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March 8 Market Close: GovCon Index Falls as ICF & Navistar Earnings Misses Weigh

GovConIndexDOWNThe GovCon Index held lower throughout the trading session Tuesday and closed at a decline of 1.071 percent to 72.599 on earnings misses from two GCI stocks and investor reaction to oil price declines and new trade data out of China.

ICF International (Nasdaq: ICFI) dropped 8.37 percent a day after the consulting services company posted earnings figures that fell below Wall Street’s 2015 and fourth quarter expectations due to a strong U.S. dollar and other global currency headwinds.

Shares in Navistar International (NYSE: NAV) plunged 11.99 percent on lower revenue guidance for the rest of 2016 as the industrial-grade vehicle maker forecasts demand to weaken North American commercial truck market and fourth quarter sales that missed analyst forecasts by $300 million.

U.S. stocks plunged from the open with the S&P 500 composite index closed down 1.12 percent to end its five-day gain streak after new data from China showed exports fell at the steepest rate seen in more than six years and posted a 16th consecutive monthly decline, according to Reuters.

Crude oil futures plummeted 3.7 percent to $36.50 after Goldman Sachs told investors the benchmark’s one-month, 45.5-percent recovery from its Feb. 11 low may be premature and prices will have to stay lower in order to rebalance the market, Reuters reported.

GovCon Index Gainers

Symbol Company $ Current Price Net Change % Change
MMS Maximus 52.47 0.68 +1.31%
OA Orbital ATK 80.55 0.60 +0.75%
HON Honeywell International* 107.58 0.11 +0.10%
NOC Northrop Grumman* 186.86 0.18 +0.10%
RTN Raytheon* 122.55 0.05 +0.04%

*Also listed in the S&P 500 composite index

Market Summary

Advancing GovCon Index Issues 5
Declining GovCon Index Issues 25
Unchanged GovCon Index Issues 0
Index Value Net Change % Change
GovCon Index 72.599 -0.786 -1.071%
S&P 500 1, 979.26 -22.50 -1.12%
Dow Jones Industrial Average 16, 964.10 -109.85 -0.64%
NASDAQ 4, 648.83 -59.43 -1.26%
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