over momentum from Monday’s sharp gain and posted a decline of 0.417 pointsÂ to 71.815 Tuesday as U.S. stocks also suffered losses driven by another decline in oil pricesÂ andÂ a new Consumer Confidence Index reading that fell below economists’ expectations.
Intelsat (NYSE: I) posted a second consecutive steep decline with Tuesday’s loss to the tune of 9.19Â percent and shares in the satellite services provider have fallen 19.19 percentÂ over two daysÂ after the company cut its 2016 sales outlook and stated fourth quarter revenue that missed Wall Street analyst forecasts.
The S&P 500 composite index, which also contains 11 GovCon Index stocks, fell 1.25Â percent as crude oil futures in New York settled down 4.55Â percent to $31.87 on reports that a dealÂ between the major petroleum providers to cut productionÂ is not gaining tractionÂ but they may opt for an output freeze in March, according to CNBC.
CNBC also reported the consumer confidence index declined 5 points from January toÂ 92.2 in February, while analysts expected the February reading to come in at or nearÂ January levels.
Top GovCon Index Gainers
|Symbol||Company||$ Current Price||Net Change||% Change|
*Also listed in the S&P 500 composite index
|Advancing GovCon Index Issues||Â 23|
|Declining GovCon Index Issues||7|
|Unchanged GovCon Index Issues||0|
|Index||Value||Net Change||% Change|
|S&P 500||1, 921.27||-24.23||-1.25%|
|Dow Jones Industrial Average||16, 431.78||-188.88||-1.14%|