A Note From Our President & Founder Jim Garrettson
The start of March has given investors everywhere a respite of calm so far after a January and February period of across-the-board, worldwide market volatility that carried over from the end of last year.
Concerns over China’s economic picture and low oil prices may still loom over financial markets worldwide but some stability appears to have settled in compared to the panic-like activity from winter.
Our GovCon Index of 30 large, publicly-traded government contractor stocks hit a three-month low Feb. 11 and sat at a decline of 11 percent on a year-to-date basis then.
The Index has climbed back 6 percent since and is down 5 percent since the year’s start as of Thursday, with the S&P 500 composite index down 2 percent year-to-date by comparison.
Within the past four weeks, the GCI has risen 4 percent as investors with an interest in defense and GovCon have welcomed positive earnings reports from the Index’s largest platform and system makers for 2015 and outlooks that forecast continued growth in 2016.
Military truck maker Navistar has been the Index’s brightest star over four weeks with its stock up 45 percent as of Thursday’s close in a period that saw its CEO hint to Reuters the company was open to deals and increased industry partnerships to boost sales.
Traders have also snapped up Engility shares to make that company the Index’s second-largest gainer over four weeks at 35 percent, followed by Cubic at 19 percent and AECOM at 16 percent.
Another earnings season is just right around the corner next month to give us a new gauge of the GovCon sector’s health and its perception in the Wall Street community.
IBM (NYSE: IBM) has expanded its federal market organization with the appointment of Terry Halvorsen and Mark Johnson as vice president of federal client development and VP of federal technology sales, respectively. Both executives will work to support IBM’s vision to facilitate the adoption of artificial intelligence and hybrid cloud across the federal government, IBM
Lauren Ayers, a federal and industry acquisition and procurement executive, has joined the Professional Services Council as vice president of defense and intelligence. She oversees PSC’s policy, education and advocacy efforts in support of the Department of Defense and Intelligence Community agencies. Ayers most recently worked at the Department of the Navy, where she served
General Dynamics’ (NYSE: GD) Bath Iron Works subsidiary has received a potential $181.9 million contract modification to continue providing planning yard services for the U.S. Navy’s Arleigh Burke-class guided-missile destroyers. The modification marks the final option period on a previously awarded contract and covers the delivery of long lead-time materials for DDG-51 destroyers, the Department
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