April 26 Market Close: GovCon Index Soars 1% on Lockheed Forecast Lift & Defense Prime Gains

GovConIndexUPThe GovCon Index outpaced narrow activity in U.S. financial markets Tuesday with a sharp gain of 1.258 percent to 76.924 Tuesday on Lockheed Martin‘s (NYSE: LMT) lift of its full-year earnings and revenue outlook and subsequent positive swings by many prime aerospace and defense contractors.

Lockheed led all net change gainers at $5.86 or 2.59 percent to close 6 cents short of a 52-week high after the company raised its 2016 top-line forecast and boosted revenue guidance for all business segments.

Other defense primes Boeing (NYSE: BA), General Dynamics (NYSE: GD) and Northrop Grumman (NYSE: NOC) posted gains ahead of their first-quarter earnings statements scheduled for release before markets open Wednesday.

Boeing’s stock rose $2.49 or 1.9 percent; General Dynamics by $1.92 or 1.4 percent; and Northrop at $2.84 or 1.41 percent.

Rocket and spacecraft maker Orbital ATK (NYSE: OA) gained $2.24 or 2.64 percent and ended Tuesday as GCI’s fifth-largest net change gainer and fourth-largest percentage mover.

Shares in Raytheon (NYSE: RTN) climbed $2.71 or 2.16 percent and the Waltham, Mass.-based weapons maker reports first-quarter earnings before markets open Thursday.

U.S. stocks posted mixed results Tuesday as gains in energy shares were offset by losses among healthcare and technology stocks as the Federal Reserve started its two-day meeting of policymakers set to conclude Wednesday.

Top GovCon Index Net Change Gainers

Symbol Company $ Current Price Net Change ▴ % Change
LMT Lockheed Martin* 232.16 +5.86 +2.59%
NOC Northrop Grumman* 203.57 +2.84 +1.41%
RTN Raytheon* 128.21 +2.71 +2.16%
BA Boeing* 133.24 +2.49 +1.90%
OA Orbital ATK 86.96 +2.24 +2.64%

* Also listed in the S&P 500 composite index

Top GovCon Index Percentage Gainers

Symbol Company $ Current Price Net Change % Change ▴
NAV Navistar International 14.20 +1.11 +8.48%
EGL Engility Holdings 20.08 +0.85 +4.42%
I Intelsat 3.71 +0.10 +2.77%
OA Orbital ATK 86.96 +2.24 +2.64%
LMT Lockheed Martin* 232.16 +5.86 +2.59%

Market Summary

Advancing GovCon Index Issues 26
Declining GovCon Index Issues 4
Unchanged GovCon Index Issues 0
Index Value Net Change % Change
GovCon Index 76.924 +0.956 +1.258%
S&P 500 2, 091.70 +3.91 +0.19%
Dow Jones Industrial Average 19, 990.32 +13.08 +0.07%
NASDAQ 4, 888.31 -7.48 -0.15%

Check Also

Vigor

Vigor Industrial Subsidiary to Modernize Navy Destroyer Ship Under Potential $156M Contract

Vigor Industrial's marine subsidiary has secured a potential $155.6M firm-fixed-price contract to help the U.S. Navy modernize and maintain the USS McCampbell guided missile destroyer. The company will update the ship's mechanical and electrical systems, hull and communications, digital video surveillance and warfighting equipment as part of a depot maintenance availability, the Department of Defense said Monday.

Parsons

Parsons Gets $178M Intell Community Security Analysis IDIQ; Robert Miller Quoted

Parsons (NYSE: PSN) has secured a potential five-year, $178M contract to help the U.S. intelligence community analyze measures for securing physical and technical assets.